Fortinet highlights Singapore's pressing cyber skills shortage
A recent report by Fortinet underscores the cybersecurity challenges facing Singapore, highlighting an increasing connection between cybersecurity breaches and a shortage of skilled professionals in the field.
Fortinet's 2024 Global Cybersecurity Skills Gap Report found that 80% of organisations in Singapore attribute additional risks to a shortage of cybersecurity skills, and an overwhelming 92% experienced breaches in the past year that they partly link to this shortfall.
John Maddison, Chief Marketing Officer and EVP, Product Strategy at Fortinet, emphasised the need for a collaborative approach to addressing this issue. "The results from our latest Global Cybersecurity Skills Gap Report highlight the critical need for a collaborative, multi-faceted approach to closing the skills gap," Maddison stated. He advocated for a strategic combination of the right security technology, upskilling current professionals, and fostering a cybersecurity-aware workforce. Maddison also mentioned Fortinet's commitment to training one million individuals in cybersecurity by 2026, with nearly half of this target already met.
Jess Ng, Country Head for Singapore and Brunei at Fortinet, echoed these sentiments, stressing the importance of a well-trained workforce as the first line of defence against cyber threats. "In Singapore, where 92% of organizations have experienced breaches due to the cyber skills gap, Fortinet is committed to bridging this divide. Our comprehensive training programs are designed to be accessible to everyone, regardless of their background," Ng said. Ng also highlighted Fortinet's collaborative efforts with government agencies, academic institutions, and industry leaders to build a resilient talent pool in the cybersecurity sector.
The report cited several key findings that illustrate the impact of the skills shortage on Singaporean organisations. Notably, 70% of respondents indicated that directors or executives faced consequences such as fines, loss of position, or employment termination following a cyberattack. Furthermore, 65% of organisations reported that breaches cost over USD $1 million (SGD $1.3 million) in lost revenue, fines, and other expenses in the previous year, an increase from 62% in the 2023 report.
The significance of cybersecurity has been increasingly acknowledged at the board level. According to the report, 74% of respondents noted that their boards were more focused on security in 2023 than in the previous year, with 94% acknowledging cybersecurity as a business priority.
Hiring managers continue to place high value on certifications as verification of cybersecurity proficiency. The report found that 94% of respondents in Singapore prefer to hire candidates with certifications. Additionally, 92% of respondents noted they would finance an employee's certification, although 74% reported difficulties in finding candidates with technology-focused certifications.
In response to the persisting workforce shortage, some organisations have begun to broaden their hiring criteria to include candidates from non-traditional backgrounds. The report found that 92% of respondents stated their companies have set diversity hiring goals for the coming years, and organisations continue to implement programmes aimed at recruiting from diverse talent pools. Despite these efforts, 82% of Singaporean organisations still require a four-year degree, and 42% prefer hiring individuals with traditional training backgrounds.
To combat the cybersecurity skills shortage, organisations are increasingly adopting a three-pronged approach that combines training, awareness, and technology. Initiatives to improve IT and security team skills, cultivate a cyber-aware staff, and employ effective security solutions are becoming more prevalent. Fortinet supports these objectives through its Security Fabric platform and the Fortinet Training Institute, which offers extensive training and certification programmes.
