While skills shortages remain a major challenge in cybersecurity, those who work in the field have ample opportunities to boost their salaries. And one sure way to get better pay is by earning certifications, according to a new study by training services provider Global Knowledge.
“Learning a new skill or earning a certification can result in a raise upwards of $12,000 a year,” according to the Global Knowledge 2020 IT Skills and Salary Report. The figure applies to IT professionals as a whole but is especially relevant to cybersecurity professionals considering that the report says, “cloud computing and cybersecurity certifications are associated with the highest IT salaries around the world.”
The study reveals the average salary for cybersecurity workers globally is $96,675. In North America, the average is considerably higher – $128,726. It drops to about $74,000 in Europe, the Middle East and Asia-Pacific, and just under $42,000 in Latin America. The Global Knowledge study comes on the heels of the (ISC)² 2020 Cybersecurity Workforce Study, which estimates the global cybersecurity salary average to be $83,000, and the North American average to be $112,000.
Global Knowledge confirms what (ISC)² research has consistently shown: Cybersecurity certifications not only demonstrate proficiency but also help with compensation and career advancement. Their report states, “. . . the more certifications someone holds, the higher their average salary. An IT professional who has six or more career certifications makes $91,643 a year—eight percent more than the worldwide average.” The (ISC)² study found that those cybersecurity professionals holding at least one certification made an average of $85,000 while those without earned just $67,000 on average.
The cybersecurity skills shortage, which (ISC)² currently estimates at about 3.1 million, is certainly a contributor to the earning power of cybersecurity professionals. Global Knowledge found that “80% of IT departments face critical skill shortages, which results in lost productivity and, unavoidably, lost revenue.”
Global Knowledge says this year the skills gap did not rise, which is the first time since 2016 and confirms (ISC)²’s finding that it shrank from 4 million in 2019. Global Knowledge estimates productivity losses because of skills gaps can amount to 520 hours and $29,000 per employee.
This explains why employers provide attractive compensation packages to people with the right skills. Losing could result in bigger productivity losses. In addition, Global Knowledge found evidence that employers now are more willing to pay for skills training. “When authorized by the organization, 80% of IT decision-makers approved training for their staff, an improvement of 36% from a year ago,” the study found.
Currently, the study found, 87% of IT professionals hold at least one certification and 40% are working on their next one. “After achieving a certification, IT professionals recognize the benefits immediately, including an increase in work quality, more engagement with their work, and faster job performance,” the study says.
CISSP Earning Potential
Global Knowledge cited (ISC)²’s Certified Information Systems Security Professional (CISSP) as one of the highest-paying certifications around the world, along with credentials from ISACA, AWS and Google Cloud. In EMEA, the report says, CISSP pays more than any other certification. It is also “the only certification outside of North America to eclipse an average salary of $100,000.”
CISSP certifications demonstrate proficiency in eight specific domains of cybersecurity, including security and risk management, security architecture and engineering, and identity and access management (IAM). Candidates for the certification need a minimum of five years cumulative paid work experience in two or more of the eight domains. Find out more about the CISSP here.