Within the face of economic adversity and an impending recession, more layoffs are imminent – if not expected.
Nevertheless, one sector appears to be relatively secure – for now. In truth, experts say cybersecurity jobs could even increase during economic turmoil.
Cybersecurity professionals play a key role in reducing the chance of cyberattacks, especially in times of monetary instability, experts told CNBC Make It.
“Some organizations may turn into more vulnerable during a recession because they could have fewer resources… making them a better goal,” said Daljit Sall, chief technology officer at Randstad Singapore.
“In such a scenario, a serious cybersecurity breach could prove financially catastrophic – for example, in the event that they should pay fines or a fork [out] cost of a ransomware attack.
Percentage of corporations that say there will be job cuts “very likely”.
Country | % of respondents |
---|---|
Singapore | 68 |
Japan | 42 |
US | 51 |
Great Britain | 40 |
Germany | 29 |
Source: ISC2
But a latest study suggests that one talent group will be least likely to be laid off if corporations determine to chop jobs.
IN ISC2 survey amongst 1,000 senior managers in five countries – Germany, Japan, Singapore, the UK and the US – nearly half of top executives said they were “very likely” to resort to layoffs because of the projected recession this 12 months.
Nevertheless, only 10% of organizations are likely to scale back employment in cybersecurity, in comparison with a median of 20% in other areas.
In Singapore, 68% of organizations strongly consider layoffs will be needed because of the economic slowdown, said ISC2, a worldwide non-profit organization and the biggest association of certified cybersecurity professionals.
Nevertheless, only 15% are likely to lose employment in cybersecurity, in comparison with other sectors reminiscent of human resources (32%) and marketing (28%).
Demand for these positions is likely to extend as … the complexity of cyberattacks increases in scale and scope.
Pooja Chabria
Head of Editorial Board for the APAC Region, LinkedIn
“The outcomes indicate that leaders now not view cybersecurity as a pleasant feature when budget is obtainable, but fairly as a needed, critical asset that delivers value,” he added.
Why cybersecurity will survive the recession
Sal agreed. He said there was a rise in cybersecurity roles in Singapore and all over the world in recent years because of “digital transformation” across industries.
“These advances have created a necessity for reliable and experienced cybersecurity professionals to construct and maintain a secure digital infrastructure,” he added.
The increased risk of cyber threats can also be a key factor contributing to the growing demand for security professionals.
The economic uncertainty we face is an absolute goldmine for cybercriminals.
“Demand for these positions is likely to extend as … the complexity of cyberattacks increases in scale and scope,” she added.
“The demand for cybersecurity professionals who can discover and forestall these attacks will turn into paramount.”
The variety of cyberattacks has increased in recent years because of distant working attributable to the pandemic and political issues.
For instance, because the starting of the Russian-Ukrainian war, the variety of Russian phishing attacks on email addresses of European and American corporations has increased 8-fold, in line with the 2023 report.
Percentage of people that say employment is predicted to extend in these sectors
sectors | % of respondents |
---|---|
Cyber security | 42% |
Funds | 27% |
Human resources | 25% |
marketing | 28% |
Turnover | 28% |
Source: ISC2
“During economic uncertainty, some cybercrime groups could also be persuaded to exfiltrate data to extend their revenue. Insider threats may increase in response to mass layoffs, especially as financially insecure employees look for latest ways to earn extra money,” said Clar Rosso, ISC2’s CEO.
Because of this, 42% of corporations surveyed said they expect cybersecurity jobs to grow — the very best of any business function — despite economic headwinds, added ISC2.
Nevertheless, the cybersecurity sector isn’t resistant to adversity. AND November 2022 Citi survey amongst the very best technology specialists showed that they expect IT budgets to grow by just one.8% over the subsequent 12 monthsaboutnth – continuation of the downward trend from 5.6% in September 2021
Nevertheless, cybersecurity stays “a top priority by a big margin” in IT budgets, Citi added.
Opportunities for redundant technical employees
Tech employees affected by recent layoffs could also profit from the increased cybersecurity priorities, ISC2 said.
“It is feasible that a lot of these individuals may find opportunities to pursue careers in cybersecurity where they will apply related skills and knowledge,” said ISC2.
LinkedIn’s Chhabria said that software engineers and systems engineers are the 2 most vital roles people have transitioned from to cybersecurity engineers.
It also found that recruiting managers were recruited from “unconventional departments”, in line with one other ISC2 reportreminiscent of customer support, communication and human resources.
“This is essentially because of… a shift in mindset from focusing solely on technical skills to hiring individuals with non-technical skills to make sure success in the sector after which training to develop technical skills,” said Rosso.
Individuals who can effectively cooperate with different teams, solve problems, think critically, communicate effectively … will go far in this career.