JS Careers specialises in placing cyber security professionals within financial service firms, blue-chip corporations, and professional service practices across Asia Pacific. We are dedicated to serving as your trusted recruitment partner.
The numbers speak for themselves…
Market Insights
The increase of digital banking and the exponential growth of customer data repositories have rendered financial services firms particularly vulnerable to attacks. In 2022, the global rate of ransomware attacks within the sector stood at 55%, escalating to 64% in 2023—a significant surge from the 34% reported in 20211. These statistics underscore the urgent need for organisations to reinforce their cyber security defences and invest in top-tier talent capable of mitigating evolving threats effectively.
Over the next four years, the shortfall of qualified cyber security professionals is forecast to hit up to 30,000 unfilled positions across Australia. The shortage of cybersecurity skills is a pressing concern with tangible effects. In 2023, 71% of CISOs acknowledged its impact on their organisations. This shortage directly affects CISOs, with approximately one-third noting significant repercussions such as increased workloads, elevated rates of employee burnout, and prolonged job vacancies.
As a leading recruitment firm specialising in cyber security talent acquisition across the APAC region, JS Careers is dedicated to providing comprehensive insights into the evolving landscape of cyber security recruitment. Our commitment to staying on top of industry trends ensures that both employers and candidates have access to timely and relevant information to navigate the dynamic cyber security market effectively.
What's happening in the cyber market?
High demand but low supply of talent
Recent high-profile cyber breaches have led to a surge in demand for specialised talent across the globe. Our clients are witnessing an unprecedented increase in demand and are actively seeking to build their cyber teams and defences. However, despite the growing need, appropriately qualified applicants are hard to come by. More than half of business leaders in Australia and New Zealand expressed that cyber security job applicants are not appropriately qualified for the skills in demand.
What skill sets are employers looking for?
- Senior and specialist cyber security roles are the most challenging to fill, particularly those requiring a blend of technical expertise, commercial acumen, and strong business insight.
- Cyber security professionals adept in cloud security, endpoint security, security operations centre (SOC) management, and penetration testing are highly sought after.
- Individuals proficient in threat intelligence, AI security, and governance, risk, and compliance (GRC) consulting are in high demand due to evolving cyber security threats and regulatory requirements.
Thinking (and hiring) from outside the box
Given the growing talent shortage, firms must reconsider their approach to hiring more technical roles. Historically employers have sourced candidates with a direct skills and experience match, however now they need to consider new talent pools and diverse expertise to help meet the demand. Network Engineers, Systems Administrators, Software Developers, Systems Engineering, IT Audit, Technology Risk and IT Support are all now job categories which, with the right up-skilling and qualifications, can transition into cybersecurity roles.
What qualifications are in demand?
The Certified Information Systems Security Professional (CISSP) holds the top spot, followed closely by certifications such as Certified Information Systems Auditor (CISA), Security+, and Certified Ethical Hacker (CEH). The demand for cyber security professionals with recognised qualifications and certifications is continually on the rise.
Salary Trends
The shortage of cyber security talent has led to higher salaries across different job positions. In Australia, salaries in the cyber security field have surged by up to 35% since the start of 2023, driven by significant data breaches affecting millions of individuals. Contract rate roles have also increased by 10-30% during this time. Cyber security professionals are among the most sought-after in the country, ranking among the top 10 highest-paid tech professions. For roles reporting into the CISO, Security Architects are commanding the highest salaries in 2024.
What's in store for the rest of 2024?
Focus on cyber GRC and incident response
Regulatory changes, including the SOCI Act and updates to the Australian Privacy Policy, will drive organisations’ focus on cyber security governance, risk and compliance (GRC) frameworks, as well as incident response preparedness.
Increased regulation
Regulatory scrutiny from entities such as APRA, ASIC and other global regulators will intensify, necessitating stricter cyber security measures and compliance initiatives globally.
AI-driven risks
The proliferation of AI technology presents new challenges, with cyber criminals leveraging AI for sophisticated phishing attacks and automated malware generation, leading to an increase in digital fraud.
Reassessment of third parties
Organisations will reassess their reliance on third-party vendors in light of escalating third-party data breaches, emphasising the importance of robust vendor risk management practices.
Evolving CISO
The evolving responsibilities of the Chief Information Security Officer (CISO) may prompt the introduction of new job functions or the division of roles. One potential outcome is the creation of a Chief Cyber Defence Officer to manage technical aspects, allowing the CISO to concentrate on governance, risk, compliance (GRC), stakeholder management, and reporting. The growing administrative demands on the CISO could potentially detract from their capacity to remain on top of technological advancements. Consequently, the prospect of dividing the role might attract professionals aspiring to C-level positions who seek to minimise administrative responsibilities.
Get in touch!
For candidates
We understand the critical role that cyber security professionals play in combating cybercrime and safeguarding the integrity of financial institutions. Whether you are an experienced cyber security expert or are embarking on the next phase of your career, our team is here to support you at every stage. From identifying exciting career opportunities to providing tailored guidance and support, we are committed to helping you achieve your professional aspirations.
For employers
Our firm’s extensive experience and unwavering dedication mean we provide unparalleled access to the best permanent and contract cyber security talent across Asia Pacific. By partnering with JS Careers, employers can rest assured that they have access to a pool of highly skilled professionals equipped to safeguard their business effectively. Our proactive approach to recruitment ensures that your organisation remains ahead of emerging threats and fortified against cyber security risks.
Our Team
Talk to our team for cyber recruitment trends, market insights, salary benchmarking and career advice.
Click here to view our detailed market analysis of the 2024 Australian governance, risk, compliance, legal and audit market. We have surveyed more than 250 clients in the financial service sector to get their sentiments regarding hiring in 2024. This market update included those survey results, as well as information on current hiring trends, salary guide and outlook for early 2024.
For more information or a confidential career consultation please contact one of our team members:
