Contracting in Cybersecurity

ContractorUK lists cybersecurity contractors as one of the most sought-after IT specialists. This statement is backed-up by a report that was released in December 2017 by The Recruitment & Employment Confederation (REC). The report states that the demand for cybersecurity staff will soar during 2018, pushing cybersecurity contractor’s day rate above its current average of £500.

The REC report highlighted that only 16% of recruiters surveyed believe that the demand for cybersecurity specialists will be met. This skills shortage is fantastic news for IT contractors who are thinking of entering the market or current IT contractors who are looking to reskill.

Demand for cybersecurity contractors

For a long time, the cybersecurity industry has been playing catch-up to the digital age. As businesses become more reliant on digital technology and invest further in ‘big-data’, they are recognising the importance of protecting themselves and their customers’ data from ‘cyber-attacks’.

It is estimated that around 4000 cyber-attacks occur daily. Cyber-attacks can cost a business thousands of pounds, even millions in some cases. In 2015, Tesco reportedly lost around £2.5 million through a breach in security at a UK bank.

It’s not just businesses that are targeted by cyber-criminals. In May 2017 the NHS was the target of a global ransomware attack, called WannaCry.  A ransom was demanded and many doctors surgeries and hospitals were unable to access files.

Areas recruiting cyber-security specialists

The demand for cybersecurity specialists is growing, particularly in areas that handle a large amount of data. The obvious one is the finance and banking sector, but it is also stretching to service providers, manufacturing, healthcare and advertising.

The latest figures we could find show that 14% of all jobs in IT are centred around cybersecurity. This data is taken from 2015, and from what we have read, we expect it to be much higher today.

So, you want to work in cybersecurity?

Cybersecurity certainly looks like a booming area to get involved in, but can anyone become a cybersecurity contractor?

Whilst, cybersecurity is a specialist area of IT contracting, cybersecurity professionals don’t work alone in the business, they interact with the business. So, if you are a contractor with experience in areas like financial and accounting systems, regulations and policy, you may find that it is easy to cross over into cybersecurity.

If you don’t have the technical knowledge that is required for cybersecurity, supporting roles are also available in areas like risk analytics & management, research, education and training.

Ready to take the step into cybersecurity?

If you feel you have the right technical knowledge and personal qualities to become a cybersecurity contractor, one of your first steps should be to get in touch with a client-focused specialist contractor accountant, like ourselves to assess if you are operating in the most tax-efficient manner.

Based on the average day rate of a cybersecurity contractor (£500), the most tax-efficient manner should be working via your own limited company. However, this depends on your personal circumstances and the specifics of the contract.

If you’re thinking about setting up a limited company, you may find our article ‘6 tips for setting up a limited company’ an interesting read.