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Cybersecurity Unemployment Rate Drops To Zero Percent

Cybersecurity Ventures reports that there is a job for everyone with cybersecurity experience.

The field of cyber security is the least populated of any field of technology
— John McAfee
MENLO PARK, CALIF., USA, September 16, 2016 / -- Cybersecurity Ventures reports the cybersecurity unemployment rate is zero-percent.

There are one million cybersecurity job openings in 2016 — and that number is projected to reach 1.5 million by 2019. Some experts predict that, by 2019, the demand for cybersecurity professionals will increase to approximately 6 million globally, according to the Palo Alto Research Center.

“Anyone with cybersecurity experience can find immediate employment” says Steve Morgan, founder and CEO at Cybersecurity Ventures. “There may be a small percentage of the cyber workforce who are in between jobs, some who have resigned to pursue new opportunities, and others who are unrealistic about which positions they qualify for (and the compensation commensurate with their experience) — but there’s a job available for everyone with cybersecurity experience.

A new report titled ‘Hackerpocalypse: A Cybercrime Revelation‘ predicts that cybercrime damages will cost the world $6 trillion annually by 2021, up from $3 trillion last year… and the world will spend $1 trillion cumulatively over the next five years from 2017 to 2021 on cybersecurity products and services to combat cybercrime. Those figures suggest the cyber employment problem will get even worse before it gets better.

Cybersecurity Ventures interviewed several industry experts who corroborate the unemployment rate, and share the recruiting challenges that come with it.

“The field of cyber security is the least populated of any field of technology” says John McAfee, a cybersecurity luminary and founder of Future Tense Central, a privacy and security company which has developed and invested into several cutting edge technologies which protect users of mobile and web apps.”There are two job openings for every qualified applicant”, adds McAfee, who is also CEO at MGT Capital Investments, Inc. (NYSE MKT: MGT), which is in the process of acquiring a diverse portfolio of cyber security technologies.

Robert Herjavec, founder and CEO at Herjavec Group​, ​a leading global information security advisory firm and Managed Security Services Provider (MSSP) with offices across Canada, the United States, United Kingdom and Australia​, concurs with Cybersecurity Ventures’ findings​. “We are one of the few industries globally​ experiencing zero-percent unemployment” says Herjavec. ”Unfortunately the pipeline of security talent isn’t where it needs to be to help curb the cybercrime epidemic. Until we can rectify the quality of education and training that our new cyber experts receive, we will continue to be outpaced by the Black Hats.”

Non-existent unemployment may be good for candidates, but not for employers. “While zero percent unemployment rates sounds optimal, it creates a lot of challenges for organizations including retention issues, salary inflation, and sub-par candidates getting jobs they are not qualified for” says Veronica Mollica, a Cyber Security Executive Recruiter for the past 14 years and currently Vice President of Business Development at CyberSN. “Companies are going to have to invest heavily in training young cybersecurity professionals who have a combination of technical, business, and soft skills as the talent gap widens.”

“The experts are saying there’s a job for everyone, and candidates just need to be realistic” says Steve Morgan. “Recent college grads with cyber degrees and IT workers crossing over to cyber may have over-inflated views of their job prospects. Some of them might need to think about starting out at the bottom rung of the ladder as an information security analyst and then working their way up.” U.S. News and World Report ranked a career in information security analysis eighth on its list of the 100 best jobs last year. They state the profession is growing at a rate of 36.5 percent through 2022.

Steve Morgan
Cybersecurity Ventures
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