Diversity is a hot topic in the modern lexicon of human resources. While it is essential to take a person’s experience and education into account, a diverse team could prove very beneficial. Many companies might miss out on the hidden benefits of diversity in cybersecurity by not at least considering it when looking at their pool of applicants.
There are many reasons why hiring a diverse set of personnel can aid a business and the people working for it. Here are four potential benefits of diversifying your cybersecurity team.
1. Expanding the Field
On the humanistic side, it is important to offer opportunities to those who may not often have access to them. A wider variety of staff members means younger generations can see people like them achieving what they want, encouraging them to follow their dreams. Furthermore, this helps expand the applicant pool and ensures specific professions will be less likely to run out of new hires.
However, there is also a corporate advantage to expanding the diversity of cybersecurity team members in the workplace. Companies that hire the same kinds of people miss out on the opportunity to experience new and innovative ideas at a greater volume. A study from Boston Consulting Group found that businesses prioritizing diversity have 45% greater revenue from innovation — a 19% advantage over less diverse competitors.
2. Ensuring the Future of the Industry
Hidden Benefits of Diversity in Cybersecurity Increasing the amount of diversity on a cybersecurity team can help move a business into the future of innovation. A greater variety of minds on staff leads to more ideas. These developments might allow a company to aid a previously unaddressed niche or rework an entire system for the better.
Fostering diverse backgrounds helps a business stake itself in the future and attracts investors that could help it thrive. According to a 2022 Harvard study, 28% of worldwide investors evaluate a company’s environmental, social and governance ideals before investing. Therefore, ensuring diversity in the workplace could help secure funding for future developments.
3. Increasing Productivity
A team of cybersecurity experts needs to stay productive, or the entire team will fall behind the ever-evolving cyber criminals. Luckily, increasing the amount of diversity could provide the boost needed to remain competitive. A 2021 study showed that a mere 1% increase in racial diversity could improve employee productivity by $729 to $1,590 per worker annually.
An increased variety of minds can develop various financially beneficial developments. These could lead to changes in workflow or improve how workers relate to one another. Better communication can make a workplace more productive by increasing camaraderie and making information exchanges easier.
4. Earning More Profits
Of course, the most substantial hidden benefit of diversity to businesses is improving how much is earned. All the advancements, investments and productivity increases naturally translate to higher profits. A 2022 analysis of the global diversity and inclusion market showed those who incorporate diversity into their workplace have an average cash flow 2.5 times higher per member of their workforce.
Companies interested in diversifying their cybersecurity teams open themselves to a much more comprehensive range of talent, which can help them expand accessibility. These could include addressing language barriers, photosensitivity, different motor skills and noninclusive text. Each factor can allow more customers to access and use a product or service. And with companies earning more profits, at least some of those earnings may return to the security department, allowing for better training, staffing, and equipment.
The Importance of Diversity in Cybersecurity
Cybersecurity experts are increasingly in demand in today’s digital world. This growth increases the need to create new ideas and reach new markets. Encouraging diversity in cybersecurity teams can help businesses develop their talent pool, earn more, improve their productivity and ensure their relevance in the future.