Stagnant salaries risk growth of the UK’s infosec sector, warns recruiter

The volume of new jobs created for cybersecurity professionals is on track to increase by +16%, compared to pre-pandemic.

Of all the tech-related roles advertised in the UK, 5% of this is now purely for cybersecurity – up from 4% last year.

However – in spite of 51% of companies putting plans in place to increase their investment into cybersecurity this year, it seems this hasn’t translated to salaries – with recruiter Robert Walters reporting a marked slowdown in a field that has previously bucked broader industry pay trends.

The findings come from a new report due to be launched by Robert Walters in time for Cybersecurity Awareness Month – Cybersecurity UK Labour Trends Report 2024.

Ajay Hayre – Principal Consultant, Cybersecurity at Robert Walters comments:

“Changing jobs was traditionally viewed as an ideal opportunity to secure a significantly higher salary by cybersecurity specialists – however this year increases greater than 20% are becoming far less common.

“A lot of this can be put down to a difficult economic climate which has made it difficult for businesses to forward plan or confidently invest. Whilst the conclusion of the general election bought about some temporary relief, the October budget and potential for tax increases will continue to make a dent in employers’ confidence.”

Christian Toon – Head of Cyber Professional Services at global law firm Pinsent Masons adds:

“Investment in cyber should always be a risk-based decision, the appetite for risk can and does change. Some organisations are using the current economic climate to reevaluate this. If organisations can’t spend more, they are instead considering how their current spend can be more effectively used – such as support from other budget holders.”

A Strong Start

In spite of wide-reporting on tech roles being down year-on-year, it was a different picture within the cybersecurity niche – and in the first quarter of 2024 job vacancies had jumped by +16%. However by half year, cybersecurity roles have in fact decreased by -3%.