A virtual Chief Information Security Officer (vCISO) is an executive level security professional hired to guide the planning, development, implementation, and on going maintenance of a cyber security program.
You should consider hiring a vCISO when you lack a specific security function, need to augment staff, are going through an acquisition or merger, are launching a new product, or need assistance through an ongoing incident.
What You’ll Learn
- What a virtual CISO is and how they benefit organizations.
- A breakdown of the different types of CISO models.
- When you should consider hiring a virtual CISO.
- What to look for when evaluating a virtual CISO.
Maintaining a successful business requires operational excellence in order to remain competitive.
Unfortunately, cybercrime is at the forefront today and must be considered in your organization’s security strategy.
To put this in perspective, 4.54 million dollars was the average cost of a ransomware attack in 2022.
To reduce the risk from a cyberattack, an organization must have effective security oversight at all times.
For SMBs with limited budgets, a Virtual CISO is an alternative.
In this article, we’ll discuss this role and the important services it can provide for your organization.
Let’s begin by defining what is a Virtual CISO.
What Is A Virtual CISO?
A virtual Chief Information Security Officer, also referred to as a vCISO or Virtual CISO, is a cyber security executive that helps a company achieve its security initiatives remotely and on demand.
This flexibility translates to lower cost and allows the organization to develop their security program without hiring a full time CISO.
Learn More: How To Build A Cyber Security Program
Differences Between CISO, Virtual CISO, & Fractional CISO
The role of the vCISO and the traditional CISO are common in function, yet they do have similarities and differences including:
- The vCISO is generally sourced from a managed security provider and is a part-time consultant, whereas a CISO is a full-time employee.
- A vCISO may serve multiple clients, whereas a CISO is a dedicated employee of the organization.
- The cost of vCISO services are usually lower than the annual salary of a full time CISO, resulting in a cost-effective benefit for an SMB.
- Another benefit of a vCISO is that they can step in immediately if the full time CISO departs.
- Since they are no full-time employees, the accountability of the vCISO will be different compared to a full time CISO.
- Response times to incidents by a vCISO may be slower if they are serving other clients simultaneously.
Another type of CISO that is similar in function to the vCISO is a fractional CISO.
A fractional CISO serves a fraction of the time on a limited part-time basis. While similar to a vCISO there are several differences:
- A fractional CISO is typically an on-site CISO, whereas a vCISO is external to the organization and may have multiple clients.
- vCISO’s are focused primarily on developing the cyber security strategy and initiatives, whereas, the fractional CISO may have other responsibilities within the organization.
- Fractional CISO’s have a higher cost since their role is typically greater than 20 hours per week or more while a vCISO may only work 20 hours per month.
- Organizations with low cyber risks benefit the most from a fractional CISO.
- Since they are typically part-time, the fractional CISO may not fully own organizational risk in case of a breach.
- Similar to the vCISO, response timeliness may be delayed if not clearly defined in an SLA, due to their part-time status.
Let’s now explore the role of the vCISO and the services they can provide to organizations.
Roles & Responsibilities Of A Virtual CISO
The role of the vCISO can improve the security posture of an SMB or large enterprise in key areas where expertise is lacking, providing support for a specific and critical business need.
The responsibilities of the vCISO are to provide guidance in key areas of an organization’s security program. The various roles and responsibilities the vCISO can fulfill include, but are not limited to:
- Leading vulnerability risk assessments
- Lead implementation of security frameworks, i.e., NIST, ISO 27002
- Provide oversight on incident response planning
- Create and maintain security policies and procedures
- Serve as an advisor for Governance, Risk, and Compliance
- Provide leadership in performing regulatory assessments
- Coordinate Disaster Recovery processes, and procedures
The scope of the virtual CISO’s service engagement varies depending on the needs of the organization.
vCISOs and service providers alike should be trained and up to date on industry regulatory standards, such as:
These standards are critical to security healthcare, financial, retail, and global enterprise organizations.
It’s also important to select a vCISO that has experience in your industry to maximize your security budget.
How Do You Become A Virtual CISO?
It is important for the vCISO to have business acumen coupled with a background in cyber security.
The vCISO needs to be an effective communicator with the ability to articulate the goals of the organization.
In most cases, the vCISO will be called upon to deliver status updates related to the security program and discuss outcomes with the organization’s stakeholders as it relates to the business objectives.
Another important aspect related to the role of the vCISO is that this is an advisory and strategic role, with the purpose of ensuring the security program is strategically aligned to meet the organization’s goals.
