(Note: Please note that salaries can differ significantly based industry, experience, and company policies. The above figures are based on estimates taken from glassdoor.com).
It’s important to note that these are the median base salaries which means a small variable component should be added over and above this number. The variable component depends on the performance of the individual employee, his business vertical and the company as a whole.
Cyber security salaries across industries
Salaries also differ significantly based on the type and size of the employer. A large financial institution or a big consulting firm would likely pay more than smaller companies. Banks are especially vulnerable to cyber threats, so they tend to offer highly competitive remuneration to soak up the best talent in the market. The same is also true for large consulting companies especially those specializing in cybersecurity. These firms sell their services to clients and the amount they charge is based on the credentials of the consultant. Therefore, professionals with the right skillset are highly sought after and well paid.
Audit companies are also a decent option for slightly more experienced professionals. Such companies provide cyber security audit and forensic services and can command a premium in times of crisis. Next would be companies in sensitive or strategic sectors like defence, aerospace, energy, etc. You can take a look at all the cybersecurity roles currently available across industries at this link.
Entry to mid-level cybersecurity analysts and engineers can expect a 7%-8% annual increase in pay which is three times the UK national average as per research conducted by Willis Towers Watson for their Cyber Pay survey. This significantly higher growth in salary clearly highlights the growing importance of the cybersecurity profession and the increased focus that companies are putting on it.
Information security is one of the fastest-growing verticals across the world. As companies increase their dependence on digital channels both for sales and other business functions, their vulnerabilities also increase in proportion. There have been many high-profile data breaches and they only seem to be increasing in frequency. The real threat from such incidents is in the reputational damage that they cause which can significantly lower customer trust in an organisation.
These factors are the reason behind significant growth in the cyber security profession. In addition to increasing spending, companies are hiring more experienced cyber security analysts and engineers, solution architects, consultants, auditors, and independent consultants. There is an undeniable trend in the push towards cybersecurity across the board and future prospects for professionals in this vertical are good.
Another important trend to note is that cyber professionals seem to generally be a bit younger than professionals in other fields as per the Willis Towers Watson survey. They are being hired at a younger age AND being paid more. This presents an ideal opportunity for young professionals trying to break into the field and get a running start on their careers.
Find out more about what being a cyber security analyst is all about. The following articles cover:
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