Effective cybersecurity investing requires you to look at the roles and responsibilities of executives across the business. It is also important to look at the C-suite executive who is ultimately responsible for the company’s cybersecurity strategy: the Chief Information Security Officer (CISO).
Understanding what a CISO does is paramount for understanding how a business’s cybersecurity strategy works. We will take a deep dive into the responsibilities and requirements of a CISO to see what it takes for an executive to be successful in this role.
Responsibilities of a CISO
The CISO establishes the business’s information security and governance best practices and scales security operations to meet the needs of a rapidly evolving global marketplace. They simultaneously manage risk across the business and ensure the company can respond to new challenges as they arise. CISO responsibilities are classified into the following categories:
1. Security Operations
A CISO designs and approves the business’ security strategy, accounting for the information technology (IT) threat landscape and the policies and controls necessary to minimize risk. This executive is also responsible for engaging other stakeholders in the development and execution of this strategy, as well as finding vendors to support the plan and securing funds and resources to achieve optimal results.
Health Insurance Portability and Accountability Act of 1996 (HIPAA), General Data Protection Regulation (GDPR), and other cybersecurity requirements must be followed. The business could face steep fines, penalties, and brand reputation damage if it fails to protect sensitive data. A CISO must be an expert on cybersecurity regulations and ensure the business complies with them.
3. HR Management
A CISO works closely with Human Resources (HR) to determine the right criteria for new hires and current personnel, so all employees can contribute to a successful cyber workforce. A CISO will often spearhead the company’s cybersecurity training program, craft policies for Identity and Access Management (IAM), and conduct verification checks for job candidates.
4. Business Continuity and Disaster Recovery
Cyber resilience, how quickly a business can identify and mitigate a cyberattack, is critical for the CISO. They must explore ways to protect the business and its stakeholders against cyberattacks, streamline incident response, and rebound from these attacks.
The CISO is responsible for developing cybersecurity policies and controls and documenting them. The executive must review the business’s security documentation regularly and update it to ensure it meets the company and stakeholders’ needs.
6. Project Management
System design and other technical projects may require advanced security layers to ensure the business and its stakeholders are fully protected. The CISO guides these projects and offers insights to help the cybersecurity team accomplish their desired results.
7. Financial Reporting
CISOs conduct financial reporting that details the costs associated with cyber risks and the potential cost savings associated with mitigating these risks. They also offer financial insights into security tools and technologies that help the business maximize the return on investment (ROI) of its cybersecurity investments.
Like other executives, the CISO supports the company’s culture. This executive identifies and addresses any issues that contribute to a toxic culture and does their part to ensure all personnel can work in an environment where respect, trust, and empathy reign supreme.
CISOs wear many hats relative to the business’s cybersecurity operations and overall success. Understanding what makes a CISO successful lets you understand how a cybersecurity firm may work with them and the market that creates.
Additional Reading: Defining Cybersecurity Roles and Their Responsibilities
There is no standard template that a company can use to hire a CISO. A closer look at some of the key characteristics of successful cybersecurity pros can help you identify a quality candidate who delivers exceptional results. Some of the traits necessary to succeed as a CISO include:
1. Strong Communication Skills
CISOs must be able to disseminate complex ideas in easy-to-understand terms and phrases. They must also be able to share information via phone, email, and other communication methods to a wide range of stakeholders and actively listen and respond to their concerns and questions.
2. Ability to Delegate Responsibilities
A CISO must effectively delegate responsibilities so their team is set up to succeed. They must establish clear expectations and trust team members will do what is asked to the best of their ability.
3. Positive Attitude
Creating a positive work environment is a must for any CISO, regardless of their business. Their staff should feel good about communicating and collaborating with one another as they work toward achieving common goals.
4. Security and Technology Knowledge
CISOs possess extensive security and technology knowledge, and they frequently explore ways to enhance their skill sets. They often hold Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and other industry certifications to validate their security expertise.
The CISO must guide their business back on track when a cyberattack, data breach, or any other type of security incident occurs. This means they must have the ability to remain calm, cool, and collected, even in high-pressure situations.
6. Risk Management Instincts
CISOs are risk-averse and try to do everything in their power to guard against security incidents. They must keep a close eye on the IT threat landscape, so they can stay ahead of any security incidents and address them before they cause serious issues.
7. Business Acumen
A good CISO understands how the company operates and engages with professionals across different business functions to uncover ways to optimize its security posture.
8. Attention to Detail
The ideal CISO leaves no stone unturned. They know the ins and outs of cybersecurity and use their knowledge, experience, and skills to ensure the cybersecurity strategy is executed to perfection.
CISOs fill important roles in today’s businesses, and it appears likely the same will hold true in the years to come. Demand for top cybersecurity pros is fierce — and if you’re planning to hire a CISO, you may need to act quickly to find the best one for your business.
Test Your Knowledge: What is Zero Trust Security?
5 Tips to Identify the Right CISO
The ideal CISO possesses a great combination of skills, experience, and education. These tips will help you find the right executive:
1. Craft a Job Description
Make a list of the requirements to be the CISO of your company and write a job description that explains how you define a qualified candidate for the role.
2. Promote the Opportunity
Spread the word about your CISO opportunity internally and externally. Share details about the role with your employees and encourage them to promote the position to any prospective candidates. You can also leverage LinkedIn, job boards, and recruiters to promote the role.
3. Meet with Candidates
Conduct interviews with candidates. Use this time to learn more about them and what they can bring to your business. Don’t stop with just one interview, though. Host several, so cybersecurity pros and executives across your business can work together to find the best candidate.
4. Evaluate the Candidates’ Hard and Soft Skills
You may want to conduct exercises that give candidates a chance to show their skills. Create a real-world scenario so you can see their approach to a cyberattack. In these situations, you can see how the candidate engages with others and handles difficult situations.
5. Contact References
Request and reach out to candidates’ references. This lets you speak with their past employers and others who can provide insights into their ability to contribute in a CISO role.
It can take several weeks or months to fully vet, interview, and hire the perfect CISO. You can streamline the hiring process if you plan accordingly, but watch out for pitfalls along the way.
Common Pitfalls of Cybersecurity
You need to consider cybersecurity pitfalls as you evaluate CISO candidates. This will help avoid wasting time, resources, and energy on candidates who are ill-suited to handle common cybersecurity challenges. The pitfalls of cybersecurity include:
- Inability to deliver anywhere, anytime security to on-site and remote workers
- Siloed security operations
- Use of complex and inefficient security tools and technologies
- Putting too much responsibility on cybersecurity personnel
- Ignoring cybersecurity policies and controls
- Failing to conduct regular cybersecurity assessments
- Lack of cybersecurity training available across a workforce
A CISO must be ready to manage cybersecurity pitfalls, now and in the future. Seek expert help if you are unsure about whether the CISO can address these pitfalls.
Contact an Expert With Questions on Cybersecurity Investing
Cybersecurity investing is rarely simple, especially if you’re on the fence about a cybersecurity company’s CISO. With a leading cybersecurity venture capital firm at your side, you can explore attractive investment opportunities at companies with established CISOs in place.
Option3Ventures uses insights from the U.S. intelligence community and the investment industry to find and develop cybersecurity investing opportunities. We can help you pursue different cybersecurity investments that deliver long-lasting results. Contact Option3Ventures today to speak to an expert who can answer any questions you have about cybersecurity investing.