New Report from IANS Research and Artico Search Reveals CISO Compensation Remains Strong Despite 2024 Market Slowdown

BOSTON, Oct. 2, 2024 /PRNewswire/ -- Today, IANS Research and Artico Search unveiled its fifth annual study, the CISO Compensation Benchmark Summary Report, which analyzes detailed compensation data for Chief Information Security Officers (CISOs) across various industries and ownership structures. The report includes data collected from over 755 CISOs between April and August 2024. Despite a slowdown in hiring and tightened budgets, CISO compensation packages remain robust.

Following an active market in 2021 and 2022, the demand for cybersecurity talent softened in 2023 and has remained steady through the first half of 2024. With companies becoming more cautious in hiring and tightening budgets, the CISO market saw less turnover and fewer aggressive competing offers and counteroffers, leading to a more stable, though less dynamic market.

"CISOs are navigating a tepid hiring market fueled by tight corporate budgets for much of 2024," said Nick Kakolowski, Sr. Research Director at IANS. "While the data shows that the market has cooled, the continued evolution of the cybersecurity landscape has created a dynamic in which CISOs with vast and diverse experience are continuing to see substantial rewards."

Key findings from the 2024 CISO Compensation Benchmark Summary Report include:

• CISO Turnover Drops Significantly
  With fewer companies initiating searches for new CISOs and less of a CISO appetite to move, turnover dropped from 21% in 2022 to 12% in 2023, and even further to an annualized rate of 11% in H1 2024. This stability has resulted in fewer CISOs benefiting from compensation increases associated with employer changes.
• Merit Increases Fell Marginally
  70% of CISOs reported receiving merit-based raises, with average increases of 5.6% for base salary and 6.3% for total compensation. While these figures are slightly below 2023 levels, they reflect a continued focus on retaining top talent.
• Job Changes Lead to the Most Significant increases in Compensation 
  Although turnover was low, CISOs who did switch employers saw the largest compensation gains. CISOs who changed employers saw an average 31% increase in total compensation, a 5x increase over typical merit raises, driven largely by equity-based packages.
• Average CISO Total Compensation Exceeds $500K
  US-based CISOs reported an average total compensation of $565K, with top earners surpassing $1 million annually. The top 1% of earners begin at $3 million, reflecting the premium placed on top-tier cybersecurity leadership.
• Tenure and Varied Experiences Drive up CISO Pay
  66% of top-earning CISOs have held leadership roles at multiple companies, and 60% have gained experience across different industries. These CISOs earn, on average, 65% more than their peers who have stayed with a single company or within one sector.
• CISO Compensation Packages Increasingly Include C-Level Benefits
  40% of U.S.-based CISOs and 24% of CISOs in Canada indicated they are covered by their companies' D&O (Directors & Officers) insurance, which safeguards them against personal liability for claims made in their official capacity, covering legal fees, settlements, and judgments. This represents an increase in additional remuneration benefits compared to previous years.

"With the increases in CISO scope, additional complexity of the threat environment and continued regulatory scrutiny, we're seeing CISO compensation continue its upwards trajectory," said Steve Martano, IANS Faculty and Executive Cyber Recruiter at Artico Search. "We are starting to see early signs of recovery in the second half of 2024, with growing security budgets and increased demand for top talent as organizations prepare for new challenges in the evolving threat landscape."

The CISO Compensation Benchmark Summary Report is now available to cybersecurity leaders to assess the current market and plan for future career and budgetary moves.

About the Study
The CISO Compensation and Budget Research Study by IANS and Artico Search is an annual survey that offers a comprehensive analysis of compensation, hiring trends, and security budgets across industries. The 2024 CISO Compensation Benchmark Report serves as a critical resource for security leaders to assess the current market and plan for future career and budgetary moves.

Survey Methodology
IANS and Artico Search conducted the fifth annual CISO Compensation and Budget Survey from April through August 2024, gathering responses from over 755 CISOs across various industries in the U.S. and Canada. This report provides in-depth analysis of compensation levels, budget growth, and sector-specific trends, offering valuable benchmarking data for cybersecurity leaders.

About Artico Search
Founded in 2021, Artico Search specializes in recruiting senior go-to-market and security executives for growth venture, private equity, and public companies. The firm's dedicated security practice focuses on finding top CISOs and other senior-level information security professionals across a wide range of industries.

About IANS Research
For security leaders navigating complex threats and business demands, IANS Research provides expert-driven insights and practical guidance. Our network of experienced practitioners, the IANS Faculty, offers on-demand expertise and support through our research, peer community, and tailored consulting services. Learn more at IANS Research.

Media Contact:
Angelique Faul
Silver Jacket Communications
513.633.0897
[email protected]

SOURCE IANS Research