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It was an oil giant and the national government’s nightmare. The Colonial Pipeline breach paralysed America’s East Coast for one week in 2021. Costing the United States Government nearly 4.4 million dollars in ransom, the breach exposed how vulnerable national resources and governments can be to hostile cyber attacks. Since the pipeline assault, numerous businesses, including Fortune 500 companies continue to face an onslaught of cyber breaches.
The growing number of cyber threats to which governments and businesses are exposed to today demand robust and constant security oversight. Yet, demand for IT security staff falls short of supply in many regions. As an increasing number of companies modernize their systems and undergo digital transformations, their exposure to cyber attacks grows, with IT security staffing shortages leaving businesses unprotected.
This article will highlight global IT security staffing shortages and will explore managed security services (MSS) as a viable solution. By revealing the cost-saving and proactive benefits of engaging a Managed Security Services Provider, this article argues that regardless of whether an organization is facing staffing shortages or not, MSS offers access to advanced tools and expert knowledge that will be an asset to any organization’s defense posture.
Understanding the IT Security Staffing Shortage
Navigating the current IT security landscape can be stressful and complex for professionals. In 2023, Gartner predicted that nearly half of all current cyber security leaders will change jobs by 2025, with half of that number leaving the IT security industry entirely. The World Economic Forum observed in 2023 that in the banking and capital market sector, only 14% of leaders reported having the necessary cybersecurity talent onboard. This figure stands at 15% for the public sector, 20% for the energy and utility sector, and 25% for the insurance and asset management sector.
By the end of 2024, the cost of cyber attacks is predicted to cost the global economy over $10.5 trillion. A widening gap in staffing for many organizations can partially explain these predictions. The high demand and low supply of qualified professionals will be inadequate in protecting many organizations from complex cyber attacks, particularly since the increasing complexity of cyber threats requires specialized skills to mitigate.
Budget constraints and competition for talent are two major reasons that contribute to key staffing shortages in certain organizations. Tech employees within businesses are also shouldering more responsibilities, leading to extended hours, decreased effectiveness and burnout. With IT staffing shortages, organizations will have difficulty maintaining up-to-date security protocols and training. In a world with increasingly sophisticated cyber assaults, having incomplete or lax security controls can be disastrous for businesses.
The Impact of the Staffing Shortage on Organizations
An IT staffing shortage can lead to considerable operational and financial risks. Without knowledgeable staff who can monitor and assess the organization’s security posture, companies are increasingly vulnerable to cyber attacks. Fewer employees also mean a longer response time to security incidents. This lack of agility could lead to greater financial implications, leading to higher costs due to prolonged breaches and fines. The additional loss of business and reputational damage that can ensue after unchecked data breaches should be of great concern to businesses as well.
What are Managed Security Services (MSS)?
A Managed Security Services Provider (MSSP) is a third party that delivers network security services, operating a security operations center (SOC), which provides round-the-clock security monitoring, threat detection and incident response.
An MSSP can either enhance, or take the place of, an in-house cyber security team. By partnering with an MSSP, a company gains certain benefits. These include constant monitoring and support, the support of a team of specialized security experts, and access to advanced security tools and technologies.
Benefits of Managed Security Services
Managed Security Services offer many advantages, not just to organization facing security staffing shortages. They save money by cutting down on the need to hire and train in-house staff and provide flexible solutions that fit the needs of the organization. The services of an MSSP enhance security by detecting threats early, providing quick responses to incidents, and regularly assessing security while ensuring compliance. They also free up internal teams to concentrate on important projects by taking over the day-to-day tasks of managing cybersecurity.
In an increasingly digital world, proactive security measures are paramount for organizations. The ongoing IT staffing shortage highlights the critical gap in cybersecurity talent, making it difficult for organizations to properly protect themselves against evolving threats. Managed Security Services address this challenge by offering cost-effective, scalable solutions that improve an organization's security posture through proactive threat detection and rapid incident response. By relieving internal teams of the administrative burdens of cybersecurity, MSS enables businesses to focus on their core strategic initiatives. Embracing MSS is not just a practical solution to the staffing shortage; it's a crucial step towards ensuring robust, resilient organizational security in the digital age.
