The World Economic Forum, in collaboration with Accenture, has released a report titled Global Cybersecurity Outlook 2024.
Out of the 120 executive members surveyed, 90% believe that inequity within the cybersecurity ecosystem requires urgent action.
One key finding from the report is the growing cyber inequity between organizations that are cyber-resilient and those that are not.
In 2022, 67% of organizations surveyed reported having the minimum requirements to tackle cyber incidents. However, by 2024, this number has dropped to 36%, signaling a worrying decline in confidence in their ability to defend against modern attacks.
Digging deeper, low-revenue organizations are losing their cyber resilience, while high-revenue organizations continue to mature their security measures.
- 37% of low-revenue organizations report having insufficient cyber resilience, while only 29% believe their resilience exceeds requirements.
- Conversely, 51% of high-revenue organizations say their cyber resilience exceeds requirements, compared to just 15% who feel it is inadequate.
Also read: 5 Key Cybersecurity Controls for SMEs According to Expert
Shortage of Cyber Skills and Talent
Another pressing issue highlighted in the report is the shortage of cyber skills and talent.
- 36% of respondents identified skills gaps as the primary challenge to achieving their cyber resilience goals.
- Alarmingly, 78% believe their organizations lack the in-house skills necessary to meet their cybersecurity objectives.
The disparity becomes more pronounced when comparing low-revenue and high-revenue organizations:
- 31% of leaders from small organizations report a critical shortage of people and skills.
- In contrast, only 11% of leaders from large organizations report similar challenges.
From a layman’s perspective, this stark difference appears to be a funding issue, as larger organizations can afford to attract and retain top talent, while smaller ones struggle to compete.
What can be done?
Addressing the cyber inequity requires systemic collaboration among stakeholders, including SMEs, multinational corporations, NGOs, and governments.
“Collaboration between public and private sector stakeholders is paramount to secure the benefits of digitalization for all,” Jeremy Jurgens, Managing Director, WEF, said in a statement
To tackle the shortage of cybersecurity skills and talent, the World Economic Forum’s Centre for Cybersecurity has established the Bridging the Cyber Skills Gap initiative.
The initiative aims to create a strategic cybersecurity talent framework and devise actions to help individuals enter and thrive in the cybersecurity workforce.
The growing disparity in cybersecurity resilience and skills availability poses risks not only to vulnerable organizations but also to the broader digital ecosystem. Urgent and collaborative action is essential to bridge this gap and ensure a safer, more equitable future for all.
Download report: Global Cybersecurity Outlook 2024
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