How to Fight the High Cost of Security Salaries
Every CIO knows about the high cost of cyber security. You’ve probably also experienced the skyrocketing salaries that security experts are demanding.
It’s a wicked game of supply-and-demand. As cyber attacks grow, skilled security professionals are demanding — and getting — higher and higher salaries. Organizations desperately need to beef up their security posture as these cyber professionals are only too well aware.
How bad is the salary situation? Among security specialists, the average pay raise this year will be 4.6 percent, according to a salary survey of 3,300 IT workers conducted in late 2015 by Computerworld.
If you are planning to add high-level IT security pros, get ready to pay even more. For example:
- Chief Security Officers earn on average $162,064, a 5.1% annual increase
- IT security managers earn $122,340, a 6.4% annual increase
- Information security specialists earn $94,845, a 4.7% annual increase
When Computerworld asked survey respondents which skills they expect their organizations to hire in the next 12 months, security was cited by more than one in four.
A Frost & Sullivan report predicts a looming shortfall in the global information-security workforce in five years. This means that companies will need 1.5 million more security professionals than they can actually hire. The main reason behind this hiring gap is what F&S calls an insufficient pool of suitable candidates.
Rather than recruiting, onboarding and trying to retain costly security talent, many CIOs work with managed security services providers (MSSPs) to help deal with the growing risk of advanced cyber threats. By sharing responsibility with a partner, C-level executives can raise the bar on their organizations’ cyber defense without the need for new hires.
For example, Masergy’s managed security service helps organizations by combining machine and human intelligence to deliver superior threat prediction, detection and protection. Masergy Unified Enterprise Security (UES) solution provides an integrated security architecture that can work with companies’ existing security point solutions. It also includes continuous monitoring of your security environment and threat mitigation assistance.
It’s an approach that’s working for Elevate, a supplier of online credit solutions. The company turned to Masergy’s UES to bring additional manpower and expertise to address the rapidly changing threat landscape.
Jim Desmond, Elevate’s chief security officer, has his own staff of security professionals. But without Masergy, he says, “I would have to add three or four more staffers to maintain a 24x7 rotation.” That would have been a major undertaking for the fintech startup.
Learn how to align your security needs with the right managed security service in this white paper.