Security and Fraud Leaders Look to Tech Amid Talent Shortage

Security and Fraud Leaders Look to Tech Amid Talent Shortage

October 31, 2019

Business leaders want to build out their security and fraud teams, but they are hard-pressed to find the talent they need to hire. A new survey from managed security services provider Avertium of 223 cybersecurity and IT executives in the U.S. finds more than half (52 percent) report plans to expand the cybersecurity team at their respective companies in 2020.

However, amid a talent and skills gap in the security industry, most also said they think technology will be pivotal in the future of cybersecurity with nearly two-thirds (65 percent) of respondents saying that artificial intelligence or machine learning will be able to solve more problems than humans. Despite this belief, only 36 percent have deployed these technologies in their environments. This relatively low adoption rate correlates with two of the top pain points cited by respondents: managing the increasing complexity of the cyber tech stack (76 percent) and the volume and sophistication of attacks (75 percent).

"Security leaders that place too much emphasis on the latest technologies are missing out on the other four elements of a sound cybersecurity strategy," shared Jeff Schmidt, CEO of Avertium, in a statement.

The talent crunch, which has been covered here on Card Not Present, has been an ongoing problem in the security and fraud fields for several years. According to the InfoSec Institute, the shortage of cybersecurity professionals has grown to nearly 3 million globally, with approximately 498,000 openings in North America alone. Cybersecurity Ventures predicts the skills shortage is expected to result in 3.5 million unfilled positions by 2021.

This is one of many factors leading to low confidence levels among tech leader as the Avertium survey also finds 39 percent believe their company is under-prepared to handle a breach.

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Joan Goodchild

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