As the cybersecurity skills shortage intensifies, cyber professionals have become the target of stiff competition among recruiters and employers. Compensation and benefits packages are becoming increasingly generous, essentially giving jobseekers the chance to write their own ticket.
Compensation packages have exceeded $6 million at some large technology companies, according to a recent Bloomberg article. Such packages typically involve mostly stock but even so, they prove that it definitely pays to be in the cybersecurity field. Even the direct charges of top security officers are commanding salaries in the $1 million range, according to Bloomberg.
The reasons for these bloated pay packages should come as no surprise to anyone in the cybersecurity field. As cyber attacks and extortion schemes continue to intensify, the cybersecurity skills gap has widened, and organizations are scrambling to fill vacancies and beef up cyber teams.
“In the 12 months ended August 2018, there were more than 300,000 unfilled cybersecurity jobs in the U.S.,” Bloomberg reported. The number is based on research by CyberSeek, a project supported by the National Initiative for Cybersecurity Education. Similarly, (ISC)²’s own Cybersecurity Workforce Study 2018 put the U.S. cyber skills shortage estimate at about 500,000, and globally at just under 3 million. This gives cyber pros a substantial advantage when it comes to negotiating pay packages.
CEOs have come to view cyber threats as a major risk to doing business, so they are getting involved in pay negotiations with cybersecurity executives. They realize their own jobs may be at risk if their companies suffer a security breach, so hiring an experienced, competent cybersecurity chief is a form of self-preservation.
Certifications and Earning Power
One way that cyber pros can make themselves even more marketable is by earning security-related certifications to sharpen skills and provide potential employers and recruiters with evidence of proficiency.
Currently, one of the most coveted certifications is the Certified Cloud Security Professional (CCSP®), which Certification Magazine in January named the “Next Big Thing.” The magazine found through its annual salary survey that the CCSP is the top choice for professionals to pursue in 2019.
It is the fourth year in a row the CCSP was ranked No. 1. Next on the list for 2019, and for the third year in the row, is the CISSP certification.
Certifications boost earning power in addition to sharpening skills. Half of participants in Certification Magazine’s Salary Survey use skills “learned or enhanced through certification” several times a day at their current jobs, while 37% use them several times a week. In addition, two thirds of respondents (67%) either agree or strongly agree that getting certified has increased their ability to solve problems, while 63% say it has improved their workplace productivity.
As recruiters look to fill cybersecurity vacancies, certifications are bound to weigh heavily in hiring decisions. This means certifications can only help as cyber pros write their own ticket to the cybersecurity future.