There is no debate that we are in the midst of a cybersecurity talent shortage. With the sharp rise of cybercrime, it is more important than ever for firms to modernize their security program. The problem is that nearly all experienced and capable professionals are gainfully employed – leaving many companies at exposed and without the right resources to cut down those risks.
Though technology and the internet have been around for a while, the maturation of cybersecurity is just coming into light. Simply put, the number of individuals focused on cybersecurity 5 to 10 years ago is very few compared to the amount of professionals needed in today’s market. This means that there is not nearly enough highly experienced talent to go around – forcing companies to outsource, train, or recruit talent away from other companies.
Due to the high demand, a wage bubble has been growing. In order to attract talent, companies must recruit them away from their current employer. The best and most effective way is by offering significantly higher compensation. This puts a strain on small to mid-sized companies (and IT budgets) who need cybersecurity talent just as bad as the Fortune 500 firms. Top talent in the field can easily command $300,000 per year or more, and with the shortage of talent to begin with, you may or may not get the best of the best without a big pile of cash! Cybersecurity hiring has become a headhunting venture where companies are expected to seek individuals, offer them astronomical salaries and deal with some unique demands.
The talent gap is widening at the speed of light with no signs of stopping. We need to switch our thinking on who to hire for these roles – be it internal individuals or non-traditional candidates. Companies can provide benefits like work from home options or unlimited time off to attract talent instead of solely focusing on compensation as the driver to poach candidates.