According to Fortinet’s 2024 Global Cybersecurity Skills Gap Report, an alarming 94% of Malaysian organizations experienced a breach in the past year, which they attribute to a lack of cyber skills. The report underscores a growing concern over cybersecurity in Malaysia, with 76% of organizations linking increased cyber risks directly to this skills gap.
“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,” said John Maddison, Chief Marketing Officer and EVP, Product Strategy at Fortinet.
A Global Problem with Local Impact
Cybersecurity threats are evolving, and the need for skilled professionals has never been more crucial. The shortage is not just a national issue but a global concern, with an estimated 4 million professionals required to fill the gap worldwide. Fortinet’s report revealed that 94% of Malaysian companies suffered breaches due to the cyber skills shortage—higher than the previous year’s 92%.
Rashish Pandey, Vice President, Marketing & Communications, Asia / ANZ at Fortinet, emphasized, “A well-trained and certified cybersecurity workforce is our first line of defense against the evolving threat landscape. In Malaysia, where 94% of organizations have experienced breaches due to the cyber skills gap, Fortinet is committed to bridging this divide.”
The Financial Impact on Businesses
Cyber breaches carry significant financial and reputational risks, and Malaysian organizations are feeling the pinch. The survey found that 52% of respondents reported losses exceeding USD1 million (MYR4.4 million) due to breaches, an increase from 45% in the previous year. Alarmingly, corporate leaders are facing direct consequences, with 62% indicating that executives have been fined, demoted, or dismissed following a cyberattack.
Certifications: A Trusted Solution
Certifications continue to be viewed as an effective measure to combat cyber risks. In Malaysia, 94% of organizations prefer hiring candidates with certifications, and 98% are willing to fund employees to obtain them. However, finding talent with the required certifications remains challenging, with 84% struggling to find suitably qualified candidates.
“Our comprehensive training programs are designed to be accessible to everyone, regardless of their background,” said Pandey, reinforcing Fortinet’s commitment to workforce training.
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Diversifying Recruitment to Address the Skills Gap
With the skills gap persisting, organizations are expanding their recruitment criteria. Approximately 88% of Malaysian companies have set diversity hiring goals, and female hires have increased to 94% in 2023, up from 88% the previous year. However, despite efforts to diversify, 92% of Malaysian organizations still require candidates to possess a four-year degree, and 68% prefer traditional training backgrounds.
Fortinet’s Three-Pronged Approach to Cyber Resiliency
Fortinet is championing a three-pronged approach to building cyber resiliency by focusing on training, awareness, and technology. The company’s dedication includes:
- Training IT and Security Teams: Ensuring they obtain vital security skills.
- Creating Cyber-Aware Frontline Staff: Cultivating a workforce that acts as a first line of defense.
- Implementing Effective Security Solutions: Leveraging advanced technology to maintain a strong security posture.
Fortinet’s Training Institute is making strides in offering cybersecurity certifications and has already trained nearly half a million individuals as part of its pledge to train 1 million people by 2026.
About Fortinet
Fortinet (NASDAQ: FTNT) is a global leader in cybersecurity, providing solutions that secure people, devices, and data worldwide. With a comprehensive portfolio of more than 50 enterprise-grade products, Fortinet is trusted by over half a million customers for its advanced and validated cybersecurity technologies. The Fortinet Training Institute is one of the industry’s largest training programs, making cybersecurity knowledge and career opportunities accessible to all. For more information, visit Fortinet.
