Cyberattacks globally lead to massive financial losses and erode trust, with projected costs reaching $10.5 trillion by 2025. Also, Nasscom forecasts 1 million new jobs in Cyber security by 2027; 30% jobs unfilled due to lack of skilled talent, as per the recent report by Simplilearn.
Simplilearn, has launched a report titled Safeguarding the Digital Frontier – Cybersecurity Trends and Upskilling Outlook for 2024, highlighting the pressing demand for heightened cybersecurity measures in an era dominated by digital transactions.
Emphasising the indispensable role of cybersecurity, the report underscores its significance in safeguarding infrastructure and sensitive data from the constantly evolving landscape of cyber threats.
The report reveals that the world at large faces a substantial impact of cybercrimes in the current digital environment. Cyberattacks have led to considerable financial losses globally, projecting an estimated cost of $10.5 trillion by 2025. The report underscores the heightened consumer risks due to the escalating frequency of personal data breaches, further intensifying fraud and identity theft concerns.
The demonetisation-induced surge in digital transactions has brought about a significant transformation in India’s cybersecurity landscape. With over 16 lakh cybercrime incidents reported in the last three years, the need for strong cybersecurity measures has never been greater. Notably, financial fraud stands out as a major issue, accounting for a significant 77.41% of all reported cybercrimes nationwide.
The rise in cyber threats globally highlights the increasing need for qualified cybersecurity professionals. Cybersecurity professionals must stay ahead of vulnerabilities as hackers continue to innovate. Forecasts for the global cybersecurity market from 2023 to 2030 show a compound annual growth rate (CAGR) of 13.8%, underscoring the need for a trained workforce to fend off changing threats.
“The surge in cybercrime is closely linked to the rise in digital transactions and all our systems becoming digital. At Simplilearn we see cyber security as a top two domain where skill development is in high demand and extremely critical for professionals and organisations – the other one being AI,” Kashyap Dalal, co-founder and Chief Operating Officer of Simplilearn, said.