The Evolving Role Of CISOs

Innovation The Evolving Role Of CISOs Sriram Tarikere Forbes Councils Member Forbes Technology Council COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. | Membership (fee-based) Jul 5, 2022, 08:00am EDT | Share to Facebook Share to Twitter Share to Linkedin Sriram Tarikere is a Cybersecurity Executive Leader with Alvarez & Marsal , New York, with more than a decade of experience in the field.

Getty Traditionally, the role of a chief information security officer (CISO) has been to monitor information security both digitally and physically. Their technical skills were enough to help them grow and excel in their roles. But as the global landscape kept evolving with the innovation of new technologies and tools, the cyber world has become immensely complex.

The world we now live in is full of challenges and cybersecurity threats. Numerous high-profile data breaches and ransomware attacks have cost millions of dollars to American businesses. The onset of the Covid-19 pandemic and organizations’ rapid shift to working from home and remote work models have only aggravated cybersecurity threats.

Cyber attackers are now trying to cash in on the opportunity, and the lapse in cyber hygiene is acting as a catalyst. IBM’s Cost of a Data Breach Report 2021 revealed that the average cost of a data breach in the U. S.

alone is $9. 05 million, while the average total cost of a data breach worldwide is $4. 24 million.

The Evolving Role Of CISOs Cyber attacks have become more sophisticated today, and cybercrimes like SolarWinds and Microsoft supply chain attacks are a testament to it. Despite investing heavily in cybersecurity, companies such as CNA Insurance , Kronos Group and Kaseya , among many others, have suffered from major ransomware attacks in the recent past. MORE FOR YOU Google Issues Warning For 2 Billion Chrome Users Forget The MacBook Pro, Apple Has Bigger Plans Google Discounts Pixel 6, Nest & Pixel Buds In Limited-Time Sale Event Such cybersecurity challenges have forced the expansion of the role of CISOs beyond their traditional responsibilities.

Today, CISOs must be strategic thinkers, decision makers, influencers and much more. So, CISOs can no longer rely only on their technical knowledge alone to respond to cyberattacks of the magnitude you see today, nor is cybersecurity the concern of only the information technology teams anymore. The level of ransomware attacks we have seen in the recent past has made it a company-wide concern.

As a result, the role of a CISO has changed drastically from what it used to be. The Modern Role Of A CISO A CISO is now more involved in the overall cyber risk management of the company, mitigation of risks and the decision-making process. The CISO is now closely aligned with C-level executives and the board of directors to keep them informed about cybersecurity risks and initiatives to mitigate the threat.

The board of directors has become increasingly cyber aware and expects the CISO to present the organization’s cybersecurity posture to them more frequently than ever. Today, having only the technical skills is not enough for a CISO. They are expected to have a strategic vision and a broader perspective of what’s happening in the cybersecurity space.

A CISO doesn’t need to be a technology expert but should be aware of all the latest technologies and security areas that can impact the overall business. Modern-Day CISO Expectations Modern-day CISOs need a lot more apart from a solid technical foundation. Cyberdegrees mentions that a candidate should likely have a degree in computer science and experience in a management role.

Candidates with an MBA or business background also tend to have increased employment opportunities as their role involves management and advocating for the company leadership on cybersecurity. They need good communication skills because they have a critical role in communicating the risks and threats with other C-level executives and the board. Regulatory Changes And The Role Of A CISO As different regulatory changes like NYDFS, CCPA.

GDPR and FedRAMP have come into existence, and the responsibilities of a CISO have grown as well. Some of them include: Cyber Intelligence A CISO should be aware of all the latest cybersecurity threats. They should evaluate and gain visibility based on the following parameters.

• Who are the cyber hackers who might be interested in your data? What is their history? What kind of attacks have they performed in the past? • Why are these groups interested in stealing your data? Can they cause productivity loss, monetary loss, reputation loss or all of them? • Classify the nature of the data. What are they trying to steal? • How are they going to find you and access your data? What kind of tools or strategies have they used in the past that they can use against you? Build Security Architecture One of the main roles of a CISO is establishing a security framework. This also involves identifying the right security hardware and software, explaining its requirement to the board and other C-level executives and implementing it.

Adhering To Compliance Organizations now adhere to different government and state regulations, and it is the responsibility of the CISO to ensure that all compliance requirements are met. What is expected from next-gen CISOs? The new normal of work from remote locations has profoundly impacted the role of a CISO. Since there has been this paradigm shift in the operations model, IT security has been one of the major concerns for the organization.

CISOs now have to step up to ensure their organizations can smoothly transition while embracing digital transformation. Continuously learning, mastering new skills and acquiring deep domain knowledge will be the main factors shaping the future generation of CISOs. CISOs have a key role to play in any organization.

Once considered a technical role, CISOs today are influencing the other C-suite leaders in the organization, thus forging key leaders for the future of cybersecurity. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify? Follow me on LinkedIn .

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