A Guide to Becoming a CISO (Chief Information Security Officer)

What is a CISO (Chief Information Security Officer)?

A CISO (Chief Information Security Officer) is a senior executive who has primary accountability for information security at their organization. An ideal CISO will hold the titles of chief digital officer, chief information officer, or chief operating officer, and they’ll report directly to the CEO. A growing number of organizations are appointing a Chief Information Security Officer to handle information security in an organization. A CISO is someone who takes responsibility for an organization’s cyber risk management process and works with technology departments, external partners, and internal stakeholders to mitigate risks and keep systems secure. A CISO’s responsibilities include strategic planning, leadership and management, business analysis, financial analysis, and planning and controlling. The amount of time necessary to perform these responsibilities varies based on the size of the organization and the experience of the individual.

Key responsibilities of a CISO

• Strategic planning: The CISO needs to be able to identify the goals of their organization’s information security program, then figure out how to achieve the goals in the most efficient manner possible, taking into account the company’s technology environment and the resources available to the organization.
• Leadership and management: The CISO needs to be able to lead the charge to implement a comprehensive information security program that includes staffing, budgeting, training, and development of information security professionals. This includes getting buy-in from the rest of the organization and working with technology and business departments to ensure an appropriate level of visibility and compliance with regulations.
• Business analysis: The CISO needs to be able to fully understand the technology environment and the key components that make up the organizations’ information security environment. They’re also responsible for collecting and analyzing metrics that are essential to guiding their organization’s information security program.
• Financial analysis: The CISO needs to be able to properly allocate and manage the organization’s technology security budget.
• Planning and controlling: The CISO needs to be able to create, coordinate, and manage an organization’s information security program from beginning to end. They also need to be responsible for ensuring compliance with standards, regulations, and best practices.

Factors to consider when deciding if a CISO is necessary

• Size of the organization: The larger the company, the more likely it is that a Chief Information Security Officer is needed. The size of the organization, on the other hand, does not necessarily correlate to the need for a CISO.
• Composition of the board: If the board of directors is composed primarily of non-technical executives, then it may be difficult to get the board to agree on the need for a Chief Information Security Officer.
• Roles and responsibilities of the CIO: The chief information officer, or CIO, is often tasked with supervising all IT functions, including information security, within an organization. The level of involvement of the CIO in the decision-making process for hiring a chief information security officer depends on the level of responsibility assigned to the CIO by the board of directors.
• Number of information security professionals within the organization: Organizations that already have a team in place to oversee the information security program are less likely to need a Chief Information Security Officer.
• Existing information security program: If an organization already has an effective information security program in place, hiring a chief information security officer may be unnecessary.
• Relationship with the board: If the chief information security officer is reporting directly to the CEO, this may improve the relationship between the CIO and the board of directors.
• Manage employee engagement: The chief information security officer needs to be able to manage an employee engagement program that encourages employees to recognize their role in helping to make information security a critical part of an organization’s culture.

Why is a CISO needed?

The main reason for having a Chief Information Security Officer is to protect the organization’s data and implement a robust information security program that addresses the organization’s risk. With cybercrime costing businesses an estimated $8 billion in 2016 alone, the need for a Chief Information Security Officer is clear. To be successful, though, the CISO needs to first understand the importance of a good hiring process. While the requirements for a CISO may vary by industry, a clear strategy can help you find the right person for the job. Hiring a security professional who has the right skill set can help make sure your organization is protected, but hiring the wrong person could also cause more harm than good.

Risks of having a CISO

• A gradual increase in cybersecurity incidents: The risk of an increased number of cybersecurity incidents is that the organization may not respond appropriately. As the number of incidents increases, the organization may take longer to respond, resulting in more damage and a higher level of risk.
• A gradual increase in suspicion and distrust between technology and business departments: The risk of an increase in suspicion and distrust between technology and business departments is that implementation of the information security program may be delayed as one department tries to understand what level of threat their department faces.
• A gradual increase in the number of open APIs in an organization: The risk of an increase in the number of open APIs is that there may be a mismanagement of the associated liability or an overreaction to a genuine threat.
• A gradual increase in cyber insurance premiums: The risk of an increase in cyber insurance premiums is that the organization may have overreacted to a genuine threat.
• A gradual increase in overhead costs: The risk of an increase in overhead costs is that inadequate budgeting could mean that the information security program is not sufficiently funded, resulting in underfunded technology or insufficient resources.

Benefits of having a CISO

• A stronger cyber ecosystem: Having a Chief Information Security Officer at the helm of your cyber ecosystem gives you greater visibility into the information security of your organization. This gives you greater control over your cyber ecosystem, allowing you to make adjustments as necessary.
• A safer workplace: Having a Chief Information Security Officer in place gives your organization a more reliable and consistent level of protection against threats and cyberattacks. A consistent approach to information security gives your organization the peace of mind that it is protected from attack.
• A more cost-effective and efficient workflow: Having a Chief Information Security Officer in place results in a more efficient workflow for implementing technology security, as well as a more consistent approach to information security.
• Increased cost-efficiency when hiring: Hiring a Chief Information Security Officer can be expensive, but having one in place can save your organization money in the long run. A Chief Information Security Officer is a highly experienced and qualified individual, which means that they are likely to be more cost-effective than hiring separate individuals to fill different cybersecurity roles.
• A stronger cyber defence: A strong cyber defence is essential for any organization, and a Chief Information Security Officer can help you achieve this goal. Having a clear understanding of your organization’s cyber threat landscape and an organized approach to information security can help you protect your organization from attack. Having a Chief Information Security Officer results in an increase in cost-efficiency when hiring, as candidates with the right skill set are likely to be more likely to accept a job with the organization.

Should you hire an outsider or trained in-house staff?

There are advantages and disadvantages to both hiring an external professional or someone who has received formal training. An external hire is likely to have more experience and may be able to offer a more comprehensive solution at a lower price. A trained professional has more experience with the technology and may be more willing to make the necessary adjustments to bring the level of protection in-house. It’s important to remember that both have their pros and cons and that, depending on the size of your organization and the needs of your business, you may be better off hiring one or the other.

Should your company have an Incumbent CIO or Bring on an outsider?

Companies should consider whether or not they need a Chief Information Security Officer and whether or not they need to hire one. If a company does need a CISO or someone with a similar role, then it’s important to consider hiring an internal candidate