Ninety-four percent of organizations in the Philippines experienced a breach in the last year that they can partially attribute to a lack of cyber skills and 77% attribute increased cyber risks to the skills gap
John Maddison, Chief Marketing Officer at Fortinet “As the cybersecurity skills gap persists, addressing this critical challenge demands a collaborative, multifaceted strategy. Fortinet’s latest Global Cybersecurity Skills Gap Report highlights that organizations need a blend of advanced security technologies, continuous training, and certifications for current professionals, along with a workforce that is broadly cyber-aware, to effectively safeguard against today’s complex threats.”
Alan Reyes, Country Manager at Fortinet Philippines “More organizations are recognizing the direct link between security breaches and the cybersecurity skills gap, with 94% of organizations in the Philippines acknowledging this issue, up from 92% last year. This underscores the pressing need for Philippine organizations to continue addressing this skills shortage to fortify their security measures. Our latest report reveals that efforts to close this gap are underway, including the diversification of candidate pools, with notable progress in the Philippines. As these efforts advance, it is crucial that organizations also invest in training and certifications for their IT and security teams, educate employees on cyber threats and best practices, and implement robust technologies to bolster resilience.”
News Summary
Fortinet® (NASDAQ: FTNT), a global leader in cybersecurity and the convergence of networking and security, has released its 2024 Global Cybersecurity Skills Gap Report. This report sheds light on the ongoing challenges posed by the shortage of cybersecurity professionals worldwide. Key insights from the report, with a focus on the Philippines, include:
- A growing number of organizations attribute security breaches to the cyber skills gap.
- Breaches continue to have significant repercussions for businesses, with executive leaders often facing penalties.
- Certifications remain highly valued by employers as a measure of current cybersecurity skills and knowledge.
- There are substantial opportunities for hiring from diverse talent pools to help alleviate the skills shortage.
Impact of the Cyber Skills Gap on Philippine Companies
The cybersecurity workforce gap is estimated at 4 million professionals globally, and the 2024 report found that 77% of organizations in the Philippines acknowledge that this skills shortage increases risks for their operations. Additional findings highlight the impact of the growing skills gap on Philippine companies:
- A rising number of breaches are being attributed to a lack of cybersecurity skills: In the past year, 94% of leaders in the Philippines reported experiencing a breach that they partly attribute to insufficient cyber skills, up from 92% in the previous year.
- Breaches are having a greater impact on businesses: These incidents have wide-ranging consequences, from financial losses to reputational damage. This year, 62% of respondents noted that corporate leaders faced penalties such as fines, jail time, or job loss following a cyberattack. Additionally, 52% of respondents indicated that breaches cost their organizations more than $1 million in lost revenue, fines, and other expenses, up from 45% last year but down from 60% in 2022.
- Cybersecurity is increasingly seen as a business imperative: As a result, executives and boards are prioritizing cybersecurity, with 80% of respondents noting that their boards were more focused on security in 2023 compared to the previous year. Furthermore, 94% of respondents said their board views cybersecurity as a top business priority.
The Importance of Continued Learning and Certifications
Business leaders continue to place high value on certifications as validation of cybersecurity expertise. The 2024 survey also found that:
- Certified candidates are highly sought after: Over 90% of respondents (94%) prefer to hire candidates with certifications.
- Leaders believe certifications enhance security posture: An overwhelming 98% of respondents indicated they would pay for employees to obtain cybersecurity certifications.
- Finding certified candidates remains challenging: 84% of respondents reported difficulty in finding candidates with technology-focused certifications.
Expanding Hiring Criteria to Address Workforce Shortages
As the cyber workforce shortage persists, organizations are increasingly broadening their recruitment criteria to include candidates from non-traditional backgrounds. Shifting these hiring requirements can open up new opportunities, especially when organizations are willing to invest in certifications and training. The report also highlights:
- An increase in diversity-focused hiring programs: 88% of respondents said their organizations have set diversity hiring goals for the coming years.
- Diversity hiring shows year-over-year growth: Female hires have increased to 94%, up from 88% in 2022 and 86% in 2021. Hires from minority groups have risen slightly to 76%, compared to 71% in 2022 and 68% in 2021. Veteran hires have also increased to 64%, up from 53% in 2022 and 55% in 2021.
- Traditional backgrounds still hold weight: Despite the value placed on certifications, 92% of organizations still require four-year degrees, and 68% prefer candidates with traditional training backgrounds.
A Three-Pronged Approach to Building Cyber Resiliency
The rising frequency and cost of cyberattacks, coupled with the potential for severe personal consequences for executives, has driven a heightened focus on strengthening cyber defenses. Organizations are now adopting a three-pronged approach to cybersecurity that includes:
- Investing in training and certifications to equip IT and security teams with essential security skills.
- Developing a cyber-aware frontline staff to act as the first line of defense.
- Implementing effective security solutions to maintain a robust security posture.
To support these efforts, Fortinet offers the most extensive integrated portfolio of over 50 enterprise-grade products through its Fortinet Security Fabric platform. The Fortinet Training Institute, an industry-leading training and certification program, is committed to expanding access to cybersecurity certifications and career opportunities. This includes offering Security Awareness Training to help organizations foster a cyber-aware workforce.
About the Fortinet Skills Gap Survey
- The survey was conducted among 25 IT and cybersecurity decision-makers in the Philippines.
- Respondents represented various industries, including technology (20%), manufacturing (20%), and financial services (12%).
Additional Resources
- Explore Fortinet’s free cybersecurity training, covering broad cyber awareness and product training, as part of the Fortinet Training Advancement Agenda (TAA). The Fortinet Training Institute also offers certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs.
- Visit fortinet.com/trust for more information on Fortinet innovation, collaboration partners, product security processes, and enterprise-grade products that deliver proven cybersecurity wherever needed.
- Learn more about Fortinet’s commitment to product security and integrity, including its responsible product development and vulnerability disclosure approach and policies.
- Discover FortiGuard Labs’ threat intelligence and research, including Outbreak Alerts that provide timely guidance on mitigating emerging cybersecurity attacks.
- Find out how Fortinet customers are securing their organizations.
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