While there are millions of cybersecurity job openings worldwide, employers are finding it extremely difficult to fill these positions. Amid a global deficit of nearly 4 million cybersecurity workers, there is an increasing disparity between organizations that are cyber resilient and those that are not, according to the World Economic Forum.
The majority (90%) of executives who participated in WEF’s Global Cybersecurity Outlook 2024 survey indicated that immediate action is necessary to tackle the increasing cyber inequity, especially as emerging technologies, such as generative artificial intelligence, will only intensify existing cybersecurity issues.
The gap in cyber resources, skills and talent is expanding rapidly, and remains the biggest challenge for companies when developing resistance against cyber attacks, the report revealed, as 71% of organizations have vacant cybersecurity roles.
“We know that cyber threats will continue to be one of the greatest risks for the upcoming decade, fueling this global need for more cybersecurity professionals,” said Erin Baudo Felter, vice president of social impact and sustainability at Okta, a San Francisco-based identity and access management company, in an emailed statement. “But the demand is outpacing the supply,” she added.
Factors like unclear career pathways, outdated training programs and expensive certifications are detering individuals from seeking a career in cybersecurity.
“More so than ever, people want a job with purpose and I can’t think of anything more impactful for the world than a career where your role is to protect people and organizations from digital harm,” Felter said.
The Cybersecurity Job Market
Cybersecurity consistently ranks among the top areas for job growth and demand within the broader technology sector.
The demand for cybersecurity jobs is expected to grow significantly in the near future, making this career path appealing. The United States Bureau of Labor Statistics forecasts a 32% increase in cybersecurity jobs from 2022 to 2032, which is substantially higher than the 3% average growth rate for all U.S. jobs. Specifically, the BLS anticipates that roles for information security analysts will experience the fifth fastest growth among all U.S. occupations during this period.
There are approximately 750,000 cybersecurity job vacancies in the U.S., according to data from Cybersecurity Ventures, which provides market data and insights on the global cyber economy.
The exuberant job openings in cybersecurity can be attributed to the increasing cyber threats and attacks across various industries, growing awareness of the importance of cybersecurity in organizations, evolving regulatory requirements for data protection and privacy and the rapid digital transformation of businesses, creating new security challenges.
The recent CrowdStrike incident highlights the critical importance of robust security measures. The widespread outage caused by a faulty software update affected millions of devices globally, disrupting various sectors including airlines, banking and healthcare.
Organizations are now expected to place greater emphasis on developing risk mitigation plans and enhancing cyber-resilience strategies, potentially creating more opportunities for cybersecurity professionals specializing in these areas. The incident has also raised questions about vendor accountability and third-party risk management, which may lead to increased demand for professionals who can assess and manage these risks.
The complexity of the incident and its far-reaching impacts underscore the need for highly skilled cybersecurity professionals who can prevent, mitigate and respond to such events. There’s also a growing focus on improving software testing and deployment practices, which could create new roles or specializations within the cybersecurity field.
Closing The Cybersecurity Skills Gap
To tackle the increasing skills gap in the cyber and tech workforce, Okta has announced a commitment of $50 million over the next five years.
The initiative aims to identify and cultivate top cybersecurity talent, while also ensuring fair access to successful careers in the technology sector.
Okta is focusing its investments in two primary areas. The first involves $1.6 million in philanthropic grants to support global organizations that provide technology career opportunities to women, people of color, veterans and other job seekers from underrepresented demographics.
The second area consists of 5,000 educational grants for unemployed professionals aiming to transition into cybersecurity by enhancing their Okta skills. This program particularly targets veterans, military spouses and tech workers affected by recent layoffs.
“The cost of cybersecurity training and certification programs can be discouraging for prospective professionals, especially in a challenging economic climate. Some of the nonprofits we partner with, including Women in Cybersecurity and NPower, have recognized this barrier and are offering free technology training to make this profession more accessible and create new pathways into cyber,” Felter said.
Getting Started In Cybersecurity
The social impact and sustainability leader emphasized that to attract an influx of talent, companies need to do a better job of “demystifying” cybersecurity.
“There is a misconception that these are highly technical, solitary roles, but in reality being a cybersecurity professional also includes things like culture, communications and change management,” stated Felter.
If you are just starting out in your career or are looking to pivot into cybersecurity without having a tech background, you can earn certifications, take online courses to reskill yourself and look into related professional networks. Roles in cybersecurity encompass a variety of responsibilities that enhance the security of the organization, its employees and its customers.
Entry-level workers at cybersecurity firms typically engage in tasks such as monitoring security systems for breaches, analyzing security alerts, conducting vulnerability assessments and implementing security measures to protect an organization’s data and systems.
They may also assist in developing security policies, conducting security audits and providing support in incident response efforts. These roles are crucial in maintaining the integrity and security of an organization’s information systems.
Salary Data For Cybersecurity Professionals
Workers in the cybersecurity sector can earn substantial salaries, reflecting the high demand and critical nature of their roles. According to BLS, the median salary for information security analysts was $120,360 in May 2023.
Cybersecurity managers or administrators, who are responsible for identifying vulnerabilities and managing information systems teams, can earn between $150,000 and $225,000 per year. Application security engineers, who ensure the security of software and business applications, can earn between $130,000 and $200,000.
Information security analysts, often referred to as the gatekeepers of information systems, have a median salary of around $102,600, with the potential to earn up to $208,000 depending on their experience and the complexity of their responsibilities. Penetration testers, also known as ethical hackers, earn an average of $124,424, with some positions requiring advanced degrees.
While some chief information security officers, high-level executives responsible for overseeing organizations’ physical and digital security, may receive total compensation packages nearing $500,000, many begin with a base salary around $275,000, according to Hunt Scanlon Media. CISOs manage risks related to personnel, data and physical assets, ensuring the safety of the organization against various threats, including cyber attacks and physical intrusions.
Source: Forbes
