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Cybersecurity Pros Name Their Price as Hacker Attacks Swell

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Cybersecurity Pros Name Their Price as Hacker Attacks Swell

Cybersecurity Pros Name Their Price as Hacker Attacks Swell

It took a $650,000 salary for Matt Comyns to entice a seasoned cybersecurity expert to join one of America’s largest companies as chief information security officer in 2012. At the time, it was among the most lucrative offers out there.

This year, the company had to pay $2.5 million to fill the same role.

“It’s a full-on war for cyber talent,” said Comyns, a managing partner at executive search firm Caldwell Partners who specializes in information security. “CEOs know that, so they play hardball. Everyone’s throwing money at this.”

The threat of digital breaches — and the fines, lawsuits and occasional executive resignations that sometimes follow — has left companies scrambling to scoop up scarce security experts. The growing compensation packages and broadened responsibilities are a dramatic shift for a group of workers who once confined to obscure IT departments, little more than an afterthought to senior management.

Unfilled Jobs

In the 12 months ended August 2018, there were more than 300,000 unfilled cybersecurity jobs in the U.S., according to CyberSeek, a project supported by the National Initiative for Cybersecurity Education. Globally, the shortage is estimated to exceed 1 million in coming years, studies have shown.

That’s coincided with increased frequency and sophistication of digital attacks, which range from disruption of computer systems to extortion and theft of sensitive personal information.

In April, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told shareholders that cybersecurity “may very well be the biggest threat to the U.S. financial system.” His counterpart at Bank of America Corp., Brian Moynihan, said previously that the lender’s cybersecurity unit operates with an unlimited budget.

Just last week, Capital One Financial Corp. disclosed that personal data of about 100 million customers and card applicants had been illegally accessed by a Seattle woman, possibly one of the largest breaches affecting a U.S. bank. The firm’s shares have fallen 8.9% since the intrusion was revealed.

This article originally appeared on bloomberg.com To read the full article, click here.

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