Interesting read — How much should you spend to upskill your Cyber Security team in 2024?

The digital market is changing by the day and the advent of Artificial Intelligence (AI) only increases the importance of Cyber Security. To have a competitive advantage in this rapidly growing market, it is important to maintain your knowledge and skills regularly, which is why companies invest in retraining employees.

So, how much should you spend to upskill your Cyber Security team in 2024?

Recently, the demand for Cyber Security professionals is higher than ever, but the lack of qualified talent continues to grow. Indeed, there is a significant gap between skills and Cyber Security job requirements.

Globally, there is a shortage of Cyber Security talent, with 71% of organisations reporting problems. According to Training Industry, these challenges have led to high levels of burnout among Cyber Security professionals.

Furthermore, according to the ISACA State of Cybersecurity Report 2023, more than 50% of research respondents are struggling to retain highly skilled people needed to respond to cyber attacks and meet industry demand. With an abundance of entry-level talent and a higher proportion of senior-level positions remaining vacant, 49% of Cyber Security positions remain unfilled.

In addition, the benefits of Cyber Security training are not just for the organisation alone, but there is also a societal obligation to train Cyber Security professionals given the significant risk posed by cyber threats. Thus, organisations can create a safer digital environment for everyone by investing in courses.

For example, research has been done on how much organisations invest in information security training on average. It shows that 43% of companies spend between over €92,000 and €184,000 per year on information security courses. In fact, according to ChannelConnect, 31% of organisations say they spend more than €184,000 on training courses and 26% say they invest less than €92,000 for training initiatives.

So, despite the investments, 37% of European Cyber Security professionals feel that this corporate training is not enough to stay competitive in the market and are willing to pay for additional training with their own money.

Does this happen in your industry too?

If so, what's your take on this?

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