Amid recession concerns, cybersecurity teams would be the least affected by downsizing in 2023, according to a survey of C-suite executives by (ISC)².
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There are growing fears that a recession could hit the US and the world this year, and with a slower economy comes the prospect of job cuts. However, if layoffs are imminent, according to a new report from the Cybersecurity Industry Association (ISC)², security professionals will be the least affected.
For its report, How the Cybersecurity Workforce Will Weather a Recession, (ISC)² surveyed 1,000 business executives from the US, UK, Germany, Japan and Singapore in December 2022. Respondents included only non-tech/security C-suite professionals working for organizations with a security team of at least two people.
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Cybersecurity jobs are the least likely to be eliminated
85% of respondents said they expect layoffs at their companies, but only 10% believe cybersecurity jobs are likely to be eliminated. This compares to 30% of respondents expecting cuts in HR, 24% in finance, 24% in operations, 22% in marketing and 22% in sales.
The most optimistic outlook for security professionals is a sign that executives recognize the criticality of cybersecurity. In the event of a recession, cybercriminals will not face layoffs – if anything, they are likely to step up their attacks, believing organizations may be understaffed and more vulnerable. In fact, 80% of respondents believe that a slower economy would lead to more cyber threats, while 87% believe that a reduction in cybersecurity staff would pose greater risks and challenges in fighting cyberattacks.
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Security professionals expected to find jobs elsewhere
Security professionals would also be among the main beneficiaries after the economy recovers. Approximately 51% of respondents indicated that cybersecurity workers are prioritized for hiring or rehiring. Already, nearly three-quarters (74%) of executives said they would be willing to hire security professionals who have been laid off elsewhere should the opportunity arise.
Cybersecurity hiring has already been a focus for many companies. At least 90% of respondents from all but one country said they had increased such attitudes over the past two to three years. The only exception was Germany, but even there around 78% of respondents said the same thing.
Which security professionals would be affected by layoffs?
When asked how layoffs would affect security staff, most respondents indicated that junior staff would be hardest hit, followed by senior team members, managers, and then cybersecurity executives.
Other criteria would go into deciding who to fire, with merit cited by 50% of respondents, expertise and skills by 50%, followed by a redundancy of skills, diversity and team composition, and finally salary.
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The impact would go beyond job cuts
Aside from possible job cuts, a recession would also affect cybersecurity professionals in other ways. Among respondents, 41% said their security teams could be impacted by greater use of automation, while 40% expected team members to be asked to work longer hours. An economic downturn would also result in more entry-level and junior staff being hired, and a freeze on raises and promotions.
In short, strong demand for skilled and skilled cybersecurity professionals will not protect such workers from the effects of a recession and downsizing, but the fallout is likely to be less severe than other occupations.
“The importance placed on cybersecurity professionals even in uncertain economic times suggests that today more than ever, top business leaders understand the critical need for a strong cybersecurity team,” said Clar Rosso, CEO of (ISC)², in a press release. “This is not surprising given the upward trajectory of recent years, in which a flagging economy combined with political tensions has resulted in increased cyber threats. A key test for leaders in 2023 will be their ability to maintain their commitment to strengthening their organizations’ resilience to evolving cyber threats in the face of evolving budgetary pressures.”
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