Security Is Key To Remaining Innovative Amid Recession

Despite the impact of the pandemic, the UK’s technology sector has continued to grow, with Britain now home to a booming number of unicorn startups as well as global technology giants. Most recently, the UK Chancollor set out his vision to create a “British Silicon Valley of the 21st century.” 

Despite these amibitions, many tech companies lack the digital skills they need to thrive in the challenging months that lie ahead, with recession looking ever more likely with UK inflation at 10.7%.

On top of this, the number of UK organisations reporting a problematic skills shortage has more than doubled from 23% to 51% over the past decade. In fact, the Government’s Digital Strategy document published earlier this year revealed the true extent of the digital skills gap, which is estimated to cost the economy over £60 billion per year.  

Amid an increasingly turbulent economic climate, our research shows that HR decision makers say cybersecurity is skill most lacking across tech companies. At the same time, cyber threats are becoming increasingly sophisticated and pose greater risk to companies then ever before. So, how can the UK’s tech sector close its cybersecurity skills gap to spur innovation while remaining safe from increased threat of cyberattacks? 

The Business Case For Security L&D

Currently, the majority (88%) of HR leaders within British tech companies plan to spend more than £25,000 in the next twelve months to fill crucial roles. However, the combination of recession and a widening skills gap is not one that companies can simply hire their way out of. 

While nearly 90% of companies will increase spend on tech-focused learning and development (L&D) over the next twelve months – specifically to safeguard against the increased threat of recession – our research shows that L&D spend is not being priortised for cybsecurity. This is despite cybersecurity skills being the most in-demand above software architecture, Artificial Intelligence (AI) and Machine Learning (ML). In fact, only a limited number of organisations are willing to spend more than £10,000 on recruitment (31%) and L&D (37%) combined to boost cybersecurity talent specifically. 

Despite this, many tech companies are willing to pay large salaries to recruit new security talent, with the average UK cybersecurity salary at nearly £65,000. Yet, investment in L&D iniativites remains low, with the tech sector planning to spend an average of £33,676 on recruitment compared to just £31,651 on L&D over the next twelve months. 

Creating A Skilled Workforce 

Cybersecurity attacks for any organisation should be considered a real threat - it is not simply a matter of if it will happen, but when. The best way to protect the business is through learning and development within the security sector. In the year ahead, both employers and employees must work together to create a highly skilled workforce. 

With more than half of tech workers currently considering a career change, tech leaders must recognise they have a larger role to play internally to bolster cybersecurity skills. Instead of looking to recruitment alone to identify and hire fresh talent, they must put adequate support and financial investment behind internal upskilling programmes. 

At the same time, employees should be granted access to a range of learning opportunities as part of a defined path of individual development and wider organisational culture of personal development. Employees seeking to make themselves an invaluable asset to their organisation should place focus on cybersecurity-related L&D. Managaement will respond well to employees that proactively identify training opportunities with a quality L&D partner, one that aligns with their unique learning style and objectives. 

Ultimately, the digital skills gap will not be closed through recruitment alone, so now is the time for tech companies to invest in their employees and deploy upskilling programmes, which will be vital to bolster innovation and safeguard the UK’s position as a global tech powerhouse, while remaining protected from heightened cybersecurity threats. 

Alexia Pedersen is VP of EMEA at O’Reilly

You Might Also Read:

Ensure Your Organisation’s Staff Has Cyber Security Awareness For 2023:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible


 

« Operational Resilience: More Than Disaster Recovery 
Ransomware Attack Targets VMware ESXi Servers »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

Syxsense

Syxsense

Syxsense brings together endpoint management and security for greater efficiency and collaboration between IT management and security teams.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

International School of IT Security (ISITS)

International School of IT Security (ISITS)

The International School of IT Security (ISITS) is a leading provider of professional training in the field of IT Security.

Verint Systems

Verint Systems

Verint is a leader in CX automation. The world’s most iconic brands rely on our open platform and team of AI-powered bots to create tangible AI business outcomes, now.

Telesoft Technologies

Telesoft Technologies

Telesoft Technologies is a global provider of cyber security, telecom and government infrastructure products and services.

Jeffer Mangels Butler & Mitchell LLP (JMBM)

Jeffer Mangels Butler & Mitchell LLP (JMBM)

JMBM is a full service law firm providing counseling and litigation services in a wide range of areas including cyber security.

Intrinsyc Technologies

Intrinsyc Technologies

Intrinsyc provides product development services and Edge Computing modules that are helping to take the Internet of Things products to the next level.

Fortalice

Fortalice

Fortalice provide customizable consulting services built on proven methodology to strengthen your business cyber security defenses.

BI.ZONE

BI.ZONE

BI.ZONE creates high-tech products and solutions to protect IT infrastructures and applications, and provides services from cyber intelligence and proactive defence to cybercrime investigation.

Cipher

Cipher

Founded in 2000, Cipher is a global cybersecurity company that delivers a wide range of Managed Security Services.

Axiado

Axiado

Axiado Corporation is a security processor company redefining hardware root of trust with hardware-based security technologies, including per-system AI.

Anterix

Anterix

Anterix is focused on empowering the modernization of critical infrastructure and enterprise businesses by enabling private broadband connectivity.

LogicGate

LogicGate

The LogicGate Risk Cloud™ is an agile GRC cloud solution that combines powerful functionality with intuitive design to enhance enterprise GRC programs.

Nudge Security

Nudge Security

Nudge Security offer the world's first-ever SaaS security solution to discover shadow IT and curb SaaS sprawl across any device or location and nudges employees towards optimal security behavior.

CloudDefense.AI

CloudDefense.AI

CloudDefense.AI is an industry-leading multi-layered Cloud Native Application and Protection Platform (CNAPP) that safeguards your cloud infrastructure and cloud-native apps,

Applied Insight

Applied Insight

Applied Insight work closely with government agencies and industry to overcome technical and cultural hurdles to innovation, empowering them with the latest cloud, data and cyber capabilities.

Screwloose IT

Screwloose IT

Screwloose IT are a national provider of information technology services. We specialise in managed IT, cloud services, cyber security, website design and digital marketing for businesses of all sizes.

Tundra Managed Solutions

Tundra Managed Solutions

Tundra Managed Solutions is a comprehensive IT services division offering a wide range of managed solutions designed to meet the diverse needs of businesses.