Cybersecurity has emerged as one of the most vital fields in tech. Back in 2004, the global cybersecurity market was worth $3.5 billion[1]. Today, that figure stands at a whopping $173.5 billion[2]. In other words, the cybersecurity market grew by roughly X 50 over 18 years.
This rapidly expanding industry presents a unique opportunity for IT professionals nearing the end of their careers to pivot fields and make a real impact. IT Directors, IT managers, and Network Engineers can snag high-paying remote work in cybersecurity instead of hanging up their hats. But does a career change make sense in an uncertain economy? And how do you make the shift? Let’s get into it.
Cybersecurity Spending Will Rise, Despite a Looming Recession
2023 looks like it will be yet another interesting year following three interesting prior years. Economists are predicting an economic downturn and potential recession, and businesses are already responding. Mass layoffs have ensued across the tech sector, with DoorDash, Amazon, Meta, and Twitter cutting thousands of jobs. And while the impact may be less severe in other sectors, we can expect most companies to opt for cost-cutting conservatism and headcount reductions. It’s a bleak picture.
However, one area where businesses are unlikely to cut spending is cybersecurity. Unfortunately, cyber-attacks have increased in severity and volume over the last few years. And today, the average cost per data breach in the US is an eye-watering $9.44 million, up from $5.85 million in 2014[3].
In short, companies can’t afford to slash security spending when our adversaries continue to advance their tools and sophisticate their techniques. This is why research firm Gartner anticipates companies will increase cybersecurity spending across the board in 2023, with cloud security, privacy, and application security investments expected to grow[4].
- [1] https://www.linkedin.com/pulse/cybersecurity-market-grows-35x-from-35b-2004-120b-2017-steve-morgan
- [2] https://www.marketsandmarkets.com/Market-Reports/cyber-security-market-505.html
- [3] https://www.statista.com/statistics/273575/us-average-cost-incurred-by-a-data-breach/
- [4] https://www.spiceworks.com/it-security/security-general/articles/cybersecurity-spending-defying-inflationary-pressures/
The Quick Guide to Cybersecurity Career Change
Careers in IT and cybersecurity have a decent amount of overlap. For example, IT professionals commonly perform system configuration and administration, networking, coding, and database management. And cyber professionals also leverage these foundational skills.
However, it’s also true that cybersecurity workers need a more specialized skill set. And this is especially true in the modern world, where the traditional network perimeter is disappearing, and cloud services are dramatically expanding the corporate attack surface.
If you currently work in IT, you’re in an excellent position as far as pivoting into cybersecurity goes. You already have in-depth knowledge of the inner workings of modern IT business landscapes. As someone approaching the later years of your career, you already have leadership experience and have strengthened vital cybersecurity soft skills like problem-solving, communication, and adaptability.
But how do you activate this career change? Here’s what you need to know:
- Formal education will be less critical for you: Completing a master’s degree in cybersecurity can help you stand out to employers, but it’s not essential. Having several years of experience in IT demonstrates you have the skills to understand IT environments.
- Strengthen your resume with cybersecurity projects and self-learning: Demonstrating a passion for cybersecurity is essential. Volunteering for cybersecurity projects in your current workplace can build your cybersecurity portfolio. It’s also a good idea to self-learn cybersecurity principles and qualifications. The more energy you put into cybersecurity-specific skills, the better positioned you’ll be to land senior cybersecurity roles.
- The cybersecurity skills gap favors job seekers: Companies are in dire need of skilled cybersecurity professionals, especially those with many years of IT experience.
Remote Work as a High-Ranking Cybersecurity Professional
Once you’ve built up experience in the cybersecurity field, several different roles will become available to you. The top cybersecurity roles (those with the highest salary) are Chief Information Security Officer (CISO), Security Architect, and Cloud Security Specialist. Slightly less senior but still highly paid roles include Computer Network Architect and Computer Systems Administrator, both of which are in high demand.
Let’s look at the CISO role more closely. With high-profile data breaches happening almost daily, companies across the globe are looking for CISOs to effectively monitor and maintain the security of their organization’s applications, databases, computers, and websites. However, finding local talent is proving challenging. As a result, CISO roles are increasingly going remote. Being a freelance CISO and making money online from the comfort of your home is now a reality.
To become a CISO, you’ll need specific skills and relevant cybersecurity certifications. On the skills end, you’ll need IT experience, incident management skills, business expertise, strong communication and presentation skills, and risk management skills. Regarding certifications, the preferred certifications are Certified Information Security Manager (CISM) and Certified Information Systems Security Professional (CISSP).
Wrapping Up
If you’re considering retiring in the next five to ten years, it may be time to rethink that. Cybersecurity offers a wealth of opportunities for senior IT professionals because of the unique skills and experience they possess. Pivoting to cybersecurity isn’t just a way to bolster your income but also to help shape an industry that touches almost every aspect of our daily lives.
