Future of the Cybersecurity industry: More Bots, More Cash, and Limited Talent

Cybersecurity industry: As we step into the future, the landscape of cybersecurity continues to evolve, presenting both opportunities and challenges.

Experts predict that in 2023, we can expect a surge in online fraud, resilient cybersecurity budgets, and a persistent shortage of skilled professionals.

Let’s delve deeper into these emerging trends and their implications for the cybersecurity industry.

The Rise of Online Fraud:

Benjamin Fabre, co-founder, and CEO of DataDome, warns that online fraud will continue its upward trajectory.

Fueled by ongoing supply chain shortages and the proliferation of bots, the number of threats has reached unprecedented levels.

The limited product supplies have created a favorable environment for fraudsters, leading to increased fraudulent activities. This trend is expected to peak in 2023, causing significant challenges for businesses worldwide.

The Era of Bot Usage:

According to Antoine Vastel, Head of Research at DataDome, the use of bots is on the rise. People are developing their own bots to monitor various aspects, including housing price fluctuations, availability of game consoles, and market scraping.

The ease of creating sophisticated bots and the availability of tools to build them contribute to the proliferation of bot usage. This trend is expected to continue as bot development becomes even more accessible.

Spending Optimism:

Despite concerns about a potential recession, the cybersecurity industry remains optimistic about investment in 2023.

Alberto Yépez, co-founder and managing director of Forgepoint Capital, projects a substantial increase in cybersecurity investment, reaching US$150 billion in 2022.

The ever-growing threat landscape, along with regulatory compliance standards, cloud migration, and digital transformation, drive the continued need for robust cybersecurity measures.

Organizations will prioritize proactive investment to enhance their defenses and threat detection capabilities.

Risky Cost-cutting:

While cybersecurity investment is critical, some businesses may consider reducing their cybersecurity expenditures to cut costs. Jadee Hanson, CIO and CISO of Code42 warns against such actions, highlighting the potential risks.

C-suite executives must recognize that cybersecurity is not an unnecessary expense but a crucial business function that protects the company’s brand and financial health.

Cutting corners in cybersecurity investments can leave organizations vulnerable to data breaches, ransomware attacks, and severe consequences.

Unfulfilled Talent Gap:

The cybersecurity industry continues to face a persistent talent shortage. Caroline Vignolet, senior vice president of research and development at OneSpan, acknowledges the ongoing difficulty of inspiring younger generations to pursue careers in cybersecurity.

While educational institutions are starting to offer cybersecurity courses, the demand for skilled professionals far outweighs the current supply. Addressing the talent gap remains an ongoing challenge for the industry.

Conclusion:
As the future unfolds, the cybersecurity landscape demands vigilance and adaptability. With the rise of online fraud, increased bot usage, and the need for resilient cybersecurity budgets, organizations must prioritize cybersecurity investments to safeguard their digital assets. Moreover, bridging the talent gap through education and attracting new talent is crucial for the industry’s growth and resilience. By staying informed and proactive, we can navigate the future of cybersecurity and protect ourselves from evolving threats.