The top 1,000 Southeast Asian companies could lose US$750 billion in market capitalisation amid cybersecurity concerns. Source: Shutterstock

Cybersecurity experts in high demand, earn more

THE demand for cybersecurity experts in emerging markets like Malaysia is so high that companies are turning their roles into highly lucrative careers and poaching students with job offers even before they graduate.

United Kingdom-based cyber-security firm Protection Group International (PGI) says IT professionals who upskill to specialise in security could easily see a 20 percent increase in pay, The Star reported.

“Demand is outgrowing supply and pushing up pay, as companies compete for the best talent,” PGI chief corporate development officer Sebastian Madden was quoted as saying.

He said globally, the demand for the experts rose exponentially as governments introduce regulations requiring mandatory cybersecurity measures in certain industries.

By 2020, the estimated global shortage in the field could reach a staggering 1.5 million worldwide.

To counter the shortage, the Malaysia Digital Economy Corporation (MDEC), a government-owned overseeing the nation’s Multimedia Super Corridor, says it is looking to reduce the gap of 3,000 cybersecurity experts through two strategic initiatives under the Real Industry Driven Project Exchange (Pride) talent programme.

Together with PGI, MDEC has teamed up with Asia Pacific University of Technology and Innovation (APU) and local security solutions provider, TecForte Sdn Bhd, to increase the cybersecurity talent pool, according to the Malaysian Reserve.

“The partnership between industry players and the local educational institution will help identify the gaps in the industry and guide critical skill set development within the institution,” MDEC chief executive officer Datuk Yasmin Mahmood said during an agreement signing ceremony on the matter on Friday.

“This will also help to upskill cybersecurity industry talents and produce high-income professionals.”

By 2020, the estimated global shortage in the field could reach a staggering 1.5 million worldwide. Source: Shutterstock

A recent AT Kearney study on cybersecurity revealed the top 1,000 Southeast Asian companies could lose US$750 billion in market capitalisation amid cybersecurity concerns that could derail the region’s digital innovation agenda.

Southeast Asia’s digital economy is tipped to add some US$1 trillion to the regions gross domestic product (GDP) in the next ten years.

“However, the increasing wave of cyberthreats and risks could impede trust and resilience in the digital economy and prevent the region from realising its full digital potential,” Yasmin said.

“Looking at Malaysia, it has also seen strong economic growth in recent years and is determined to continue this trend to achieve the government’s vision of becoming a high-income nation.”






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