Over the last 12 months, salaries for those working in cyber security have increased by 6%. The UK national average is 2.9% for the past year, highlighting a marked difference. Within the industry, there has been a significant 20% increase in the salaries being offered to Security Awareness Managers, whilst Security Analysts have seen a 13% increase on average to salaries. These figures prove that the complete spectrum within cyber security has witnessed increases, not only those at the top end. But why have salaries elevated to such an extent over recent months?
Increase in demand
One of the main reasons for salaries increasing within cyber security is the heightened level in demand. The last couple of years have seen numerous high profile attacks on established organisations. These breaches have led to considerable media coverage, putting the topic of cyber security firmly in everyone’s thoughts. This has prompted many other firms to question their own practices. Ultimately, this has resulted in businesses realising the urgency of acquiring qualified security professionals to help secure their systems and data.
Shortage of qualified talent
There is a well known talent shortage in the cyber security industry, making it more difficult for organisations to find individuals of the desired skill level. Consequently, this is resulting in businesses offering higher salaries to those they do identify as being suitable for their requirements. Due to there not being a plethora of options available to them, companies are conscious of beating off stiff competition to secure that all important signature. Firms have grown acutely aware that everyone on the market is on the lookout for security professionals, so know they must act quickly to acquire them.
Combination of the two
Many qualified candidates are using the high demand from organisations, as well as the shortage of talent, to request for higher salaries from businesses. They are in a position of power, with the knowledge that organisations will be prepared to offer more attractive packages in order to secure them. As a result, desirable candidates will expect to receive a hefty salary increase to not only consider leaving their current role, but to choose a position over potentially several others.