CISO salary growth has slowed, with 20% receiving no raise in 2023, according to a new study by IANS Research and Artico Search.
The study found an average increase in total compensation of 11% over the past 12 months. This represents a reduction of 14% compared to the previous year.
The average base salary increase was 7% in 2023, up from 10% the previous year.
IANS surveyed more than 600 CISOs from the United States and Canada between April and August 2023 to compile the study.
It also revealed that fewer CISOs received bonuses and stock packages increased this year.
The salary gap is widening between CISOs
According to the report, the gap is widening between the highest and lowest paid CISOs. The average total compensation for all participants was $550,000, with a median of $388,000.
More than half (52%) of surveyed CISOs earn less than $400,000 per year. This is made up of 30% whose total income is less than $300,000 and 22% who earn between $300,000 and $400,000.
There is a much smaller proportion of “middle earners”, with 6% earning between $500,000 and $600,000 per year, and 8% earning between $600,000 and $700,000.
At the high end of the scale, 20% of CISOs have annual compensation above $700,000.
The survey found that CISO salaries vary widely across different industries. Financial and technology companies pay the highest average salaries, at $728,000 and $678,000, respectively.
CISOs working in the legal, healthcare, and manufacturing industries enjoy much lower total compensation, ranging from $327,000 to $378,000.
Are CISOs satisfied with their salaries?
The report finds that 75% of CISOs plan to change jobs in the next 12 months, up from 67% in 2022. Nick Kakolowski, senior research director at IANS, said the increasing responsibilities of the CISO role do not are not up to par in terms of the additional compensation offered.
“Looking closer, we see that CISOs are gaining ground in the industry, taking on greater scale and exposure to increased responsibility. Proportional pay increases do not extend to the middle and bottom quartiles of the market. So we expect CISOs to seek change,” he commented.
Steve Martano, partner and executive recruiter for Artico Search’s cyber practice, pointed to the economic downturn as the primary factor in slow growth in CISO compensation, resulting in fewer opportunities to secure large-scale pay raises. scale by changing companies.
Martano advised three things CISOs can do to improve their market value, including:
- Strengthen their personal brand
- Elevate their business acumen skills
- Improve their executive presence to position themselves strongly with potential employers.