As 2023 draws to a close, many Chief Information Security Officers (CISOs) find themselves at the crossroads of salary negotiations or have already secured their updated compensation packages. However, research conducted by IANS Research in collaboration with Artico Search suggests that the salary increments for these technology leaders were often modest, and bonus expectations fell short of initial projections.
Several factors contribute to these relatively subdued pay raises and bonuses. These considerations largely hinge on a company’s annual budget for the year and the firm’s profit margins in both the preceding and current years.
The pivotal question arises: Are CISOs content with their current or impending salary hikes and bonuses for the year? The issue of salary remains a complex and sensitive matter for individuals across various demographics, regardless of gender, educational background, experience, or industry.
The research report reveals that a substantial 75% or more of CISOs are contemplating a job change within the next 6-8 months, with some already in the process of transitioning to new opportunities, commencing as early as January 2024. Some are even willing to relinquish their current roles to explore new sectors or embark on entrepreneurial ventures.
In today’s landscape, evolving regulations governing data collection, processing, and analysis have significantly increased the liability borne by Chief Information Security Officers (CISOs). This heightened responsibility has instilled a sense of apprehension regarding potential cybersecurity incidents.
In order to evade potential legal complications and liabilities, many individuals may be inclined to distance themselves from these positions, despite some commanding annual salaries ranging from $300,000 to $600,000.
Furthermore, concerns surrounding the possibility of an economic slowdown have prompted business leaders to curtail operational expenses, including salary hikes and bonuses, in an effort to bolster profit margins.
So, is now an opportune moment for CISOs to seek new career opportunities? With the right qualifications and relevant experience, companies, particularly startups and emerging ventures, are actively seeking top talent who can navigate technological challenges from day one. In data-driven enterprises where information is the lifeblood, roles such as Chief Technology Officer (CTO), CISO, and Chief Security Officer (CSO) hold significant strategic importance.
The post CISOs witness meagre salary rise and bonuses in 2023 appeared first on Cybersecurity Insiders.
October 16, 2023 at 08:27PM
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