(Note: Salaries can differ significantly based on industry, experience, and company policies. The above figures are estimates from glassdoor.com).
As the minimum basic pay level, it’s important to remember that a variable component should be between these figures. The variable part depends on the individual employee’s performance, 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 pay more than smaller companies. Banks are especially vulnerable to cyber threats, so they offer highly competitive remuneration to soak up the best talent in the market. The same is true for large consulting companies, especially those specialising in cybersecurity. These firms sell their services to clients; the amount they charge is based on the consultant’s credentials. 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, and energy. You can look at all the cybersecurity roles 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 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 for sales and other business functions, their vulnerabilities also increase proportionally. There have been many high-profile data breaches, and they only seem to increase in frequency. The real threat from such incidents is 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 cybersecurity profession. In addition to increasing spending, companies hire more experienced cybersecurity analysts and engineers, solution architects, consultants, auditors, and independent consultants. There is an undeniable trend in the push towards cybersecurity across the board, and prospects for professionals in this vertical are good.
Another significant trend is that cyber professionals are generally younger than professionals in other fields, per the Willis Towers Watson survey. They are being hired at a younger age AND paid more, presenting an ideal opportunity for young professionals trying to break into the field and get a running start on their careers.
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