With economic headwinds and recession impending, more layoffs are imminent – if not expected.
However, there is one area that seems to be relatively safe – the present. In fact, experts say cybersecurity jobs can even increase during turbulent economic times.
Cybersecurity experts are crucial in reducing the risk of a cyber attack, especially in times of financial uncertainty, experts say CNBC makes it.
“Some organizations may become more vulnerable during a downturn because they may have fewer resources…making them an easy target,” said Daljit Sall, chief technology officer of Randstad Singapore. easier”.
“Faced with a serious cybersecurity breach that could be financially damaging in such a situation – for example, if they had to pay a fine or fork [out] cost of a ransomware attack.”
Percentage of companies that say it is ‘most likely’ to have a job cut
| Nation | % of respondents |
|---|---|
| Singapore | 68 |
| Japan | 42 |
| WE | 51 |
| UK | 40 |
| Germany | 29 |
Source: ISC2
But a new survey shows that a talent pool is least likely to be laid off if companies decide to cut staff.
IN ISC2 study among 1,000 C-suite executives Across five countries — Germany, Japan, Singapore, the United Kingdom and the United States — nearly half of top executives said they were “very likely” to lay off employees due to the expected occurrence. economic recession this year.
However, only 10% of organizations are likely to cut jobs in cybersecurity, compared with an average of 20% in other sectors.
ISC2, a global non-profit organization and the largest association of certified cybersecurity professionals, said that in Singapore, 68% of organizations strongly believe that layoffs are necessary when economy slows down.
However, only 15% are likely to cut jobs in the cybersecurity sector, compared with other sectors such as human resources (32%) and marketing (28%).
The need for these roles is likely to grow as … the complexity of cyberattacks increases in size and scope.
Pooja Chhabria
Chief Editor of APAC, LinkedIn
“The findings suggest that leaders no longer see cybersecurity as a function that should be on a budget, but as an essential, critical asset that delivers value,” it added.
Why cybersecurity will weather the recession
LinkedIn’s latest rising jobs data also includes cybersecurity engineers and cybersecurity consultants as one of the most in-demand roles in Singapore this year.
Sal agrees. He said the role of cybersecurity in Singapore and globally has increased in recent years due to “digital transformation” in various industries.
“These advancements have fueled the need for experienced and trusted cybersecurity professionals to build and maintain secure digital infrastructure,” he added.
The increased risk of cyberthreats is also a key reason for the higher demand for cybersecurity professionals, said Pooja Chhabria, LinkedIn’s chief editor for Asia-Pacific.
The economic uncertainty we are facing is an absolute goldmine for threat actors.
“Demand for these roles is likely to increase as… the complexity of cyberattacks is increasing in size and scope,” she added.
“The need for cybersecurity professionals who can identify and prevent these attacks will become paramount.”
The number of cyber attacks has increased in recent years due to remote work due to pandemic and political issues.
For example, since the beginning Russian-Ukrainian war, Russia-based phishing attacks against the email addresses of businesses in Europe and the United States have increased eightfold, according to the report in 2023.
Percentage of people who said staffing growth is expected in these industries
| field | % of respondents |
|---|---|
| Network security | 42% |
| Finance | 27% |
| Human Resources | 25% |
| Marketing | 28% |
| The sale | 28% |
Source: ISC2
“During times of economic uncertainty, some threat actors may be persuaded to steal data in order to increase their income. Insider threats may increase due to layoffs. series, especially as financially insecure employees look for new ways to make more money,” said Clar Rosso, ISC2 CEO.
This is why 42% of companies surveyed said they expect to increase staffing for cybersecurity — the highest among all business functions — despite economic hardships, ISC2 added.
However, the field of cybersecurity is not avoid the headwinds. ONE November 2022 Citi Survey of Top Tech Officials shows that they expect IT budgets to grow by only 1.8% over the next 12 monthsonth — continuation of downtrend since September 2021’s 5.6%.
However, cybersecurity remains a “top priority by a large margin” in the IT budget, Citi added.
Opportunity for tech workers to be laid off
Tech workers affected by the recent layoffs may also benefit from an increased priority for cybersecurity, ISC2 said.
tech giants meta, Amazon, Google And Microsofttogether with companies from Sales force ARRIVE LaunchHave announced job cuts in the past few weeks.
“It is likely that many of those individuals will find opportunities to pursue careers in cybersecurity where they can apply relevant skills and expertise,” ISC2 said. .
LinkedIn’s Chhabria says software engineer and systems engineer are the top two roles people have moved from being cybersecurity engineers to.
The hiring manager was also found to have recruited from “unique departments”, according to another report by ISC2such as customer service, communications and human resources.
“This is largely due to … the mindset changing from just focusing on technical skills to hiring people with the non-technical capabilities to help someone succeed in the field, and then,” says Rosso. training to build technical skills”.
Individuals who can effectively collaborate with different groups, solve problems, think critically, communicate effectively, etc. will go far in this profession.