This is not a hands-on engineering role, however, the vCISO should have cyber related qualifications, expertise, and several years of demonstrated experience in order to meet the needs of the client.
Although the job qualifications may vary from one company to the next, the common qualifications to become a vCISO are, but not limited to the following:
- CISSP (Certified Information Security Systems Program)
- CISM (Certified Information Security Manager)
- CRISC (Certification in Risk and Information Systems Control)
- CCISO (Certified Chief Information Security Officer)
- B.S. degree (Information Security or related field)
- M.S or MBA degree
- 10+ years of proven IT experience with a concentration in Information Security
With the experience and necessary qualifications, let’s now learn when an organization should consider hiring a vCISO.
When Should You Hire A Virtual CISO?
Hiring a vCISO can improve the security posture of an organization.
In this section, we will highlight various scenarios when an organization should consider hiring a vCISO:
1. Lack A Security Function
A full time CISO will need to be trained constantly to stay up to date with industry regulations and compliance frameworks. A provider offering vCISO services are ready to step in and lead a time constrained project immediately once the scope is clearly defined.
2. Staff Augmentation
A vCISO can be hired to lead the security program on an interim basis or retained indefinitely in case a CISO departs the organization. If there is rapid growth, hiring a part-time vCISO can assist in leading specific cyber related projects.
3. Acquisitions & Mergers
During this time, turnover is high, and the work to integrate two companies into one can be overwhelming and risky. Hiring a vCISO during the transition can lighten the load by providing leadership by identifying risk and ensuring security controls are in place during the transition.
4. Crisis Management
How an organization responds to an incident or data breach is critical in order to prevent the occurrence from repeating. A vCISO can provide guidance on incident response and identify gaps in the incident response plan.
5. Product Launches
A new product launch usually involves coordination from various IT teams and business stakeholders. A vCISO can provide guidance on best practices for the software development cycle and securing corporate data exposed to the internet.
What Should You Look For When Hiring A Virtual CISO?
The organization should first have its business objectives clearly defined prior to selecting a vCISO. This will allow you to focus on what type of skillset you require to address a specific need for your organization.
Once the scope is defined, your organization can commence interviewing for a desired skillset from the vCISO service provider that aligns with your budget and needs of your company.
Thoroughly research potential vCISO services and compare what differentiates their services from their competitors as it pertains to:
- Rate
- Expertise
- Experience
- Reputation
Experience & Expertise
Security expertise is developed by achieving success through failure, training, and applied knowledge over the course of many years in the various domains of cyber security.
An experienced vCISO brings immediate value and ROI for an organization that chooses to utilize its services. They are well-equipped to handle cyber security threats and offer better solutions to improve your data security.
Case Studies & Testimonials
It is important to review case studies of the organization or consultant being hired. Most reputable service providers are more often than not ready to provide this information to their potential clients.
This information is critical to the selection process as it provides valuable insight on how their team works with your organization’s security team and leadership.
As you review the case studies, make sure the industry of the study aligns with your organization.
Seek to understand why the customer selected the provider, the size of the customer, the time and effort utilized to complete the assignment, and the outcome of the partnership.
Getting Executive & Stakeholder Buy-In
Executive and stakeholder buy-in is critical to the success of hiring a vCISO.
Leadership should understand that a vCISO is not a full-time employee, and document within the contract what the vCISO is and isn’t accountable for.
Another aspect to factor in when deciding to hire a vCISO is to understand the risk of hiring a vCISO from a managed security service provider or as an independent consultant.
An independent vCISO may have time constraints if there is a critical issue, or an MSSP may increase its rates for certain services. It is vital to address these concerns prior to signing the contract.
The cost of hiring a vCISO can vary.
According to ZipRecruiter, as of Feb. of 2023, the average salary for a vCISO in the US was $134,000, which equates to about 64.00 per hour, or roughly $11,000 per month.
This rate can vary based on scope as well, so expect to pay a higher rate per MSSP and by all means obtain referrals and compare services with other providers.
Wrapping Up
In this article, we have defined the role of the vCISO and why it should be considered as an alternative to a full time CISO.
Your organization cannot afford to be the next victim of a cyber attack.
Therefore, it is vital that your security strategy and program have effective leadership during mergers, acquisitions, new security initiatives, regulatory assessments, and governance at all times.
A virtual CISO can help your organization meet key business objectives at a fraction of the cost of hiring a full time CISO.
By understanding the role of the vCISO and the value it provides, your organization is well equipped to make a sound and informed decision on determining if this service is a good fit for your organization.
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