TLDR:
- Scale Ventures report highlights widening resource gaps and funding challenges in cybersecurity
- Global shortage of 4 million cybersecurity professionals, with difficulties in hiring and retaining qualified staff
A new report from Scale Venture Partners delves into the struggles faced by chief information security officers (CISOs) and other security leaders, shedding light on resource gaps and funding challenges in the cybersecurity sector. The Scale Ventures Cybersecurity Perspectives 2024 report reveals key findings:
The report highlights that the global shortage of cybersecurity professionals has reached an estimated 4 million, with a widening resource gap as security demands increase. Three-quarters of security leaders surveyed indicated plans to hire more staff in the coming year, but 57% expressed difficulty in finding qualified candidates. Some of the hardest-to-fill security roles include cloud infrastructure, application security, and artificial intelligence and machine learning security.
In addition to hiring challenges, retaining existing staff is also an issue, with over half of security leaders believing their teams are dissatisfied with their jobs, salaries, and work culture. Concerns about burnout and extreme workloads leading to staff turnover were also prevalent among CISOs.
One of the most effective strategies to address the skills gap is viewed as increasing salary ranges, yet only 21% of firms plan to do so. Other strategies include transitioning non-cyber staff into security roles and partnering with training organizations. However, the lack of flexibility to increase salaries is attributed to budget constraints, as midsized security budgets have declined by 1% so far this year.
Moreover, the funding challenges extend beyond hiring and resource gaps, impacting startups in the cybersecurity space as well. Cybersecurity funding globally fell by 46% in 2023, with declines across all stages of funding. Although the overall drop in funding presents challenges, there was a notable increase in exit value, suggesting potential opportunities for cybersecurity startups.
Overall, the report underscores the importance of addressing resource gaps and funding challenges in cybersecurity to meet the increasing demands of the industry. Despite the obstacles, there is optimism surrounding emerging innovations, particularly in the realm of artificial intelligence, which is seen as a promising tool for enhancing threat detection, response, risk evaluation, efficiency, and accuracy in cybersecurity.
