In the rapid realm of cyber security, the demand for skilled professionals is reaching unprecedented heights. Stott and May's Cyber Security in Focus Report for the year 2023 sheds light on a remarkable trend - a surge in cyber security salaries that has caught the attention of industry leaders. According to the report, a staggering 47% of Chief Information Security Officers (CISOs) perceive an impressive 11% year-on-year increase in cyber security salaries.
Other Key Report Findings
Addressing cyber security vacancies is a difficult task for security leaders. A considerable 66% have difficulty finding talented individuals for their organisations. Furthermore, approximately 69% of security posts are unfilled for more than eight weeks.
While a commitment to strategic security expenditure remains, there is little room for innovation. A substantial 44% said that their financial allocations will either remain unchanged or decrease. Only 53% believe that security expenditure is keeping pace with the rapid pace of digital company innovation. Notably, cloud security (25%), Identity and Access Management (IAM) (20%), and security and vulnerability management (18%) are the top investment priorities for CISOs in 2023.
The focus is increasingly shifting to the translation of security risk to align with corporate strategy. A significant 55% of security leaders believe that their organisations view cyber security as a critical strategic issue. Simultaneously, a sizeable 60% agree that the security function improves the total value proposition to clients, effortlessly harmonising with the larger business objectives.
Why Is Cyber Security A Lucrative Industry?
As cyber threats become more sophisticated and prevalent, companies across various sectors are recognising the critical importance of securing their digital assets. This surge in demand for cyber security expertise has created a robust job market, providing ample opportunities for individuals looking to enter or advance in the field.
The skills gap in cyber security has led to a situation where companies are actively competing for a limited pool of qualified candidates. This scarcity not only enhances job security for professionals but also places them in a favourable negotiating position when it comes to compensation. As a result, cyber security experts often find themselves in a position to command competitive salaries and benefits.
The constant evolution of cyber threats ensures that the field remains dynamic and challenging, making it appealing to individuals who thrive on continuous learning and problem-solving. Cyber security professionals are required to stay abreast of the latest technologies, tactics, and procedures employed by cybercriminals. This ongoing learning curve not only keeps the work engaging but also positions individuals for career growth and specialisation.
Lastly, the global nature of cyber threats means that cyber security professionals often have the opportunity to work on a global scale. Whether employed by multinational corporations, government agencies, or cyber security firms, professionals in the field are part of a global community addressing challenges that transcend borders. This international aspect not only adds a layer of complexity to the work but also opens up possibilities for professionals to collaborate with experts from diverse backgrounds, fostering a rich and dynamic professional experience.
Industry Expert Perspectives
Haris Pylarinos, Founder & CEO of Hack The Box, stated “CISOs could raise visibility around their security program by gamifying the experience for end users; it’s about making security fun, relevant, and engaging”.
In addition, Chris Castaldo, CISO at Crossbeam, mentioned that one of the biggest stumbling blocks for strategy execution was because of the budget. “ A lack of budget. The Inability to acquire the right level of internal skills. All of these things are linked to understanding the business and shaping a strong narrative that resonates with key stakeholders”.
Stott and May's Cyber Security in Focus Report for 2023 paints a compelling picture of the cyber security employment landscape, with the standout revelation being the perceived 11% year-on-year increase in salaries.
This uptick signals a growing recognition of the importance of cyber security professionals in safeguarding organisations against evolving cyber threats. As the demand for cyber security talent continues to rise, professionals in the field can anticipate rewarding career prospects, making cyber security not only a mission-critical field but also an increasingly lucrative one.