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How automation addresses the global cybersecurity skill gap to enhance organizational security
IAB report on November 24, 2023: In the race towards the Fourth Industrial Revolution, organizations are adopting technologies that enhance connectivity and simplify processes. Although rapid digitization has helped businesses thrive and maintain operations during the turbulence of the past few years, it has also opened the door to increased vulnerabilities that malicious actors may exploit. Cody Cornell from Swimlane CSO conducted in-depth research on how automation can address global cybersecurity skill gaps and prevent attacks.
This increase in exposure comes as global cybersecurity threats continue to grow at an alarming rate. According to the latest BlackBerry Global Threat Intelligence Report, the number of unique attacks using new malware samples surged by 50% from December 2022 to February 2023, with up to 12 attacks observed per minute. In the UK, cybersecurity has been identified as a Level 1 threat along with terrorism, war, and natural disasters, with 32% of businesses reporting intrusions or attacks in the past 12 months.
In such an environment, it is evident that cybersecurity must be an important priority for every enterprise. However, a more significant obstacle hinders an organization's ability to protect its business - a severe shortage of cybersecurity skills and talent.
By 2025, cybercrime is expected to cause $10.5 trillion in annual losses to the world, but over the years, organizations have been striving to develop the professional skills needed to manage these growing threats.
A recent study by the UK government has found that about 51% of businesses in the country have a gap in "basic" cybersecurity skills. This leads to a lack of confidence in performing basic tasks, such as setting up configured firewalls, storing or transmitting personal data, and detecting and removing malicious software.
In addition, 33% of companies in the UK have a gap in more advanced cybersecurity skills in areas such as penetration testing, forensic analysis, and security architecture, while 37% of companies report an internal skill gap in event response and recovery.
Financial leaders embrace artificial intelligence and machine learning, completely changing the industry
IAB December 1, 2023 report: Following the UK AI Security Summit and ongoing dialogue on AI in the UK, OneStream Software released its AI driven finance survey results, exploring the attitudes of financial leaders towards AI.
Although concerns about artificial intelligence security and regulation are being discussed, this survey of 800 renowned financial leaders worldwide found that 80% of people believe that artificial intelligence will improve productivity and efficiency, freeing them up time to focus their skills on more value-added activities.
ACCA data shows that over 90% of employers are experiencing a shortage of financial skills. The adoption of artificial intelligence and technology will be crucial in filling this gap, with 72% of people believing it will create opportunities for new jobs in the accounting and finance fields.
Matt Rodgers, Executive Vice President of OneStream EMEA, continued, the integration of artificial intelligence in the financial field not only fundamentally changes processes, but also motivates the next generation of financial talents. "Compared to before, the number of people entering this industry has decreased and the skill gap has widened. This technological revolution is not only about tools, but also about cultivating an environment that encourages the next generation to contribute their creativity and expertise to the constantly evolving financial world. This includes generating faster and more accurate predictions, thereby generating greater business impact and playing a more strategic role in guiding business."
The UK is also facing a productivity crisis, and financial leaders believe that artificial intelligence provides a solution. Three quarters of respondents believe that artificial intelligence will free up time for financial professionals to focus on strategic tasks rather than management tasks that AI can now perform, thereby improving productivity.
In response to this productivity crisis, artificial intelligence helps to accelerate and enhance typical financial processes. The top three areas where artificial intelligence has a significant impact include financial reporting (74%), financial planning (67%), and demand forecasting/sales planning (60%).