Fortinet Report: Cybersecurity Breaches Linked to Skills Shortage in Malaysia

Fortinet’s 2024 Global Cybersecurity Skills Gap Report reveals that a significant cybersecurity skills shortage continues to impact organizations in Malaysia. Key findings show that 94% of Malaysian organizations experienced security breaches in the last year, partially attributed to a lack of cyber skills, while 76% of organizations view this gap as a factor in increasing cyber risks.

Major Findings on Cybersecurity Breaches

Breaches Linked to Skills Gaps: The report highlights a notable increase in breaches caused by the lack of cybersecurity skills, with 94% of Malaysian companies attributing breaches to this shortage, up from 92% in 2023.

Business Impact: Cybersecurity breaches have substantial consequences, including financial and reputational damage. In Malaysia, 52% of companies reported losses exceeding USD 1 million (MYR 4.4 million) due to cyber incidents. 62% of corporate leaders faced penalties, including job losses, following cyberattacks.

Board Involvement: Boards of directors in Malaysia are placing more emphasis on cybersecurity, with 80% of respondents noting an increased focus on security in 2023 compared to the previous year. A staggering 94% of respondents also stated that their board sees cybersecurity as a top business priority.

Read more Business News

Certifications as Key Credentials: Certification is highly valued, with 94% of respondents preferring candidates with cybersecurity certifications. Employers also see value in investing in their workforce, with 98% of leaders willing to pay for their employees to obtain certifications. However, 84% expressed difficulty in finding candidates with the necessary technology-focused certifications.

Fortinet is committed to addressing this skills shortage, pledging to train 1 million individuals globally by 2026, with nearly half a million already trained to date. In Malaysia, Fortinet’s collaboration with government bodies, academic institutions, and industry leaders aims to build a skilled, resilient workforce to combat evolving cyber threats.