According to the latest update from CyberSeek, hundreds of thousands of cybersecurity employment opportunities are available across the country, indicating an undersupply of cybersecurity talent. The supply-demand ratio has improved slightly, but there is still a need for approximately 315,000 more workers to close the current supply gaps. Employers have listed over 572,000 job postings for cybersecurity positions between September 2022 and August 2023. It is emphasized that companies should focus on cyber skills rather than credentials to address the talent gap effectively.
Security researchers have discovered that over 40,000 admin portal accounts use the weak password “admin,” making them vulnerable to cyberattacks. The data was collected from January to September 2023 from information-stealing malware and shows that many IT administrators are accepting the default password.
Venture funding to cybersecurity startups in Q3 saw a slight increase from Q2 but remained down 30% compared to the previous year. The number of deals also dropped by 15%. Late-stage funding in the sector has been particularly affected, with a decline in the number and size of growth rounds. Funding to Israeli cybersecurity startups has also decreased. The current state of tensions in Israel, as well as issues in Europe and between the US and China, are expected to keep venture funding in the cybersecurity sector relatively flat or slightly declining in the next few quarters. However, some investors see this as a return to normalcy with fewer investors chasing deals.
Password as admin will be evidence at trial. Just mark my words here.
Let’s note that if the current investment rate is normalcy, this is a hot space, and likely will continue to be for a while. Despite the slight drop, the cybersecurity sector remains attractive for investments. For MSPs, this signals a continued demand for cybersecurity solutions and services. Even if venture funding is normalizing, the sector remains a hotbed of activity that MSPs should capitalize on.