A 200,000 worker shortage is only expected to grow
Cybersecurity may be the fastest-growing career field today, with the Bureau of Labor Statistics estimating that the field will grow 28 percent between 2016 and 2026 (average growth for all jobs is about 7 percent). Some studies say that there will be a 200,000-person shortage of cybersecurity professionals in the U.S. in 2018, with a worldwide shortage of up to 2 million.
Because cybersecurity professionals are in such high demand, salaries are also rising quickly for these jobs. The current median salary for information security analysts is now more than $92,000, not including benefits and bonuses. Here are some reasons behind cybersecurity industry growth.
1. Cybercrime continues to grow.
A Cybersecurity Ventures report predicted that worldwide cybercrime would double from $3 trillion to $6 trillion between 2015 and 2021, and such rapid growth means that companies need qualified more cybersecurity professionals to implement security measures and fight cybercrime efforts than ever before.
2. Data breaches can cost millions, and can even lead to business failure.
IBM reported that the average cost of a data breach for a business is $3.62 million, and while costs have decreased slightly on average, the size of data breaches has increased along with the number of breaches. Data breaches cost businesses in many ways, including the cost of re-securing information, the cost of reassuring customers or providing services when information is stolen, and the cost of new and better security measures. Some businesses even fail after a data breach.
3. Online infrastructure growth.
Whether a company uses a private server or a cloud platform to conduct its business, most businesses need security protocols to keep their communications and other activities private and away from those who could use them maliciously. The more companies rely on the internet, the greater the need for cybersecurity help to keep it safe.
4. Growth of business data needs.
Businesses are increasingly using and storing data as an integral part of their activities. Unfortunately, data storage is most vulnerable to cyber attack because it often contains the private information of customers and employees. Data can also include proprietary information that could devalue or ruin a business if it is made public.
5. Hackers continue to develop more advanced skills.
IT is a field that constantly changes and develops, and nowhere is this truer than in the area of cybersecurity. Hackers and cybercriminals are hard at work every day coming up with new ways to breach companies’ data. Cybersecurity not only requires a thorough understanding of IT principles but also the ability to apply security principles in new ways to counter new threats.
The issues in cybersecurity create many of the reasons why cybersecurity is a growing career field and will continue to experience tremendous growth over the coming years. Florida Tech provides training in this important area so that IT professionals can help to fill the growing cybersecurity gap and prevent future data breaches. Learn more about our information assurance & cybersecurity program today!