Canada is suffering from a cybersecurity talent shortage, according to a new report from Deloitte.
The report, titled “The changing faces of cybersecurity — closing the cyber risk gap” and compiled in conjunction with the Toronto Financial Services Alliance, found that Canadian demand for cyber talent is increasing by seven percent annually.
However, Deloitte estimates that organizations such as businesses, government and academia will need to fill roughly 8,000 cybersecurity roles between 2016 and 2021 — a goal that currently may be difficult to attain. Altogether, the worldwide cybersecurity workforce gap is expected to stand at 1.8 million by 2022.
Deloitte says addressing cybersecurity risks is critical because they could slow the pace of global technological innovation by as much as $3 trillion USD in lost economic value in 2020.
To help close the cybersecurity workforce gap, Deloitte recommends that schools and businesses provide greater education and training in this field, given how dynamic it can be. Further, the company suggests focusing on attracting younger, tech-savvy talent, as well as mid- to late-career workers, will help diversify the talent value proposition. At the same time, companies are advised to ensure that compensation and incentive plans keep in pace with other markets to continue to bring on and retain talent.
The full report can be viewed here.