The cybersecurity job market is on the rise, with no signs of slowing. We created a short infographic to show you at a glance how the landscape is changing. The Bureau of Labor Statistics predicts that between now and 2029 there will be a 31% growth in cybersecurity jobs. This year alone there were more the 3.5 million unfulfilled jobs.[i] With the sharp increase in cybercrimes, the demand is no surprise to industry experts.
Cybercrimes Are Increasing Annually
Cybercrimes are constantly increasing, and all businesses are potential victims, regardless of their current status or size. These crimes have cost an estimated $6 trillion globally, an increase of 50% from 2020.[ii] In the first half of last year alone, there were 301 known breaches. These breaches released more than five million sensitive records, through malicious cyberactivity such as hacking and malware[iii]. The SARs (the suspicious activity report required for financial institutions) recorded 458 suspicious transactions which amount to $590 million.[iv]
In recent years, consumers have been bombarded with headlines about data breaches. These have ranged from banking institutions to social media giants. As a result, approximately, 9 out of 10 Americans are somewhat or extremely concerned about hacking involving “their personal information, financial institutions, government agencies or certain utilities.”[v]Many companies are currently vulnerable to security threats due to a lack of proven cybersecurity practices in place. The crimes that result from this lack of protection lead to increasing costs and decreasing customer trust.
Cybersecurity Job Market
The demand for cybersecurity experts means they come at a premium and employers are willing to pay for professionals who can stem the tide of cybercrimes. Over the next five years, demand for proactive cyber security skills is expected to grow by 164% and employees who have them could make an additional $15,000 annually. [vi]
Two of the fastest growing skills are application development security and cloud security. Both of which involve a proactive approach to building secure systems, rather than responding after the fact. The top entry level positions are IT Auditor, Cybersecurity Specialist and Incident and Intrusion Analyst. These positions have salaries ranging from $86,959 to $105,600 and there are thousands of job openings available. The median base salary for cybersecurity jobs in the U.S. is $103,000. Besides a bachelor’s degree, the majority of the roles require certifications such as CompTIA Security+.[vii]
Organizations want to build up their security, thereby building consumer trust by eliminating data breaches. Experts with these skills can help that happen, while having the additional benefit of representing critical support for the structure of the modern economy, including apps for smart phones and cloud storage crucial to many businesses. Organizations who desire to ensure they’re internal and client data is protected should consider which roles they may need to fill. The six-figure investment could net with a seven-figure savings.
[i] O'Brien, Jenny. 2021. https://auth0.com/blog/millions-of-open-cybersecurity-jobs-worldwide-by…
[ii] Study International Staff. n.d. https://www.studyinternational.com/news/cybersecurity-career-in-demand/.
[iii] Study International Staff. n.d. https://www.studyinternational.com/news/cybersecurity-career-in-demand/.
[iv] Brooks, Chuck. n.d. https://www.forbes.com/sites/chuckbrooks/2021/10/24/more-alarming-cyber….
[vi] Study International Staff. n.d. https://www.studyinternational.com/news/cybersecurity-career-in-demand/.