As the financial capital of Canada, Toronto is the ideal tech hub for cybersecurity companies. The city’s success in artificial intelligence & machine learning fuels the demand for experienced cybersecurity professionals in the private and public sector. One of the most critical challenges our country is facing right now is Cyber talent deficit. Technological advancements are paving the way for increased cyber risks that cannot be controlled by our existing pool of cyber talent. If you’re interested in exploring the opportunities within the cybersecurity space, here are some insights that can help you make a more informed decision.
Cybersecurity skills gap continues to grow
According to Gartner, worldwide spending on cybersecurity is forecasted to reach $133.7 billion in 2022. Research suggests that 3.5 million cybersecurity jobs will go unfilled in this new decade. Cyber risk is increasing at an uncontrollable pace, and we do not have a growing talent pipeline that can counter threats of high magnitude. In order to bridge the chronic skills gap, it becomes crucial for government agencies, educational institutions and the private sector to collaboratively pool in their resources and invest in the training, education and development of a robust infrastructure that encourages current talent and the next generation to develop their technological skills in a way that future proofs the Canadian cybersecurity space.
High paying cybersecurity jobs
Due to the significant talent shortage, cybersecurity jobs are amongst the highest paying jobs in Canada. According to Neuvoo’s salary tool, the average cybersecurity salary in Canada for experienced professionals range from $85K – $120K. Job roles that secure high income are Information security manager, Network security engineer, Ethical hackers and Cybersecurity Analysts.
Artificial Intelligence disrupting both fronts
Advances in artificial intelligence not only introduce innovative technologies in the cybersecurity space, but they are also being weaponized by hackers to build highly sophisticated viruses and malware that lead to cyber crisis. In such cases, organizations need to deploy unique wholistic solutions that can forecast and quickly counter such vulnerability.
Canada takes the lead in accelerating the growth of Cybersecurity Companies in Ontario
Ontario Centres for Excellence and Toronto Finance International have collaboratively launched the Cybersecurity Fintech Innovation Pilot Program (CFIPP). This $7.8 million program is funded by the Ministry of Economic Development, Job Creation and Trade. In partnership with Financial Institutions, this initiative aims to advocate the growth and scalability of cybersecurity start-ups in Ontario, provide innovative solutions to security challenges, and offer professional cyber talent to this ever-growing industry.