Top Issues for Small & Medium Sized Businesses retaining Cyber Talent
As the digital landscape grows, and our interconnectivity continues to increase, it makes finding and retaining cybersecurity staff both difficult and frustrating for Small to Medium-sized Businesses (SMBs). The cyber threats we’re exposed to have become increasingly sophisticated and ever more frequent, with the potential to critically derail their organisation. However, SMBs often find themselves at a disadvantage when competing for cyber talent, as they can struggle to compete with the well-funded larger organisations to attract and subsequently retain the people they need. This challenge is exacerbated by a broader industry-wide shortage of skilled cybersecurity professionals, leaving SMBs vulnerable to cyber risks which could leave them exposed to cyber-attacks or data breaches.
The UK-Wide Cyber Skills Shortage
The UK is grappling with a significant cybersecurity skills gap, which affects businesses of all sizes. Just under half of all UK businesses face basic cybersecurity skills gaps, while about a quarter lack advanced skills such as penetration testing and incident response. This shortage is reflected as part of the global trend where the demand for cybersecurity professionals far exceeds the supply. The UK’s cybersecurity sector is experiencing growth, but still requires over 10,000 professionals just to meet current demands, this doesn’t include the additional requirements to help secure AI. The current shortage not only makes it very difficult for SMBs to find the right cyber staff but also means that those individuals who do have the necessary skills are also in high demand, making retention an ongoing and significant challenge.
The Cost of Cyber Skills
The cost of hiring and maintaining cybersecurity talent is prohibitively high for many SMBs. The salaries for cybersecurity professionals in the UK are very competitive; starting salaries for an entry-level role can be around £25,000 to over £250,000 for senior position such as Chief Information Security Officers (“CISOs”). Beyond salaries, SMBs must also consider the ongoing expenses of training and retaining these professionals. Continuous learning and professional development is expected by cybersecurity professionals due to the rapidly evolving nature of threats, which adds to the financial burden of running a team. For SMBs with limited budgets, these costs can be difficult during lean times, making it challenging to compete with larger organisations that have more resources that they can use to invest in their cybersecurity talent.
Retaining Cybersecurity Skills in a Competitive Market
Retaining cybersecurity talent can be as challenging as it was finding or developing it, especially in a market where global demand is high. Large organisations often lure skilled professionals away from SMBs with better pay and benefits, whilst Governments can’t compete financially they do have greater complexity and unique threats. The global cybersecurity skills shortage means that professionals with in-demand skills like cloud security and incident response are highly sought after, leading to a very competitive job market where all organisations struggle to hold onto their cybersecurity talent. Furthermore, the stress and workload associated with certain cybersecurity roles can lead to burnout, which further complicates retention. As a result, SMBs often find themselves in a constant cycle of recruitment, training and turnover, which can disrupt their cybersecurity operations and leave them vulnerable to attacks.
Leveraging Specialist Cybersecurity Partners
Given the challenges of finding and retaining cybersecurity talent, SMBs should consider partnering with specialist cybersecurity providers, such as Somniac Security, to complement their existing teams.
These partnerships will offer them continuity and expertise, helping them to navigate the complex cybersecurity landscape even when their own staff choose to further their careers elsewhere. By utilising your cybersecurity partner’s functions, SMBs can access a broader pool of skilled professionals without the long-term recruitment costs. By adopting this approach, SMBs are able to focus on driving their business forward while knowing that they have a dependable cybersecurity partner supporting them. Moreover, if they choose the right Cybersecurity Partner they will help the SMBs stay up-to-date with the latest threats and technologies. In a market where cybersecurity talent is scarce and retention is difficult, partnering with a specialist like Somniac Security should be considered a long term strategic move which enables SMBs remain secure and competitive in the digital age.
Contact Somniac at info@somniacsecurity.com today to help safeguard your business against tomorrow’s challenges!
