Consumer Products, Talent Shortage, Cyber Security

Analysis

The cybersecurity talent shortage

An emerging challenge for consumer products companies

In a digitally connected world where cyber threats are common, having the right cybersecurity professionals in place is critical. Consumer products companies are finding that the available cybersecurity talent pool is limited and keeping the talent they do have is challenging. Find out how consumer products companies can proactively overcome this obstacle and be secure, vigilant, and resilient.

Addressing the cybersecurity talent shortage

At a time when the estimated costs associated with cyber crime are in the trillions, it is critical for consumer products companies to consider increasing their cybersecurity efforts. Typically, cybersecurity professionals are hired to be proactive in helping to prevent and predict cybersecurity breaches. But, as of July 2017, approximately 349,000 cybersecurity jobs in the US remained unfilled. On top of that, the challenge of attracting talent is even greater for consumer products companies.

Consumer products companies can take proactive steps to help ensure that highly skilled cyber professionals are at the helm of their cybersecurity efforts.

Challenges surveyed CP executives have with cybersecurity talent

How can consumer products businesses attract, hire and retain cybersecurity talent?

Below are six ways consumer products companies can optimize cybersecurity talent:

Maintain a deeper commitment to training and development. Implementing measurable cybersecurity learning and awareness programs, for cybersecurity, will help associates protect the organization and its people from a pervasive security breach. Providing training allows works to feel invested in the organization.
Appeal to younger workers who are the lifeline of future cybersecurity programs. Offer flexible working schedules, more casual work environments, and locations convenient to where younger workers live—for example, several major corporations in the Chicago metropolitan area have opened offices in the city after years of being located in hard-to-reach suburban areas.
Invest in corporate responsibility initiatives. Millennial workers tend to be interested in working for organizations with that align with causes they are passionate about, such as current economic, environmental, and social issues.
Look to hire cyber talent with nontraditional education. Some workers with a technical background and nontraditional education could be prime candidates for the cybersecurity field. Consumer products companies should also focus on women, who are underrepresented in cybersecurity.
Hire third-party vendors. This will help consumer products companies integrate newer technologies into their businesses. However, this can open new possibilities to cyber risk if relationships are not managed correctly from onboarding through frequent assessments. Deloitte’s study, Cyber risk in consumer business, indicated that frequency of third-party risk assessment is low, with only seven percent of consumer products executives surveyed conducting third-party risk assessment on a quarterly basis and 34 percent on a semi-annual basis.
Build interest in cybersecurity among students at a very young age. For example, recognizing the need to develop top cyber talent, China launched cybersecurity talent training nationwide in September 2016.

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