Losses arising from cyber-attacks, data breaches, email phishing, malware, and other online activities have been significant, and the threat continues to grow. Each year, cybercriminals exploit weak, ineffective, or outdated cybersecurity controls to capture sensitive financial information or access corporate networks. This allows bad actors to exploit individual employees or companies, resulting in financial loss, reputational damage, and potential litigation. The average cost of a data breach in 2023 was estimated at $4.4M per incident. Cybercriminals pose a serious and persistent threat that demands the attention of management.
While the need for a cybersecurity program is obvious, the unfortunate reality is that some companies do not have the resources to hire a full-time Chief Information Security Officer (CISO). For this reason, many turn to outsourcing as a solution. A Virtual CISO (vCISO) can help manage risk, enhance cybersecurity protections, and develop a comprehensive plan. This can all be accomplished at a lower cost than is required to hire a full-time internal resource. Yet, the challenge for many companies lies in finding the right vCISO provider. We have summarized key details below to help clients, prospects, and others.
- Relevant Experience – When evaluating potential providers, working with a company that understands your industry and the unique cybersecurity challenges is essential. The greater the degree of specialization, the higher the level of value that can be received. Also, check for certifications such as CISSP, CISM, or CIRSC, which reflect the technical depth of the provider. Detailed knowledge about best practices, latest technology, and compliance issues is essential in formulating a comprehensive program. Be sure to look for a vCISO who successfully manages cybersecurity programs in similar industries and businesses.
- Service Models – Providers use various service models, including hourly, project, and subscription-based. The best fit for a company will depend mainly on the organization’s needs. For example, is management looking for ad hoc consultations, or is assistance with a large project needed? Maybe there are no immediate needs, but management wants to be sure digital assets are protected. Whatever the outcome, ensuring a potential provider offers a service model that best fits your needs is important.
- Speaks the Language of Business – Another consideration is understanding how a potential provider can integrate into the organization. It’s one thing to be technically competent and understand complex technical concepts; it’s another to be able to communicate the “why” in the Boardroom. Spend time understanding how the provider communicates, builds business cases, and interacts with other leaders. This is especially important because they will likely be required to communicate with in-house staff, auditors, and others.
- Regulatory/Compliance Knowledge—Effective vCISOs understand the difference between information security and compliance and that neither is optional. An effective provider can blend the two, allowing the company to realize benefits more rapidly. A good provider understands the company’s compliance requirements and can navigate the complex regulations and laws that impact information security and privacy.
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There are many vCISO providers in the marketplace, but not all are the same. It’s imperative to determine whether a provider has the requisite technical knowledge and business acumen needed to achieve cybersecurity objectives. If you have questions about the information outlined above or need assistance with vCISO services, contact us and discover how our cybersecurity team can help protect your data and minimize risk. We look forward to connecting with you!