Benefits of a Virtual CISO

The role of Chief Information Security Officer (CISO) emerged as far back as the mid-1990s when Citicorp hired Steve Katz after a cybersecurity breach in 1995 that led to a $10 million loss. This crucial executive position entails managing the security risks to an organization’s data and systems by developing, overseeing and maintaining an information security program.

While Steve’s role was obscure at the time, today’s threat landscape—defined by an ever-increasing pool of malicious actors deploying both rudimentary and sophisticated techniques to hack networks and steal data—sees most businesses wanting the expertise and on-demand knowledge that a CISO brings to the table.

The problem is that CISO positions are difficult and costly to fill. A hugely competitive labor market means the required level of expertise commands large salaries. Virtual CISO (vCISO) offerings surfaced in recent years to help plug security leadership gaps without needing to hire full-time. This article delves into the benefits of a vCISO along with an overview of this type of cybersecurity service.

What is a vCISO?

A vCISO is a highly skilled security executive provided to businesses as an outsourced service. A vCISO typically works with your business remotely as a part-time contractor or on-demand consultant for a set number of weekly hours. These security experts assume many of the same responsibilities as a full-time CISO in terms of vision, guidance and architecting of the overall security strategy.

Some core functions most vCISOs provide include:

• Setting out a roadmap that helps your business get to a position where it better manages information security risks
• Assessing and evaluating the risks of any third parties with access to your company’s data
• Reviewing and setting recommendations for the development of your security architecture in line with the risks your business faces
• Helping to optimize your security tech stack so that there isn’t significant overlap between the features and functions of various tools and platforms
• Maintaining compliance with any regulations governing how your business protects and uses certain kinds of information

When to Consider a vCISO?

If you’re not sure if you should consider a vCISO, use the following common scenarios to guide your decision.

Limited Budget

Many businesses simply can’t afford or attract full-time CISOs because of the level of competition for their talents. When working off a limited budget, vCISO services are a more than adequate alternative. Definitely opt for a vCISO versus internally designating responsibility for your security program to an employee who doesn’t have the strategic skillset for that position. Security analysts, sysadmins or engineers are technically adept and often possess excellent security knowledge, but those traits alone don’t suffice for a leadership position.

Recruiting

Another scenario in which a vCISO makes sense is for organizations bridging between two full-time CISO positions. Whether due to the voluntary departure of a previous CISO or some organizational restructuring, it’s plausible to be left with nobody overseeing your security program. The often lengthy recruitment periods for these positions leaves an undesirable gap.

A vCISO is well-positioned to take the reins temporarily while your business recruits a full-time CISO. The vCISO can review your existing program, start making essential changes and even lend expertise during the hiring process.

Outsourced Security Maturity

While the endless media commentary about data breaches gives the impression that every business needs a full-time CISO, the truth is that 45 percent of companies don’t employ one. And in many of these cases, there are justifiable reasons for deliberately eschewing the need for a full-time position (rather than being constrained by time or money).

However, most businesses do need some CISO capabilities, such as building a solid security foundation in the form of an information security program and helping to improve cybersecurity maturity. If that’s you, consider a vCISO.

Focus on Growth and Innovation

With so many high-profile data breaches making media headlines, customer and client expectations for robust cybersecurity programs continue to soar. A company with aspirations for continued innovation and growth could get hampered by not having an effective security program in place. Hiring a vCISO gets the expertise needed to establish and maintain your security program while you focus on the core business activities that drive innovation and growth.

Benefits of a vCISO

Cost-Effective

There’s no getting around the substantial cost savings you can expect when comparing a full-time CISO with a vCISO. The median CISO salary stands at $230,801 midway through 2022. When opting for a vCISO, expect to save significantly on this base salary, and that’s without accounting for the savings you’ll make on not having to provide the kinds of benefits that businesses need to offer to entice full-time CISOs to come work for them. There are also usually extensive onboarding costs for any full-time employee that aren’t necessary for contractor or consulting services.

Independence and Objectivity

One of the important benefits of a vCISO compared to traditional CISOs is the distance between a vCISO and your company’s internal politics. This ability to lend an independent voice without being fully immersed in the business often brings much-needed objectivity, highlighting the true state of your security program and the changes needed to better manage information security risks. Even a full-time external recruit can swiftly become susceptible to “how things have always been done.”

Broader Expertise

There’s a strong argument that vCISOs bring a broader level of expertise to the companies they work with. This breadth of expertise stems from accumulating a wealth of experience overseeing security programs in several different environments and industries. It’s not uncommon for full-time CISOs to only have ever worked in one industry with one type of business, which can pose problems in understanding the security nuances and threats your business or sector faces.

Flexible

vCISOs have a degree of flexibility you don’t get with a full-time hire. Whether you want expertise for a specific short-term engagement, to augment staff capabilities while full-time security employees gain more knowledge, or you’re looking to build a long-term working relationship, there are different options available. Furthermore, some vCISO services provide specialist knowledge or resources in certain areas by leveraging teams of additional security experts that the vCISO may call on as needed.

Improved Security Culture

A hallmark characteristic of CISOs is their ability to focus on the higher-level strategic elements of security, including people and processes. Procuring a vCISO service leads to improvements in an organization’s security culture by identifying strengths and weaknesses among individuals, training gaps to address and mentoring.

Closing Thoughts

There are many benefits of a vCISO, some of which extend beyond the usual responsibilities of this position. Arming your business with a qualified security leader who might otherwise be impossible to obtain due to availability or cost constraints is a smart move for companies of all sizes in many different scenarios.

If vCISO sounds like something you’d like to explore for your business, talk to one of our experts, who can help you find the right security executive for wherever you are in your security journey.

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*** This is a Security Bloggers Network syndicated blog from Nuspire authored by Team Nuspire. Read the original post at: https://www.nuspire.com/blog/benefits-of-a-virtual-ciso/