WeeklySA_AdminRISK: At least 3,4 million professionals needed to fill the worldwide cyber security workforce gap
By Isaac Moledi
South Africa’s cyber security skills gap came under the spotlight during the research conducted by the global cyber security firm Fortinet Training Institution (FTI). In its 2023 Global Cybersecurity Skills Gap report, the cyber security firm has revealed that 40% of South African companies struggle to hire and retain cyber security talent. Sixty-four percent agree that the shortage of cyber security skills creates additional cyber risks for organisations.
The report found that in the past 12 months, 39% of South African organisations suffered breaches that cost more than R18 million to remediate. In addition, 86% indicated they had experienced more than one cyber attack that could be partially attributed to a lack of cyber security skills in their teams.
Cyber security focuses on protecting computer systems from unauthorised access or being otherwise damaged or made inaccessible. Information security is a broader category that protects all information assets, whether in hard copy or digital form.
“The findings in this 2023 cybersecurity skills gap report clearly show that organizations are fighting an uphill battle against cyberthreat— incurring more breaches, in need of skilled professionals, and continuing to struggle to fill key positions,” according to the report.
The breaches, according to FTI, are more frequent and more costly with unfilled IT positions being a cybersecurity risk. “Diverse talent can help close the skills gap but is not always easy to find.”
The FTI says the findings in this global report are based on responses obtained from online interviews and an email survey of 1,855 IT and cybersecurity decision-makers, conducted by Sapio Research in November 2022. Responses were obtained from 29 locations that include among others, South Africa, Argentina, Australia, Brazil, Canada, Colombia, France, Germany, Hong Kong, India, Indonesia, and United States of America.
Referring to South Africa, the FTI believes that many short-staffed cyber security teams are burdened and strained as they try to keep up with thousands of daily threat alerts and attempt to manage disparate solutions to properly protect their organisation’s devices and data.
“Cyber security workforce gap jeopardises the most foundational functions of the profession such as risk assessment, oversight and critical systems patching,” says Paul Williams, FTI’s country manager – SADC and Indian Ocean Islands.
Williams points to a Cybersecurity Workforce Study released by global information security-focused non-profit organisation (ISC) which found that 70% of respondents feel their organizations does not have enough cyber security staff to be effective. This study estimates that 3.4 million professionals are needed to fill the worldwide cyber security workforce gap. The EMEA region requires 317 050 professionals.
Williams says the FTI research shows that 94% of South African companies prefer to hire talent with a technology-focused certification, but 78% indicated they are struggling to find people with this certification.
“94% are willing to pay for employees to acquire certification.”
Williams says one way to reduce this gap is to establish more authorised training centres and academic partner programmes in high schools, colleges and universities.
Organizations are also looking to tap into new talent pools, with 8 out of 10 respondents having diversity goals as part of their hiring practices.
John Maddison, EVP of products and CMO at FTI, says: “The cyber security talent shortage is one of the top challenges putting organizations at risk… In today’s climate, organizations must choose products that introduce automation to offload overworked teams while continuing to focus on upskilling and cyber security training.”
According to the FTI’s report, the number of organizations confirming five or more breaches jumped by 53% between 2021 and 2022. Breaches are more frequent and more costly with 81% of cyberattacks being in the form of phishing, password and malware attacks.
“The evolving threat landscape and rising incidence of breaches make it imperative that organizations continue building their cybersecurity defence to protect their networks, systems, data, customers, partners and employees.
“The good news is that progress continues in the fight against cybercrime, and organizations that are committed to strengthening their security posture are not alone,” according to the FTI global report.- Additional info by ITWeb.
CONSUMERS OFFERED PROFESSIONAL TIPS ON HOW TO USE STORE CREDIT CARDS WITHOUT OVERSPENDING
AFFORD : Unplanned spending results in unnecessary debt instead of savings for significant items
By WSAM Money Reporter
There are many advantages available to a store credit card but you need financial discipline to use it responsibly.JustMoney.co.za advises on how you can use the store credit card to your advantage and comply with the terms and conditions of the agreement.
– Bag the benefits and avoid the risks.
Beyond allowing you to buy items as you need them, store cards offer multiple benefits such as access to partner stores, membership to loyalty clubs and exclusive benefits that are not extended to the general public.
However, it is tempting to use them repeatedly because they offer revolving credit, according to Ans Gerber, Head of Data Insights at credit reporting service Experian.
“The key to using a revolving credit card wisely is to remember that your card limit is not a spending target”.
– Understand the terms and conditions.
Interest rates.
Interest is calculated daily using a simple formula where the balance owing on the account is divided by the number of days in the year and multiplied by the applicable interest rate in accordance with your credit agreement.
