Fortinet Reveals Growing Link Between Cybersecurity Breaches and Skills Shortage

Key Insights:

• Cybersecurity Breaches in the Philippines: 94% of organizations reported breaches in the past year, partly due to a lack of cyber skills. 77% attribute increased cyber risks to the skills gap.
• Critical Need for Cyber Skills: The report underscores the necessity of combining the right security technology, upskilling opportunities for current security professionals, and fostering a cyber-aware workforce. #Fortinet #CyberSecurity
  

 

 

Fortinet® (NASDAQ: FTNT), a global leader in cybersecurity, has released its 2024 Global Cybersecurity Skills Gap Report. The findings highlight how the cybersecurity skills shortage continues to challenge organizations in the Philippines, with significant implications for security and business resilience.

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Statements from Key Figures

John Maddison, Chief Marketing Officer at Fortinet:
“The persistent skills shortage remains a leading cybersecurity challenge. Organizations must protect themselves from today’s complex threats by integrating the right security technology, providing upskilling opportunities, and fostering a cyber-aware workforce.”

Alan Reyes, Country Manager at Fortinet Philippines:
“An increasing number of organizations are linking security breaches to the cybersecurity skills gap. This highlights the urgent need for organizations in the Philippines to address the skills shortage to enhance their security posture.”

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Key Findings for the Philippines

1. Attribution of Breaches to Skills Gap:
   94% of organizations experienced breaches due to a lack of cyber skills, up from 92% in the previous report.

2. Impact on Businesses:

   • 62% of respondents noted directors or executives faced penalties following a cyberattack.
   • 52% reported breaches costing over $1 million in lost revenue, fines, and other expenses in the past year.

3. Board Prioritization of Cybersecurity:

   • 80% of respondents stated their boards were more focused on security in 2023 than the year before.
   • 94% affirmed that their boards view cybersecurity as a business priority.

Explore Fortinet’s approach to addressing the skills gap.

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Value of Certifications

1. Preference for Certified Candidates:
   94% of respondents prefer hiring candidates with certifications.

2. Investment in Certifications:
   98% of respondents indicated their willingness to pay for employees to obtain cybersecurity certifications.

3. Difficulty Finding Certified Candidates:
   84% of organizations find it challenging to recruit candidates with technology-focused certifications.

Discover how Fortinet supports certifications in cybersecurity.

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Expanding Hiring Criteria

1. Diversity in Recruitment:

   • 88% of respondents have set diversity hiring goals.
   • Female hires have risen to 94%, hires from minority groups to 76%, and veteran hires to 64%.

2. Preference for Traditional Backgrounds:

   • Despite valuing certifications, 92% of organizations still require four-year degrees.
   • 68% hire only candidates with traditional training backgrounds.

Learn about Fortinet’s diversity efforts in cybersecurity.

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Three-Pronged Approach to Cyber Resiliency

1. Training and Certifications:
   Investing in training and certifications for IT and security teams.

2. Cyber-Aware Workforce:
   Cultivating a cyber-aware frontline staff.

3. Effective Security Solutions:
   Implementing effective security solutions to ensure a strong security posture.

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Fortinet’s Offerings

Fortinet provides over 50 enterprise-grade products through its Fortinet Security Fabric platform. The Fortinet Training Institute offers extensive training and certification programs, including Security Awareness Training to foster a cyber-aware workforce.

Explore Fortinet’s Security Fabric platform.

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FAQs

1. What is the main cause of cybersecurity breaches in the Philippines?
   The primary cause is a lack of cyber skills, with 94% of organizations experiencing breaches due to this issue.

2. How are organizations addressing the cybersecurity skills gap?
   Organizations are investing in training and certifications, diversifying recruitment, and implementing effective security technologies.

3. What impact do breaches have on businesses?
   Breaches result in financial and reputational repercussions, with some organizations incurring costs exceeding $1 million and facing executive penalties.

4. Why are certifications important in cybersecurity?
   Certifications validate cybersecurity knowledge and skills, making certified candidates more attractive to employers and enhancing organizational security.

5. How is Fortinet helping organizations build cyber resiliency?
   Fortinet offers enterprise-grade security products and training programs to strengthen cybersecurity defenses.