It’s no surprise that the number and severity of cyberattacks continue to increase, with ransomware more than doubling in North America since 2019. These breaches cost companies an average of $4.24 million per incident.
Unfortunately, the current supply of experienced cybersecurity staff is not enough to meet the growing demand. The latest survey report from the Information Systems Security Association (ISSA) and industry analyst firm Enterprise Strategy Group (ESG) indicates that there are more than four million unfilled cybersecurity positions globally. More than a third (38%) of respondents point to pay as the top contributing factor to that skills gap.
Compensation is Key
The report also states that cybersecurity professionals need fair and competitive compensation, and reiterate that it is critical to hiring and retaining top security personnel. Companies not offering competitive compensation is the top factor (38%) contributing to the cybersecurity skills shortage. More than three-quarters (76%) of organizations admitted having difficulty recruiting and hiring cybersecurity staff. Obtaining a higher compensation package is the main reason (33%) CISOs leave one organization for another.
In the U.S., LaborIQ by ThinkWhy research forecasts that computer and mathematical jobs, which include cybersecurity, are projected to grow 13.9% percent from 2021 to 2025, much faster than the 9.4% percent job growth aver ..
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