The modern CISO’s role is ever-evolving, and their expertise is invaluable in navigating the complexities of today’s cyber landscape. Reporting lines are changing as InfoSec teams move from CIO and CTO to CLO and CEO. By focusing on risk, data privacy, disciplined communication, and continuous improvement, CISOs can not only safeguard their organizations but also position themselves as influential leaders and trusted advisors throughout the organization and also at the board level.
Last week I was honored to be invited by Lacework to join a panel at the New York Stock Exchange discussing the role of the modern Chief Information Security Officer (CISO). As cyber risks continue to escalate, the role of the CISO is more critical than ever, and effective communication with the board is paramount. Therefore I was privileged to be joined by CISOs from Sprinklr, Phenomenati and Lacework, sharing our insights on risk, data privacy, cyber security, and board-level communication. The session covered a variety of topics, which all CISOs should consider when developing or updating their security strategy. For those who were unable to attend, here are some key takeaways from the session:
The Importance of Data Privacy
In today’s digital landscape, data privacy is not just a regulatory requirement; it is a fundamental component of customer trust and business reputation. Organizations must prioritize data privacy to protect sensitive information and comply with regulations like GDPR and CCPA. Data breaches can lead to severe financial penalties and irreparable damage to a company’s reputation. As such, ensuring robust data privacy measures is essential for maintaining customer trust and sustaining business operations.
Learn more: Security and Privacy Compliance at Emburse - How we Safeguard your Data
The Increasing Board Focus on Cyber Security
Boards of directors are increasingly focused on cyber security due to its direct impact on business continuity and shareholder value. There are several key areas of board focus for CISOs:
- Risk management: Identifying and mitigating cyber risks that could disrupt operations or result in data breaches.
- Regulatory compliance: Ensuring the organization adheres to industry standards and legal requirements.
- Incident response: Developing and maintaining a robust incident response plan to swiftly address any security incidents.
- Investment in technology: Allocating resources to implement advanced security technologies and infrastructure.
Effective communication with the board about cyber risks is also critical, and requires both discipline and clarity. Some of the best practices for communicating with the board include:
- Simplicity and clarity: Use clear, non-technical language to explain cyber risks and their potential impact on the business.
- Relevance: Focus on the most significant risks and how they align with the organization’s strategic goals.
- Metrics and reporting: Provide quantifiable metrics to demonstrate the effectiveness of the organization’s cyber security measures.
- Regular updates: Schedule regular briefings to keep the board informed of the latest threats and the organization’s security posture.
- Having a “board buddy”: Often board members will be seated on several boards. When a global security event happens, be the phone-a-friend that the board member will engage.
Learn more: Finance, Fraud, and Frustration: Key Findings from the ACFE 2024 Report
Why it's Critical to Build Relationships Across the Organization
Building strong relationships within the organization and with external partners is crucial for a successful CISO. Fostering collaboration between the IT, legal, and executive teams is critical to ensure a unified approach to cyber security. Establishing relationships with external experts and industry groups can also help to provide valuable insights and support.
Metrics for a Healthy Cyber Organization
Metrics are vital in measuring the success of a corporate cyber security program, to ensure that it remains ahead of emerging threats and bad actors. To illustrate the health of a cyber security program, metrics may include:
- Incident response Time: The average time taken to detect, respond to, and resolve security incidents.
- Vulnerability Management: The number of vulnerabilities identified and remediated within a specific timeframe.
- Employee Training and Awareness: The percentage of employees who have completed cyber security training programs.
- Compliance Scores: Regular audits and assessments to measure compliance with industry standards and regulations.
Advice for Aspiring Board-Level CISOs
The session concluded with advice for CISOs aspiring to position themselves as strong candidates for board-level advisory roles:
- Develop business acumen: Understand the business context and how cyber security supports organizational goals.
- Enhance communication skills: Practice conveying complex technical concepts in simple, relatable terms.
- Build a strong network: Engage with industry peers, join professional organizations, and participate in relevant forums.
- Stay informed: Keep up-to-date with the latest trends, threats, and best practices in cyber security.
- Demonstrate leadership: Show proactive leadership in managing cyber risks and fostering a culture of security within the organization.
From a personal perspective, it’s always great to meet my peers, share best practices and also learn from their experiences. This type of session helps me to ensure that Emburse has the best possible cyber security stance, ensuring that our customers’ data remains secure and protected from bad actors.