High demand, low supply means high costs for cyber security talent

As businesses work to counter cybercrime threats, they must be prepared to pay a premium for in-demand security talent

High demand, low supply means high costs for cyber security talent
The short supply of cyber security professionals has businesses competing over talent and putting them at a premium, according to professional recruiting group Hays.

Businesses continue to face threats of cybercrime and an attack can have severe consequences for any organization. With risks of high financial costs, damaged operation and internal systems, comprised customer data, and damage to a company’s brand and reputation, businesses are spending more on cyber security. Given the string of recent high-profile attacks, costs to improve systems and hire security professional will only continue growing.

“The implications of being attacked are far reaching and the after effects can be devastating to a business, as well as its customers. This is why cyber security needs to be a priority for organisations, so they are better positioned to protect customer data and IT security. As the threats become more sophisticated they become more difficult to keep up with, so the time to address these issues is now,” said Lynne Roeder, managing director of Hays Singapore.

Roeder said there has been permanent demand for cyber security professionals for companies across industries, and demand has been growing. The most in-demand positions include security analysts and security architects, cyber threat intelligence analysts, consultants and cyber incident analysts, she said.

However, professionals with these skills are in short supply and businesses should be ready to hire them at a higher premium. As the cyber security jobs market is still in its early days, a shortage in talent has resulted in increased wages as businesses compete with each other to attract the in-demand professionals.

“There are a limited number of professionals with the right skill set required by businesses. If a company is struggling to find the person they need, they could also consider taking on someone with a general IT background and upskilling them into their new cyber security role,” Roeder said.

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