Aurex Insights: IoT & OT Cybersecurity Market Review
IoT & OT Cybersecurity Market Review
Welcome to the latest edition of the Aurex Group quarterly update for the US Digital Energy market. In this issue, we will be providing commentary on how the industry is managing the current conditions in response to COVID-19 as well as highlighting the notable market moves from the first quarter of 2020.
Competition for Candidates in 2020
Hiring in the first quarter of this year has been highly competitive for IoT and OT cybersecurity professionals. Active candidates have typically received multiple offers, often three or more. Entire interview processes have progressed from initial contact to offer paperwork offer in a matter of weeks.
Revenue generating and senior sales hires have been a priority, a trend we expect to continue into the coming quarters. Recruitment processes are running smoothly as candidates have more time to commit to interviews, and start dates have been mostly unaffected. First-day onboarding processes have evolved, now revolving around the setup of a home office after receiving a company laptop in the mail.
Non-revenue generating and technical roles have been a lower priority. Unfortunately, we have seen many of these positions canceled or put on hold for the next quarter. For those in late-stage interview processes or who have verbally accepted an offer, there is now a working assumption of a 1 July start date, at the earliest.
Most companies working in this sector have adapted to remote working conditions easily, with many already operating with remote sales or commercial staff. Video conferencing has emerged as the preferred method for interviews and managing the hiring process. Aurex Group has recently placed a C-Suite executive role with the hiring process conducted entirely online. This candidate completed interviews, including at board-level, as well as onboarding all via video conferencing and without ever having been met in person, a first for Aurex Group.
Hiring in the COVID-19 Era
Looking towards the second quarter, we remain cautiously optimistic at Aurex Group. It is still early days, but we have no doubt entered the era of COVID-19. At the time of writing this market report, technology and software companies have clearly shown an appetite to hire in 02. However, interview processes, onboarding and timeline expectations are evolving each day.
The surge in remote workers has increased cybersecurity risks across almost all sectors. CISOs must tackle new cyber threats while protecting their organization’s ability to maintain business continuity. There will be downward pressure on overhead and headcount within large corporates. Most will understandably be reducing their workforces. However, cybersecurity teams should largely remain intact, given the criticality and high-stakes infrastructure they protect.
Our team at Aurex Group anticipates continued demand for high-calibre and proven sales professionals. Perhaps more than ever, innovative and adaptive sales professionals with established relationships will be needed to navigate the business development frontier.
For technical and support professionals, we expect searches for new hires will commence again in 03 as businesses prepare for 2021.