Cybersecurity talent in high demand for 2023

IT contractors who have cybersecurity skills are in demand at all levels in 2023. Find out why this sector is growing so quickly.

It’s a fact: every company and every person in the world needs to take cybersecurity seriously.

In what feels like a constant game of tag, as soon as new, better cybersecurity measures are implemented, hackers figure out how to cut through the ‘fence’. In the meantime, many companies do not realise they have all but left their virtual doors unlocked. Issues such as outdated servers, poor authentication practices and bad device management all leave organisations (not to mention their customers) at risk.

Over the last twelve months, major hacking incidents around the world have highlighted how close everybody is to having their identities and finances stolen.

This all sounds like bad news… unless you have skills in this area.

Why Cybersecurity will be the fastest growing IT sector in 2023

The need for increased cybersecurity is partly a legacy of the pandemic. As COVID forced people to work remotely and do more shopping online, the internet became a larger holding pit for private information. Cybercriminals took advantage of the situation and began targeting individuals as well as organisations, and many providers and platforms are scrambling to catch up and close gaps in security.

Governments are also taking notice of the potential damages of a cyber-scare. Recently, the Australian Government announced a change to penalties for companies which do not take adequate care of their customer’s personal information.

The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 increases the maximum penalties for serious or repeated breaches from $2.22 million to whichever is the greater of:

• $50 million;

• three times the value of any benefit obtained through the misuse of information; or

• 30% of a company's adjusted turnover in the relevant period.

Businesses may have been able to wear a $2.2 million fine. Upping this to $50 million makes investing in cybersecurity worthwhile for companies of all sizes. Often, projects will be outsourced to external IT providers, which may need extra hands in the form of contractors to complete the extra work.

Australia is not the only country cracking down on cybersecurity. The UK is also moving to update antiquated legislation, while the White House in the USA recently released a National Cybersecurity Strategy.

Supply and demand

According to a February 2023 report by Spherical Consulting, global cybersecurity market size was valued at USD 220.51 billion in 2021, and will grow to USD 501.60 billion by 2030. Research found the proliferation of smart devices, the rise of e-commerce platforms, and the rise in cyberattacks, are just a few of the drivers fueling the market's expansion.

In order to detect, mitigate, and reduce the risk of cyberattacks, firms around the world will need to acquire and deploy advanced cyber security solutions. This will stimulate the expansion of the cybersecurity industry, and the drive for talent within it.

The challenge will be finding skilled workers who can help by reviewing security, devising solutions, implementing them and staying one step ahead of the people who commit online crimes. Even though there are millions of people who have these qualifications, more are needed.

Late last year, it was reported the gap adds up to around 3.4 million workers around the world. Apparently, approximately 70% of cybersecurity workers feel their organisation doesn’t have enough cybersecurity staff to be effective. Researchers found the shortage is especially severe in the aerospace, government, education, insurance and transportation sectors.Some countries are taking action to fill the need, with the US announcing a 120-day apprenticeship sprint.In the meantime, those who are qualified and skilled are able to find work and command high salaries, especially when taking on contract roles. If you’re considering contracting or looking to up-skill, now is a good time to focus in these areas. Cybersecurity engineers, analysts, developers and architects are recognised as some of the most in demand job titles in the industry. You can even find work as an ‘ethical hacker’, helping to identify where businesses are vulnerable.