The cost of cyber security hires in financial services
Recruitment firm Kapital Consulting, which specialises in recruiting technology roles for financial services firms including investment and asset managers, has detailed salaries for technology roles.
Earlier this month, multiple superannuation funds and Insignia’s platform Expand faced a coordinated cyber security threat from a malicious third party. Simultaneously, ASIC stated the cyber security efforts by licensees are an enforcement priority for the corporate regulator in FY25–26.
As a result, early data from Adviser Ratings’ Landscape Report found advisers are increasing investment in material compliance enhancements – including cyber security – by a substantial 31 per cent. This includes strengthening existing systems, enhancing staff training, developing and testing incident response plans and appropriate cyber insurance coverage.
Other Australian Financial Services licensees are partnering with cyber security specialists who understand the technical aspects of the task and the unique regulatory aspects affecting financial services firms while allowing advisers to focus on their day job.
For those firms that are hiring internal technology staff, the recruiter shared what salaries these employees are expecting to receive, based on 5,000 individuals.
For a cyber security engineer, they can earn between $150,000 and $170,000 for a mid-level hire and $180,000+ for a senior hire. The most junior cyber security analysts, who have less than five years’ experience, can earn $110,000–$130,000.
“As organisations across financial services modernise their technology environments, demand for infrastructure and cyber security professionals continues to climb. Key growth areas include cloud security, AI-enhanced threat detection, and incident response.
“Professionals with skills in securing hybrid cloud platforms, leveraging AI for proactive threat identification, and leading incident response initiatives are in high demand. With increasing regulatory pressure and the complexity of enterprise systems, experienced hands in these domains are playing a more strategic role in safeguarding digital assets.”
Source: Kapital Consulting
Looking at leadership, a head of cyber security can earn $250,000–$280,000, while a chief technology officer (CTO) can typically earn $280,000 and above. The most senior role, a chief information officer who looks after the technology vision and direction of an organisation, can earn up to $400,000.
“There’s growing emphasis across the financial services sector on strategic, commercially minded technology leaders who can bridge the gap between business vision and execution. Organisations are seeking CTOs and CIOs who bring deep financial domain knowledge – particularly in areas like investment operations, trading systems, cyber security and digital transformation.”
In addition to this, bonuses for funds management and investment firms sit at 20–40 per cent.
“Candidates no longer want to hear ‘up to’ a certain percentage [in bonus]. The firms winning top talent are those that are honest and forthcoming about bonus structures, aligning expectations early in the process. This not only builds trust but also reduces attrition driven by unmet assumptions post-placement.”
AUTHOR
Laura Dew
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