In their continued effort to try to combat cyberattacks, large U.S. corporations are hiring cybersecurity specialists and giving them elevated positions. Fortune 500 companies are seeing the cost of cyberattacks increasing, with data breaches causing loss of data, company downtime, public backlash, and possible legal issues.
For example, there are a rising number of chief information security officers (CISOs) with a growing demand for chief information officers (CIOs) as well. Popular retailer Target learned the hard way - and eBay will have to suffer the same consequences - as customers are angry, with state and national investigations currently underway.
"Boards don't feel they have the right expertise to draw upon," said David DiBari, Clifford Chance law firm managing partner, in a statement to Reuters. "It is not that they don't understand it is a risk; they don't want to blunder uninformed into it."
Trying to recruit specialists with such a niche skillset translates to higher salaries, with some CISOs receiving $500,000 up to $700,000+ per year in salary and benefits.