At least one group of people (apart from the hackers, of course) is benefitting from the growth in cybercrime – chief information security officers (or CISOs for short). Due to the increased risk from cyber attacks, financial services companies in Europe are now paying their CISOs up to €1m, along with a place on the board. In other sectors the salaries are slightly less rarefied, more in the region of £100 – £200k.
The rising stock of CISOs illustrates the fact that companies are increasingly aware of the data breach and business interruption threats to their bottom line, reputation, customer retention and employee confidence. Especially the introduction of the General Data Protection Regulation (GDPR) in Europe is intensifying efforts on the cybersecurity front.
Along with the trend for exponential salary increases, there is also concern that there may not be enough high-calibre cybersecurity personnel to go around. Both public and private sector organisations may soon be struggling to find qualified staff – and then be able to afford them.