There Will Be More Layoffs In The Future. However, Workers From This Sector May Be Able To Escape

Further layoffs are imminent, if not anticipated, due to economic challenges and the approaching recession.

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One industry, meanwhile, seems to be relatively secure for the time being. In fact, according to analysts, employment in cybersecurity may possibly rise amid the current economic crisis.

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According to experts, cybersecurity professionals are essential for lowering the danger of cyberattacks, particularly during periods of economic turmoil.

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"During a recession, some businesses can be more susceptible since they might have fewer resources... According to Daljit Sall, general manager of technology for Randstad Singapore, this makes them a target that is simpler to hit.

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If companies have to pay fines or cover the costs of a ransomware assault, for example, facing a severe cybersecurity breach could prove to be financially disastrous.

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Yet, a recent survey indicates that, should businesses opt to reduce employment, one talent group will be least likely to be let go.

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About half of the top-level executives in ISC2's study of 1,000 C-suite executives across five nations—Germany, Japan, Singapore, the United Kingdom, and the United States—said they will "very likely" use layoffs as a result of a predicted recession this year.

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Yet, compared to an average of 20% in other fields, just 10% of firms are expected to eliminate employees in cybersecurity.

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According to ISC2, the largest association of certified cybersecurity professionals in the world and a global NGO, 68% of firms in Singapore firmly believe that layoffs would be required as the economy weakens.

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The likelihood of job cuts in cybersecurity is only 15%, compared to other industries like human resources (32%) and marketing (28%).

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"Demand for these professions is probably going to grow as... Cyberattacks are becoming more complex and larger in scope, according to Pooja Chhabria, APAC HEAD OF EDITORIAL FOR LINKEDIN

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When funding is available, "the findings indicate executives no longer perceive cybersecurity as a nice-to-have function, but rather as an important, critical asset that delivers value," it was stated.

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Why cybersecurity will survive a downturn

The most in-demand positions in Singapore this year, according to LinkedIn's most recent Jobs on the Rise data, also featured cybersecurity engineers and cybersecurity consultants.

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Sall concurred. According to him, the "digital transformation" occurring across numerous industries has led to a surge in cybersecurity positions both in Singapore and internationally in recent years.

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These developments, he continued, have increased the demand for trustworthy and knowledgeable cybersecurity specialists to create and manage safe digital infrastructures.

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According to Pooja Chhabria, LinkedIn's head of editorial for Asia-Pacific, the growing danger of cyberthreats is a major factor in the increased need for cybersecurity professionals.

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According to Marc Rosso, CEO of ISC2, "the economic uncertainty we are witnessing is an incredible jackpot for threat actors."

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"Demand for these professions is probably going to grow as... The breadth and scope of cyberattacks are become more complex, she continued.

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"The demand for cybersecurity experts who can recognize and stop these attacks will increase significantly."

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Recent years have seen a dramatic increase in cyberattacks as a result of pandemic-related remote labor and political concerns.

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For instance, a 2023 research states that since the commencement of the Russian-Ukrainian War, Russian-based phishing assaults against email addresses of European and American-based companies have surged by 8 times.

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"Some threat actors may be induced to exfiltrate data to boost their income during economic turmoil. Internal threats may increase as a result of the large layoffs, particularly if employees who are in financial trouble hunt for new opportunities to make additional money, according to Marc Rosso, CEO of ISC2.

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This is why, despite economic challenges, 42% of businesses questioned stated they expect an increase in employment for cybersecurity, the highest percentage of all corporate functions.

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The cybersecurity industry is not, however, immune to challenges. According to a poll conducted by Citi in November 2022 of senior technology executives, they predict that IT expenditures would grow by just 1.8% during the ensuing 12 months, following a decreasing trend that began with September 2021's 5.6% increase.

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Nonetheless, according to Citi, cybersecurity is still "by far the top priority" for IT budgets.

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Possibilities for tech workers who were laid off

According to ISC2, giving cybersecurity more priority can also help tech employees who were recently laid off.

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Over the past two weeks, companies from Salesforce to Zoom have announced job layoffs, as have tech behemoths Meta, Amazon, Google, and Microsoft.

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Many of those people may discover an opportunity to pursue a career in cybersecurity, where they can use relevant skills and knowledge, according to ISC2.

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Software engineers and system engineers are the top two professions from which people have switched to become cybersecurity engineers, according to LinkedIn's Chhabria.

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Another ISC2 research discovered that hiring managers had made hires from "unconventional departments" such customer service, communications, and human resources.

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This, according to Rosso, is mostly a result of the shift in perspective away from exclusively emphasizing technical abilities and toward hiring for non-technical competencies that would make a person successful in the industry, followed by training to develop technical skills. 

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People who can problem-solve, think critically, and communicate effectively will succeed in this field, according to Clar Rosso, CEO OF ISC2.

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"In the field of cybersecurity, problem-solving and risk management are essential skills. Those that can work well with different teams, solve problems, think critically, and communicate clearly can succeed in this field.