A Virtual Chief Information Security Officer or vCISO is a senior-level executive responsible for developing, and implementing a company's cybersecurity policies.
Given the surge in cybercrimes, businesses are getting increasingly vulnerable to data breaches, and ransomware. On top of that, thanks to accessible AI and machine learning, cyberattacks are becoming more sophisticated, and the usual preventive strategies might fail to protect you against malicious attacks.
This is where you need a virtual CISO to help improve your organization’s cybersecurity system. In this article, we will discuss why you should hire a vCISO for your business and how to choose a vCISO for the job.
What is a Virtual CISO?
A Chief Information Security Officer (CISO) is a skilled manager who oversees policies designed to protect a company's digital assets from cyber threats. They have in-depth insight into IT and security and play an important role in cybersecurity.
A virtual CISO is someone who offers the same strategic services as a traditional CISO, except that they operate on a part-time, or contract basis.
Unlike a full-time CISO, a vCISO is not a full-time employee, but rather a part-time consultant. They naturally charge less, and hence serve as a cost-effective solution for small-scale businesses that may not have the resources or need for a full-time executive.
Before we move forward, let’s have a look at what a vCISO is responsible for:
- Risk management
- Leading pen tests and other vulnerability risk assessments
- Overseeing and ensuring the implementation of security frameworks
- Devising a plan of action in case of any incidents related to cybersecurity
- Making sure the organization's security policies are in compliance with the key cybersecurity-related policies such as GRC, HIPAA, NIST, etc.
Why Should You Hire a Virtual CISO?
Here’s why you should consider hiring a virtual CISO for your company:
Expertise and Experience
A vCISO brings extensive experience in security management to your organization. They work with multiple companies across various industries, which helps them stay updated on the latest threats, technologies, and best practices.
They can evaluate security challenges specific to your company, and then provide tailored solutions to help you through them.
Risk Assessment and Management
One of the most important responsibilities of a vCISO is risk management. The executive runs tests to catch any vulnerabilities in the company’s current security system. They then write a detailed analysis report, which also includes suggestions to implement a better risk management framework.
In short, a vCISo proactively identifies and addresses potential threats to your organization's data and systems, which helps prevent and minimize the impact of malicious activities on your business operations.
Compliance Assistance
Given that valuable data and significant money of your customers, partners, and investors are at stake, there are strict cybersecurity regulations and standards to prevent cybercrimes. Besides cyber threats, failure to comply can result in hefty fines.
These rules are strict but often hard to follow for an inexperienced individual.
A vCISO makes sure your organization is in compliance with relevant laws and industry standards. They help you develop and implement policies that meet the regulatory requirements, reducing the chance of legal penalties and reputational damage.
Training In-House Teams
A well-informed and trained workforce is your first line of defense against cyber threats. A vCISO plays a crucial role in developing and delivering security training programs for your in-house teams.
They educate employees on how to respond to potential security incidents. For example, a lot of cyberattacks are carried out via phishing, which involves hackers e-mailing a shady, harmful link to the employees. As soon as you click on the link, your computer gets hacked and all the data is compromised.
A vCISO’s job is to make sure that your team is aware of all the major security threats, their prevention, and management.
Cost Effectiveness
Hiring a full-time CISO can be expensive, especially for small and medium-sized enterprises. A vCISO is a cost-effective alternative, as it can provide the same high-level security expertise without the financial burden of a full-time executive salary and benefits.
With a vCISO, you can choose what services you need and when which ensures the job is done without exhausting your resources. A vCISO usually also tailors their action plan to adjust to your company's needs, and budgets, so that you can receive the necessary support without overspending.
Things to Consider When Choosing vCISO Services
Consulting a vCISO is a significant investment, and you need to be smart about the professionals you hire, and the services you choose.
Here’s what you should consider when selecting virtual CISO services:
- Service You Want: Virtual CISOs offer a variety of services, and you may not need all of them. Check what your business needs, and ask them to quote a price for those selected services.
- Industry Experience: Look for people with relevant industry experience, and ask for case studies and references to verify their expertise.
- Certifications: Request for credentials, and make sure the consultant and their team are qualified for the job.
- Compliance Knowledge: Verify their understanding of relevant regulations and standards, and their ability to help your organization maintain compliance.
- Training Programs: Consider their approach to training your in-house teams. Ongoing education is critical for maintaining strong security, so make sure they keep updating your employees with recent trends and advancements in the field.
- Cost Structure: Ensure their pricing model is transparent and fits into your budget without compromising on the quality of service.
Conclusion
A CISO is an important part of your cybersecurity team, as they help design, implement, and overlook the essential security policies. A virtual CISO can step in their place if you have budget constraints or do not need full-time CISO services.
However, choosing a virtual executive can be risky, which is why you should only consult a professional with the required credentials and relevant experience.
Cyberlynx is a trusted company, offering high-end IT and cybersecurity services, and we can help you achieve your cybersecurity goals within your budget. Contact us now!
Frequently Asked Questions
How much does a virtual CISO cost?
How much a virtual CISO costs depends on their years of experience, the services you request, their scope of work, the size of your business, and multiple other factors. Generally speaking, you can expect to pay $200 to $250 per hour, or $8,000 to $10,000 for a one-time project.
What should I look for in a vCISO?
Here are four major things you should look for when hiring a vCISO:
- Their experience with cyber risk management and disaster response
- HR and communication skills
- Experience relevant to your industry
- Financial planning and budgeting skills