“The National Credit Act stipulates the maximum interest rate that may be charged relative to the repo rate (the rate at which the South African Reserve Bank lends to commercial banks). For store cards, this is currently 21.75%.”
Most store accounts offer a six-month interest free period, in addition to a 12-month interest-bearing period. It is best to opt for the interest-free period wherever possible, according to JustMoney.co.za.
Late payment fees.
Interest and fees are applied if an account is in arrears. These fees accrue for telephone calls, letters, emails and SMS messages to remind you of outstanding payments. Late payments can lead to your account limit being reduced.
Rewards and bonuses.
Early sale notifications, sales discounts and member-only promotional offers are among the rewards on offer, to recompense you for choosing one store or chain of stores, above others.
The Truworths card, for example, provides you with access to a variety of stores, including Truworths, Truworths Man, Truworths Emporium, Uzzi, Office London, Earthaddict, Earthchild, Naartjie and Loads of Living.
Credit limit.
To protect you and to mitigate their risk, store card providers will assign you a credit limit based on certain criteria, including your income and expenses and your credit score, which indicates your previous credit behaviour.
“Avoid the temptation to increase your credit limit,” recommends financial adviser Sylvia Walker.
“Unnecessary credit gives you an excuse to spend more, which you may not be able to resist.”
Here are tips for responsible use of your store card, according to JustMoney.co.za.
Never skip a payment.
If you cannot afford to settle your store account in full, at least make the minimum payment. “Missing payments on your store card reflects poorly on your credit history and has a negative impact on your credit score. This will affect how much credit you qualify for in future’’.
Pay the full instalment and any arrears owing.Make sure you pay the amount you owe in full on or before the due date each month. You should diarise this.
“Try to pay off the amount owing in no more than three instalments, which will save you interest where applicable,” says Walker. “Instead of just looking at the minimum payment required, be aware of your total debt and be proactive about paying it off.”
Pick a payment date that works for you.
When paying by debit order, you will more than likely be able to stipulate your preferred processing date. “If you know you always receive your salary payment on the 25th of the month, make sure your store card payment date falls shortly after this,” according to Gerber.
Set a budget.
Setting a budget – and sticking to it – will prevent impulse buying, which could compromise your ability to service other debts, pay utility bills or save.
“Avoid using your store card for irresponsible spending and only use it for needs, not wants,” says Gerber. “If you plan your credit budget properly, you should always be able to pay your bills and maintain a healthy credit score.”
Keep track of your spending.
Keeping track of your spending will give you a clear idea of how much you owe and when you need to pay. You should, as a rule of thumb, spend less than 30% of your credit limit.
Avoid using multiple store cards.
“Using multiple store accounts is dangerous because it makes keeping tabs on the amount outstanding more difficult,” says Gerber. “It can also lead you to take on more debt than you can afford.”
Never lend your store card to anyone else. As your account terms and conditions will indicate, store card usage is not transferable, meaning You are the only person allowed to use your card.
Lending your card to someone else would also constitute an unacceptable overspending risk.
– Maximise the use of your store card.
Make the most of rewards and discounts.
Reward discounts and specials can be of great benefit if you genuinely need the items. Many retailers offer “sneak previews” and exclusive sales events to their cardholders.
Avoid store card debt.
Restrict your store card usage to affordable items you know you can pay off quickly. Make a list of items you really need and budget accordingly. If you have financial goals, write them down and look them over daily. Remind yourself that unplanned spending will get you into debt instead of helping you to save for a significant item, such as a holiday.
Pay more than the minimum due.
Pay more than the minimum instalment if you can, as this will expedite repayment of your debt. Walker suggests paying by EFT for this purpose.
“A debit order will just cover the minimum due each month, but an EFT allows you to pay more if you wish, putting you in control of your spending.”
Manage your credit utilisation ratio.
Lenders are interested in how you use credit because this tells them how much of a risk you pose when you borrow money. They will examine your spending habits and how often you reach your limit. To calculate your credit utilisation ratio, divide your outstanding balance by your credit limit and multiply the figure by 100.
The resulting percentage will tell lenders if you are relying too heavily on credit. The lower the percentage, the better. You should aim to use no more than 30% of the credit available.
Check your credit report.
If you have a credit record, a store card you use responsibly , this can help you build a good credit score. If you are creditworthy, you will be able to borrow from lenders such as banks at a preferential interest rate.
Seek professional help where necessary.
If you are struggling to stay on top of your debt, it may help to consider debt consolidation, which repackages multiple debts into a single, affordable monthly repayment amount.
