Solving the Cyber Challenge Means Investing in Diversity

By Dave DeWalt, Founder and Managing Director, NightDragon

Over the past few years, cyberattacks have grown as a critical global threat. A single incident can devastate supply chains and cause sky-high financial losses for businesses everywhere - reaching an average cost of $9.44 million per attack in the United States alone. These figures are enough to put many organizations out of business entirely – highlighting just how serious this problem is and why we need solutions now more than ever before.

To combat these threats, organizations have rightly turned to the incredible power of innovation and technology. Technology can help companies make significant strides towards defending their organizations, leveraging new and growing advances like artificial intelligence, cloud, crowdsourcing, and more. We truly live in a golden age of innovation and technology across every category. 

Yet we cannot rely on technology alone. While technology can help us narrow the gap between attack capabilities and our defenses, ultimately it is people and talented professionals who will help us truly move the needle to better protect individuals, organizations and our national security. Unfortunately, the cybersecurity industry faces a massive talent gap, with more than 714,000 unfilled cybersecurity positions in the U.S. alone.

During Women’s History Month, it is crucial to recognize that we especially need to increase the number of individuals inspired to enter a career in cybersecurity and consider how we can nurture a diverse industry that opens doors to those from all backgrounds and genders. Research shows that only 25% of cybersecurity jobs globally in 2022 were held by women, and only 26% of cybersecurity professionals represented minorities overall, with further discrepancies around pay and managerial positions.

Diversity in the cybersecurity field is crucial because it brings different perspectives and experiences to the table. It helps to identify and address security threats and solutions that may not be recognized by a homogenous group. A diverse workforce also ensures that a range of skill sets, and backgrounds are represented, resulting in more effective problem-solving and innovative solutions. Cybercriminals are becoming increasingly sophisticated and are constantly evolving their tactics. To stay ahead of these threats, we need a workforce that is equally dynamic and adaptive.

Furthermore, diverse companies are proven to perform better. This is an important element of the equation to any startup or large company. According to studies by McKinsey and Company and Gartner, more diverse companies outperform their less diverse peers in profitability and team performance by 36% and 30%, respectively.

To improve diversity within the industry, there are several tactics that we need to take. We need to start early in the process, with professionals speaking at elementary schools or college career fairs about the excitement of being part of the cybersecurity industry. Organizations should broaden their hiring pools and emphasize a commitment to recruitment of minority candidates. This includes creating strategic partnerships with universities, colleges, and organizations that can help identify potential talent from diverse backgrounds. We should also look for innovative ways to foster diversity and inclusion in the workplace, use blind hiring processes during recruitment, reconsider superfluous requirements in job postings for cybersecurity roles, and create a company mentoring program that connects staff of diverse backgrounds.

Finally, companies should focus on developing an inclusive work environment where all employees feel valued for their unique contributions and perspectives. Developing equality guidelines to ensure consistent practices such as non-discrimination or unfair treatment can also help retain diverse talent in the field.

Each of these steps will hopefully move us one increment closer to a more diverse and secure industry. As we continue to rely more on technology in our daily lives, it's crucial that we work towards creating an inclusive environment where everyone has an equal opportunity to contribute their skills towards building a safer digital world for all.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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