Cybersecurity talent at risk in Australia: warning from the Heidrick & Struggles study

Recent research by Heidrick & Struggles, a world leader in executive recruitment and development, highlights a worrying trend in Australian companies: the risk of losing the best talent in the cybersecurity field. The survey finds that local Chief Information Security Officers (CISOs) are paid less than their European and US counterparts, suggesting an urgent need for more competitive policies to attract and retain top cybersecurity experts. Australia, given the size of its market, is faced with the challenge of balancing the risks and rewards associated with the role of CISO.

Key considerations for CISOs in company selection

When it comes to choosing a company to work for, CISOs weigh several factors. These include access to state-of-the-art software, close partnerships with leading industry authorities, top researchers and cybersecurity content leaders, as well as salary and cost of living. A recent study by Heidrick & Struggles found that the average total compensation for CISOs in Australia was approximately AUD543,000, significantly less than the European average of AUD674,000 and the US median of AUD913,000.

Australian security teams: dimensions and challenges in a post-pandemic world

Unsurprisingly, Australian security teams are generally smaller than their US and European counterparts. Around 51% of Australian teams have 25 people or fewer, compared to 46% of European teams and just 22% of US teams. Furthermore, only 10% of Australian security teams are 200 people or more. This data highlights the need for adequate resources and support for CISOs and their teams to address growing security challenges, exacerbated by post-pandemic hybrid work and increasingly frequent and sophisticated cyberattacks.

The need for development and succession planning for CISOs in Australia

In Australia, less than half (40%) of CISOs come from a previous CISO role, compared to 62% in the US and 63% in Europe. This data underscores the importance of continuing to develop and train local CISOs, providing a stronger foundation for the role. It is important to note that CISOs in Australia tend to have lower reporting lines, with only 3% reporting to the CEO. However, the majority of CISOs surveyed (59%) globally report regularly to company management. The survey also suggests the importance of a robust succession plan for CISOs given the high demand for security leadership talent globally.