

Fortinet recently released its 2024 Global Cybersecurity Skills Gap Report, which surveyed key IT and cybersecurity decision-makers across 29 countries across the globe.
The report highlights ongoing challenges related to the cybersecurity skills shortage impacting organisations around the globe, particularly in Latin America and the Caribbean.
The key finding from the report indicates that organisations are increasingly attributing cybersecurity breaches to the existing cyber skills gap. In the past year, nearly 90 per cent of organisational leaders said they experienced a breach that they can partially attribute to a lack of cyber skills, up from 84 per cent in the 2023 report and 80 per cent the year prior.
An estimated four million professionals are needed to fill the growing cybersecurity workforce gap, of which 1.3 million are required in Latin America and the Caribbean.
At the same time, the 2024 Global Cybersecurity Skills Gap Report found that 70 per cent of organisations indicated that the cybersecurity skills shortage creates additional risks for their organisations.

“As the skills shortage persists, this leading cybersecurity challenge requires a collaborative, multi-faceted approach as evidenced by the results of Fortinet’s latest Global Cybersecurity Skills Gap Report. This year’s report emphasises that for organisations to ensure they’re protected from today’s complex threats they must have a combination of: the right security technology, opportunities for current security professionals to upskill through training and certifications, and an overall cyber-aware workforce,” shared John Maddison, chief marketing officer at Fortinet.
According to the report, breaches are having a more substantial impact on business operations, ranging from financial to reputational challenges.
This year’s survey revealed that corporate leaders are increasingly being held accountable for cyber incidents, with 51 per cent of respondents noting that directors or executives have faced fines, jail time, demotion or loss of employment following a cyberattack.
Additionally, more than 50 per cent of respondents indicated that breaches cost their organisations more than US$1 million in lost revenue, fines, and other expenses last year—up from 48 per cent in the 2023 report and 38 per cent from the previous year.
As a result, executives and boards of directors are increasingly prioritising cybersecurity, with 72 per cent of respondents saying their boards were more focused on security in 2023 than the year before. And 97 per cent of respondents say their board recognises cybersecurity as a business priority.
Hiring managers value continued learning and certifications
Business leaders widely regard certifications as validation of cybersecurity knowledge, and those who hold a certification or work with someone who does, notice clear benefits. This year’s survey also found that more than 90 per cent of respondents said they prefer to hire candidates who hold cybersecurity certifications. Leaders believe that certifications improve security posture. Respondents place such high value on certifications that 89 per cent said they would pay for an employee to obtain a cybersecurity certification. However, more than 70 per cent of respondents indicated that it is difficult to find candidates with technology-focused certifications.

Organisations take three-pronged approach to building cyber resiliency
The increasing frequency of costly cyberattacks, combined with the potential of severe personal consequences for board members and directors, is resulting in an urgent push to strengthen cyber defences across enterprises.
As a result, organisations are focusing on a three-pronged approach to cybersecurity that combines training, awareness, and technology, to ensure a strong security posture across the entire organisation.
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