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The internet connects hardware, software, and sensitive data. In recent years, this connectivity became indispensable and ubiquitous. A wide variety of businesses now rely on cutting edge technologies to earn profits. As a result, the demand for data analysts and security specialists experiences a very steep increase.
Cybersecurity has become a major concern for individuals and companies. Cybersecurity is a set of tools and practices that help to safeguard information during use, storage, and communication through various devices. An entity requires cybersecurity specialists to keep the data safe. How desperate are the companies? Between Jan 2019 and July 2019, around 4.1 billion records got exposed due to various types of data breaches (source). A company’s data is its asset and liability.
Career Options In Cybersecurity Sector
People assume a white hat hacker is the only cybersecurity job in the market. Security experts have to prevent and remedy various online threats. They analyze malicious email and phone calls. They also takedown phishing websites and clean up the internet. These professionals also handle unauthorized data access, viruses, malware, and identity theft.
The security consultants understand computers, software, operating systems, and networks. They are also good at programming, Cyber Piracy, security audits, and visualization software. One can also find jobs for security analysts, cyber breach investigators, researchers, and so on. In general, the job falls under two categories – pure cybersecurity and hybrid titles. The demand for pure cybersecurity professionals is very high, as it requires industry-specific skills.
But is a career in cybersecurity itself well-paid and secure? Let us look at a few statistics to assess the market demand and need of employers:
- In the last six years, job postings related to cybersecurity grew by 94%.
- These jobs now constitute more than 13% of all the IT jobs in the market (source)
- In India, there are close to 67,000 jobs for security professionals.
- Australian experts predict 21% growth in demand until May 2023.
- Also, there are more than 11,000 cybersecurity vacancies open, as of today.
- Every month more than 50,000 new cyber threats occur (Source)
Why The High Demand?
Almost all businesses operate web stores and professional sites to offer data, goods, and services. Start-ups and small companies are flourishing on the internet too. Cloud computing services are turning to be one of the basic requirements of any business.
All these advances created an expansive internet landscape. And digital information transmits at a rapid pace in this cyberspace. Every individual creates 1.7MB of information every second, according to a study in 2020 (source). This data is not only voluminous but also sensitive and valuable. It includes personal information, business contacts, bank transaction, financial data, etc.
The unethical hackers target businesses and individuals to steal data, shut down sites, or extract ransom money. On the other hand, you can find scammers on almost all internet platforms. The cost of falling victim to such fraud was $1.7 billion worldwide in 2018 (source). Thus, every business chooses to hire security experts to avoid such pitfalls.
Is it a secure field to set a career?
There are numerous niche business areas that bloomed and died within a decade. Is cybersecurity one such mushroom area? Well, experts have a different opinion. Here are the reasons why a career in this genre is safe and financially stable.
There is a job vacancy for all levels of expertise and experience. Technicians handle viruses, malware, while analysts look for bugs, defects, and breaches. Ethical hackers test code and detect weaknesses. The architects, specialists, and administrators handle AI, cloud security, and software safety. Other job titles are cryptographer, security officer, freelance/bounty hunter, software, and hardware engineers.
Cybersecurity is vital for all industries. If you are tired of being a security analyst for a financial institute, you can move over to a corporate establishment. This mobility is available only in a handful of career lines. The skills and expertise you gain in one industry are applicable across the market. Thus, the opportunities for growth are very high. Since the opportunity for a candidate to switch jobs is high, employers tend to try and make the talent stick with the company.
A single data breach can cost up to $3.29 million in terms of money, time, resources, goodwill, and lost businesses. The cost of a breach is 14% more in 2020 than it was in 2014. Thus, companies try to retain their talents with high salaries, as the security team is the main asset. The highest level in this genre (varies from company to company) is the information security manager or head of cybersecurity, whose average salary is between $125,000 and $215,000 per year. Freshers start as an analyst or a trainee and can easily move up the ladder. An analyst’s average salary is $90,000 per annum, which is higher than most of the jobs with similar skill requirements (source).
As mentioned above, job vacancies are huge and growing. So, the attrition rate for the next few decades is close to zero or negative. So, a cybersecurity job is profitable, secure, and long-lasting.