Globally, the cybersecurity job market is booming, yet companies are struggling to fill these crucial positions. With a staggering shortage of nearly 4 million cybersecurity professionals, a significant divide is emerging between organizations that are adept at managing cyber threats and those that are not, as reported by the World Economic Forum (WEF).
According to WEF’s Global Cybersecurity Outlook 2024 survey, 90% of executives believe urgent action is needed to address this growing disparity. The rise of new technologies like generative artificial intelligence is expected to exacerbate existing cybersecurity challenges.
The widening gap in cybersecurity resources, expertise, and talent is becoming a major hurdle for businesses aiming to defend against cyber threats, with 71% of organizations reporting unfilled cybersecurity positions. Erin Baudo Felter, Okta’s VP of Social Impact and Sustainability, notes, “Cyber threats will remain a top risk for the next decade, driving the need for more cybersecurity experts. Unfortunately, the supply is not keeping up with the demand.”
Barriers such as unclear career paths, outdated training programs, and costly certifications are discouraging individuals from pursuing careers in cybersecurity.
Felter adds, “People increasingly seek purposeful work, and there’s no job more impactful than one that safeguards others from digital threats.”
The Cybersecurity Employment Landscape
Cybersecurity continues to be one of the fastest-growing sectors in technology. The U.S. Bureau of Labor Statistics anticipates a 32% increase in cybersecurity job openings from 2022 to 2032, far exceeding the 3% growth rate for all U.S. jobs. The role of information security analysts is projected to be among the top five fastest-growing occupations in the country during this period.
Currently, there are about 750,000 unfilled cybersecurity positions in the U.S., according to Cybersecurity Ventures, which tracks the global cyber economy.
This surge in job openings is driven by rising cyber threats, increased organizational focus on cybersecurity, stricter data protection regulations, and rapid digital transformation, all of which present new security challenges.
The recent CrowdStrike incident underscores the importance of robust security measures. A problematic software update led to a massive outage, affecting millions of devices and disrupting sectors like airlines, banking, and healthcare.
In light of such incidents, organizations are expected to enhance their risk management and cyber-resilience strategies, potentially leading to more opportunities for cybersecurity professionals specializing in these areas. The event has also highlighted the need for improved vendor and third-party risk management, which could further drive demand for skilled professionals.
Addressing the Cybersecurity Skills Shortage
To help bridge the cybersecurity skills gap, Okta has pledged $50 million over the next five years.
This initiative focuses on two key areas: $1.6 million in grants to support global organizations that provide technology career opportunities to women, minorities, veterans, and other underrepresented groups, and 5,000 educational grants for unemployed individuals transitioning into cybersecurity, including veterans and tech workers affected by layoffs.
Felter explains, “The cost of training and certification can be a significant barrier, especially in tough economic times. Partnering nonprofits like Women in Cybersecurity and NPower are addressing this by offering free technology training to create new pathways into cybersecurity.”
Starting a Career in Cybersecurity
Felter also emphasizes the need for companies to “demystify” cybersecurity to attract more talent. Contrary to the belief that cybersecurity roles are highly technical and solitary, these positions often involve aspects like organizational culture, communication, and change management.
For those new to the field or looking to switch careers without a tech background, certifications, online courses, and professional networks are valuable resources. Entry-level roles in cybersecurity involve tasks such as monitoring systems for breaches, analyzing security alerts, conducting vulnerability assessments, and implementing security measures.
These positions are essential for protecting an organization’s data and systems, and may also include developing security policies, conducting audits, and supporting incident response efforts.
Cybersecurity Salaries
Cybersecurity professionals often command high salaries due to the critical nature of their work. As of May 2023, the median salary for information security analysts was $120,360, according to the Bureau of Labor Statistics.
Salaries for cybersecurity managers and administrators range from $150,000 to $225,000 annually, while application security engineers earn between $130,000 and $200,000. Information security analysts earn around $102,600, with potential earnings reaching $208,000 depending on experience and role complexity. Penetration testers, or ethical hackers, average $124,424, with some positions requiring advanced degrees.
Chief Information Security Officers (CISOs) often earn comprehensive compensation packages approaching $500,000, though entry-level CISOs typically start with a base salary around $275,000. These executives are responsible for overseeing an organization’s overall security, including both cyber and physical threats.
