With an increasingly connected society performing a wide variety of tasks on the internet – eCommerce, online banking, etc. – the importance of cybersecurity continues to grow. Protecting websites, and network infrastructures, in addition to mobile and desktop apps from hackers and other forms of cyber criminals is the main duty of those working in the information security field. Thus it is no surprise the salaries for these technology workers remain on an uphill swing.
Let’s take a closer look at some of the other contributing factors to the skyrocketing compensation for IT security pros. Perhaps these insights can help you formulate an info security staffing budget for the next year.
The Growing Importance of Cybersecurity in the Business World
A recent survey of IT executives by CIO reveals that improving enterprise information security ranks third among their overall corporate goals. Technology investments in security also compete with the Cloud and Big Data among major IT initiatives, according to CIO. Experienced and talented cybersecurity professionals are needed as part of this increased investment in IT security.
Computerworld’s 2016 IT salary survey noted that an Information Security Manager is now the hottest job in the industry, with a 6.4 percent increase in compensation from 2015 to 2016. Information Security Specialist also made the top 10 of the survey, showing a 4.7 percent increase in salary over the same period. It is a good time to work in cybersecurity, and companies need to take the rising compensation rates into consideration when executing their hiring plans.
An Information Security Talent Shortage
Of course, the economic rules of supply and demand also apply to IT salaries. The need for information security professionals has led to a talent shortage for employees experienced in this area – another major issue leading to the increased pay for cybersecurity technologists.
CISO for Ping Identity, Robb Reck, commented on this acute talent shortage. “With an unemployment level hovering around 0 percent, hiring experienced security professionals generally means poaching talent from the company down the street. All that does is move the talent gap down the road, only exacerbating the issue of a talent shortage. The better we do at finding and training up new security professionals, the more we are helping the world in general,” said Reck.
The bottom line is straightforward. Talented information securities employees are worth their weight in gold – and for good reason!
When you need additional insights on building an elite IT team for your organization, talk to the experts at MindFinders. As one of the leading technology staffing agencies in the Washington, DC area, we offer great candidates able to contribute to your success. Connect with us at your earliest convenience!
Written by Tim Booker, President and CEO of MindFinders, with over 20 years of industry experience.