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Market Trends in Cyber Security: Singapore

Kesh Rajavarma

02 May 2023

by Kesh Rajavarma

There remains a significant and unwavering demand for Cyber Security professionals in Singapore, Asia, and beyond.

During the pandemic, in large part due to the increased demand for digital goods and services at the consumer level, Technology firms across Southeast Asia hired aggressively in almost all areas of their business. While it is true that many of these tech firms over-hired and paid their employees high salaries, it is also true that these employees were some of the most skilled in the world. These tech firms were able to attract the best and brightest minds in the world, which helped them to stay ahead of the competition.

Contrary to the recent wider-tech industry retrenchment trends, Cyber Security jobs in this sector remain high in demand on a global basis. In fact, recent LinkedIn studies have shown that in 2023 so far, Cyber Security is one of the fastest growing sectors in Singapore. Indeed, in the US there’s close to a million Cyber Security jobs being hired for.

In fact, the demand for Cyber Security is increasingly looking to be at an all-time high.


Market Trends in Cyber Security

ChatGPT – A cyber-attack risk?

ChatGPT has been the talk of the town which has shown so much potential as an artificial intelligence-powered language model developed by OpenAI, deployed in a chatbot format. It allows users to get a prompt and detailed response to any questions they ask it. On the flipside, it's been reported that BlackBerry security researchers have found that several security leaders have come to grips with the ChatGPT AI model, expecting the model to execute a successful cyber-attack within a year, if not sooner.

Cryptocurrency – 2022 was the biggest year for crypto hacking

Several incidences of crypto hacking happened in 2022 which caused a significant hit financially to both retailers and corporates. A staggering US$3.8 billion estimated loss were reported in 2022, making it the biggest year ever for crypto hacking.

COVID – The lasting financial impact

The economic impact of Covid will still be felt in the year(s) to come. In 2022, Inflation reached a 40-year high across economies in the western world and Singapore a 14 year high. Due to the epidemic, the government was compelled to print currency in order to maintain the economy.

The Technology Talent Shortage

With a shortage of Cyber Security talents based in Singapore, job seekers in Cyber Security have the upper hand in choosing their next career move. Job seekers are a little more prudent with their next move. Job seekers look for what organizations can offer in terms of work flexibility, compensation, skills growth, and innovation. Cyber Security individuals also look to see if the firms prioritization is security and if these firms would increase their security budget as the result of a breach.

Firms are enticing job seekers with hybrid work days, better compensation and benefits, and personal upskilling certification allowances. Firms are also looking to hire talent remotely to counteract the talent shortage within Singapore.

This has enabled companies to tap into the global talent pool and access the best talent available. Remote working has also become more accepted, with many companies providing the necessary infrastructure to make this possible. Companies are also investing in technology to help ensure that employees have secure access to their resources.


Work with experts in Cyber Security recruitment at OJ

Things are looking to shape up to be a good year for the tech and Cyber Security industry. Our Singapore Cyber Security team continues to grow, to keep up with the demands of the Cyber Security market. These new hires bring a wealth of knowledge and experience in the field, and are well positioned to take on the upcoming challenges and opportunities.

We expect the industry to continue to grow and expand in the coming years, with these new hires leading the way. We are confident that with their expertise and professional acumen, our new hires will be able to effectively tackle the Cyber Security needs of our clients and partners.


Are you currently searching for the right Cyber Security expert? Contact the OJ Singapore team via our Contact Page to speak to one of our Specialist Consultants.

Looking for your next job in Cyber Security? View our current vacancies.

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