Talk about revenge of the nerds.
Wall Street senior cybersecurity executives are going to see their salaries skyrocket following numerous cyber-attacks on financial firms, according to a Bloomberg report.
Five years ago, senior cybersecurity executives earned “only” $US200,000 to $US500,000. Now, they can pull in over $US2 million, Jeanne Branthover at Boyden Global Executive Search Ltd. told Bloomberg.
The recent string of cyber-attacks (most notably the one on JP Morgan) showed that there are huge cracks in financial firms’ security systems.
However, unfortunately for banks, there are very few people who know the ins-and-outs of cyber-security.
As a result, Wall Street firms are starting offer loads of money to attract the top talent in computer security.
“You have to find people who think like hackers who have come onto the good side,” said Sameer Sait, head of information security at Springfield-based Massachusetts Mutual Life Insurance Co. “The cost of getting those folks has skyrocketed.”
Some firms are even trying to poach talent from competitors. They’re offering raises of 20-50%, Rober Iommazzo told Bloomberg.
And if the higher pay weren’t enough, cyber-security executives are now “gaining stature within banks” according to Bloomberg. They’re no longer “relegated to back-office” work, but rather they now hold “prominent roles.”