The world is already facing a shortage of cybersecurity professionals, and a new survey has revealed that they are witnessing salary constraints as well.
A survey from Cynet has revealed that 48% of cybersecurity professionals earn less than $50,000 a year. Moreover, the study, based on a survey of 1,324 cybersecurity professionals globally conducted by Cynet, says only 36% of professionals make over $70,000 a year.
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Professionals, who have made a shift from an IT domain to a cybersecurity position, have earned significantly more as compared to their peers who started in cybersecurity, found the survey. Another highlight is that the cybersecurity professionals working in the banking and finance industry, rope in the highest salaries. Except for security analysts, cybersecurity professionals generally receive periodic bonuses with annual rates ranging between 1% and 10%.
Security analysts in North America have significantly higher salaries as compared to their counterparts in other countries. The report found that over 80% of security analysts earn between $71,000 and $110,000. The cybersecurity field is no different when it comes to women’s representation. Women in the age group of 20-29 years represented the highest percentage with 6% of overall positions. Meanwhile, ten percent of women were found in security manager positions.
The report revealed that only tier-three professionals could demand a premium salary provided they have skills in areas such as penetration testing. Even though there is significant hype around AI, it is highly unlikely that cybersecurity professionals will be replaced by AI systems anytime soon. At the same time, cybersecurity professionals have become efficient, as the use of AI increases; it could have an impact on the demand for professionals with entry-level skills owing to a rise in automated tasks.
With tasks associated with entry-level positions being automated, it will become more challenging to find individuals to fill higher-level positions. Breaking into the field will become much more complicated than it is today. Similar to other areas, low unemployment rates will not have a dramatic impact on wage growth as expected. Several organizations are augmenting their cybersecurity teams by relying on contractors.
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It is too soon to predict how cybersecurity salaries will fare in 2020 and beyond. With a substantial spike in the volume and sophistication of cybersecurity attacks, there has been a rise in appreciation for cybersecurity expertise. However, it is not clear as to why enterprises are not willing to pay appropriate salaries for the talented cybersecurity workforce.