News & Insights
What is a Virtual CISO?
There’s little doubt that technology is a vital element of business in the digital age. It helps increase the efficiency of systems, streamline processes, improve communication and collaboration and much more. But these benefits come at a risk – data vulnerability. In other words, the more technology you have and the more data you collect, the greater the risk you create to suffer a cyber-attack.
The role of a virtual Chief Information Security Officer (vCISO) has become increasingly crucial for businesses looking to protect their systems against an ever-evolving cyber threat landscape. Cyber criminals are more sophisticated than ever before, and fighting cybercrime is becoming ever more challenging every year. For example, the total number of new malware infections stood at 28.84 million in 2010, but that figure rose to an eye-watering 677.66 million in 2020.
While the ideal solution for many organisations might be to hire a Chief Information Security Officer (CISO) to manage these risks, the high costs associated with such a position—averaging £97,230 annually in the UK according to Payscale—make it infeasible for many, particularly small and medium-sized businesses. Additionally, not all companies need a dedicated full-time CISO. A vCISO is often the best option for companies in this position.
What is a Virtual CISO?
A vCISO is an external security professional hired to help an organisation strengthen its security posture. They bring a wealth of experience from the field to help businesses create, oversee and implement their cybersecurity strategies effectively. A vCISO might be the sole security advisor working for a company or work with an existing internal security team providing expert advice.
The responsibilities of a vCISO are very similar to that of a dedicated CISO, but their services and overall contribution can be tailored to a company’s specific needs.
Here are some of the typical responsibilities of a virtual Chief Information Security Officer:
- Define and deliver an effective and proportionate Information Security Strategy.
- Provide cybersecurity updates and briefings to executive stakeholders.
- Inform cybersecurity budgets and advise on the most cost-effective and appropriate security tools.
- Detail, plan, write and review cybersecurity policies, processes, standards and procedures.
- Review the effectiveness of internal security protocols and controls.
- Proactively identify critical security flaws.
- Achieve a compliant position against regulatory requirements and industry standards.
- Create and implement incident response plans.
- Oversee security testing and the remediation of any identified vulnerabilities and weaknesses.
How much does a vCISO cost?
A vCISO offers a more cost-effective alternative to a traditional full-time CISO, who typically requires a salary, benefits and other compensation like bonuses and stock options. Particularly beneficial for small and medium-sized enterprises, a vCISO can be engaged on a flexible basis tailored to a company’s specific needs, ranging from a few hours a month to a few days a week. This flexibility allows businesses to access expert cybersecurity resources without the overhead costs associated with a full-time employee.
The financial investment in a vCISO largely depends on the frequency and depth of the services required. Businesses grappling with complex security challenges or operating within highly regulated industries might need more intensive services, including frequent security assessments, regular policy updates and ongoing compliance management, which, in turn, necessitates a greater time commitment from the vCISO and results in higher costs.
On the other hand, companies with simpler IT infrastructures or those requiring only strategic guidance can opt for less frequent consultations, thereby reducing their costs. This scalability ensures that businesses can align their cybersecurity efforts with their specific operational needs and budget constraints.
Benefits of a vCISO
Organisations, particularly those without the financial resources to support a full-time CISO, benefit immensely from the deep industry knowledge and specialised skills that a vCISO provides, all without the long-term commitment. Having worked across various sectors and addressed numerous cybersecurity challenges, their expertise enables them to quickly identify vulnerabilities, recommend robust security measures and deploy advanced solutions tailored to the specific needs of a business.
This benefit is particularly valuable in environments where cybersecurity teams are often small. For instance, the Cyber Security Skills in the UK Labour Market 2021 report found that 45% of businesses have just one employee dedicated to cybersecurity. While small teams are not inherently ineffective, they often lack the diverse experience needed to effectively manage security across different IT environments. A vCISO can fill this gap, bringing a broader perspective and a diverse skill set that enhances the capabilities of a team.
Impartiality
Since a virtual CISO isn’t an employee, they are far less likely to be biased or experience a conflict of interest in their role. In contrast, the judgement of a full-time CISO may be adversely influenced by cultural factors, peer-group pressure or the constraints of the environment in which they operate.
Faster onboarding
Finding and onboarding a full-time CISO is time-consuming due to several factors. These factors include recruitment advertising, interview requirements, notice periods for senior levels (usually a minimum of three months) and other FTE tasks that must be completed before they even begin their employment. And while you’re busy reviewing applications and vetting candidates, your systems and data remain vulnerable. On the other hand, vCISOs can begin working quickly, require minimal onboarding and can immediately jump into action with a client.
Additionally, because it’s a virtual role, there’s no need to limit your search to local candidates, broadening your options and eliminating typical geographic constraints. This not only widens the pool of potential talent but also drastically reduces or eliminates recruitment, onboarding and relocation costs. Such flexibility further accelerates the process, allowing vCISOs to begin their role swiftly and efficiently, regardless of their physical location.
Little to no supervision
Virtual CISOs have a wealth of industry knowledge and typically many hundreds of hours working in complex cybersecurity environments. As a result, they do not require supervision or micro-management. Companies can continue to focus on their business goals, safe knowing that their cybersecurity is in good hands.
Improved decision making
vCISOs provide data-driven insights into a company’s cybersecurity. These insights can aid business leaders in making better decisions for the business.
Do you really need a Virtual CISO?
Many companies are hesitant to invest in a vCISO for several reasons. For example, many small and midsize businesses mistakenly believe they are immune to cyber-attacks because hackers must be focused on higher-profile or more lucrative targets. Unfortunately, this simply isn’t true – a significant 43% of cyber-attacks target small businesses.
Companies in less or non-regulated industries often believe cybersecurity isn’t a top priority because they don’t have the same compliance requirements as their regulated peers. While this might be true, all companies still face cyber risks. Failure to address these risks can result in costly damages, financially and to reputation (vendors and customers don’t want to work with companies that can’t protect their data).
Relevant sector experience is crucial to the cybersecurity strategy and roadmap for any business that wants to remain secure and safe within their industry. With this in mind, a vCISO is an excellent option for many businesses. It can help you quickly scale up your security with minimal disruption while also decreasing your security costs. A vCISO also works with multiple organisations in various sectors and services, bringing a greater depth of experience and knowledge. In contrast, a full-time CISO may have only worked within a single sector or environment before moving to a new role.
Explore vCISO Services with Littlefish
At Littlefish, our virtual CISO services bring unparalleled expertise right to your doorstep, ensuring your cybersecurity strategy, policies, processes and controls are all under the vigilant supervision of top-tier security professionals. Accessible from anywhere in the world, our dedicated vCISOs, backed by a team of experienced cyber defence experts, offer ongoing support, advice and guidance, all tailored to meet your specific business needs.
Our experts, with a combined experience of over 100 years and backgrounds in securing FTSE 100 companies and high-security government departments, utilise proven methodologies and collaborate with world-class cyber partners to elevate our clients’ security postures.
If you would like to discuss our vCISO services and how we can help your business be cyber-prepared, feel free to get in touch through our contact form.
