What to Look for When Hiring a Virtual CISO (vCISO)

In the current corporate world, the importance of cybersecurity for companies has amplified. As threats towards business operations and data security mount, the designation of a Chief Information Security Officer (CISO) has become a critical element in the strategic management of companies. However, onboarding a full-time, in-house CISO can pose a significant challenge for smaller and mid-size businesses due to financial and talent accessibility issues. This is where the concept of a Virtual CISO (vCISO) comes into play, offering a more cost-effective, adaptable, and efficient alternative. The aim of this blog post is to shed light on the process of engaging a vCISO and to outline the key considerations for the selection procedure.

vCISO vs. CISO: A Matter of Cost and Flexibility

CISOs traditionally bear the responsibility of formulating a holistic cybersecurity strategy, heading the security team, overseeing security operations, and ensuring adherence to regulatory standards and frameworks. Unfortunately, the considerable expenses linked to hiring a full-time CISO, encompassing a substantial salary, health insurance, retirement benefits, and equity compensation, could pose significant financial challenges for smaller businesses. According to Salary.com, the average annual CISO salary in the U.S. stands at $237,743, whereas Glassdoor.com places the national average at $289,249. These figures could rise considerably, depending on the organization's size, operational region, and the candidate's experience level.

In contrast, vCISOs typically charge hourly rates, retainer fees, or adjustable blocks of hours, making their services far more affordable. With costs often 35 to 40 percent less than a full-time CISO, vCISOs offer considerable value for businesses operating on a tight budget. Moreover, vCISOs can offer the same strategic guidance, compliance assistance, risk assessment services, and security enhancement recommendations, often with a greater degree of flexibility regarding their level of involvement.

Additionally, hiring a vCISO can significantly reduce the risk associated with leaving a senior leadership position vacant during a comprehensive candidate search, which can take a significant amount of time. Importantly, vCISOs can be brought on board quickly, providing immediate security leadership and threat mitigation. In some instances, they might even stay on to help train a full-time replacement, ensuring a seamless transition.

Understanding Your Business Needs and Objectives

Before diving into the process of hiring a vCISO, it is crucial to understand your specific needs and business objectives. The clearer you are about why your organization is investing in security and the role your vCISO will play, the better you can define the success of your security program. Here are some considerations to bear in mind:

• Business Objectives: Understand and define the business objectives your vCISO must support. This will guide your expectations and requirements for the security team.
• Build or Buy: You must decide whether to build a security team internally or to hire a vCISO. Factors to consider include specific business objectives, budget constraints, and time constraints.
• Budget: Businesses should establish an approximate budget for vCISO services early in the process. Without a clear path for funding, the project may never take off.
• Roles and Responsibilities: The specific responsibilities of a vCISO can vary greatly. It is critical to establish clear roles and responsibilities with your vCISO, whether this includes compliance, product security, and operational tasks.

Selecting vCISO Providers

Not all vCISO providers are created equal. Beyond the vCISO cost considerations, your company should assess several key aspects when evaluating vCISO firms:

• Experience in Relevant Fields: If your organization is aiming to achieve specific compliance objectives, it is critical that your chosen vCISO firm possesses a deep understanding and expertise in navigating the audit processes relevant to your regulatory landscape, which could encompass frameworks and standards such as PCI DSS, NIST, HIPAA, SOC 2, etc. With the current trend of organizations transitioning their security infrastructure to the cloud, it is pivotal to engage a vCISO service provider with substantial experience in safeguarding cloud-based infrastructure and Software as a Service (SaaS) applications. It is important to understand that a vCISO firm cannot depend on the cloud service provider for the security of your systems and data. Therefore, when selecting a vCISO service, you should ensure that the firm comprehends its responsibility in ensuring proper system configuration and data security.
• Organizational Structure: As you consider vCISO services, it is important to evaluate whether your organization would be better served by a team or an individual contractor. Typically, high-quality vCISO solutions are delivered by small yet comprehensive teams, which facilitate project continuity, offer the expertise of subject matter specialists as needed, and guarantee sufficient resources for crucial undertakings such as audits.
• Team Bandwidth: Assess the number of clients your vCISO provider is currently supporting. Do they have the bandwidth to meet your needs adequately?
• Resources and Capabilities: Penetration testing is a recognized best practice and is mandatory under many compliance frameworks. Does your vCISO provider employ experienced penetration testers? Additionally, policies form the backbone of any security program. A high-quality vCISO provider should have a comprehensive library of ready-to-use policies that their team can customize according to your needs.
• References: Consider the credibility of your prospective vCISO provider by asking for references from other organizations they have worked with. Ideally, these references should be from entities within your industry and of a similar scale to your organization.
• vCISO Dashboard: Ascertain whether your vCISO provider offers a comprehensive tool to manage your security program. A dedicated dashboard aids in streamlined operation, improved visibility, and better decision-making.

Evaluating vCISO Staff

When hiring a vCISO organization, it is vital to scrutinize both the organization as a whole and the individual members of their vCISO team. Look for the following traits in your potential vCISO staff:

• Focus on Business Operations: Top-tier vCISOs are business-oriented. This focus is evident when they actively seek to understand your business model, clientele, challenges, and strategic objectives. They understand that while security measures are integral to a prosperous organization, they may also impose certain limitations. Every restriction carries an inherent opportunity cost. Thus, your vCISO should possess the aptitude to strike a balance between the risks associated with certain actions and the costs of inhibiting or preventing them. The aim should be to create an equilibrium between security measures and daily operations.
• Effective Executive Communication: While the conventional IT team member or security analyst may prefer solitary work with computer systems, a vCISO must demonstrate strong skills in both technical domains and executive communication. Successful vCISOs are adept at delivering complex information to executive stakeholders, identifying and escalating business risks, managing challenging conversations about personnel and budget, and breaking unpleasant news. The vCISO's role extends to maintaining a consistent dialogue with the C-suite, as the security strategy evolves over time, requiring them to keep the executives updated and ensuring they appreciate the value of the cybersecurity program.
• Broad-Based Experience: The vCISO personnel assigned to your organization should have extensive experience pertinent to your needs. Their qualifications, certifications, and years of experience should reflect their ability to navigate security challenges across a variety of industries and business types. As vCISOs interact with employees across all organizational levels, it is crucial to choose a resource that fits seamlessly into your unique company culture. In most cases, opting for a vCISO will give you access to individuals with decades of experience and a plethora of certifications without the hefty costs associated with hiring a full-time individual of that same experience level.
• Continued Professional Development: With the ever-evolving nature of the cybersecurity threat landscape, your vCISO must stay abreast of emerging threats as they surface. Continuous education and understanding of the shifting threat landscape are vital for success. As such, inquire how potential vCISO candidates keep themselves updated on daily threat activities and the resources they utilize to learn about the latest trends in cybersecurity strategies and programs.
• Leadership Competence: The vCISO should be skilled in guiding your team and all staff members with security responsibilities. This ability will be instrumental in effectively implementing the strategic objectives established by the vCISO.

In conclusion, hiring a vCISO can bring immense value to your organization, offering flexible and affordable cybersecurity leadership. By carefully considering your business objectives, evaluating potential vCISO firms, and selecting the right vCISO staff, you can ensure the selection of a vCISO that will support your business growth and secure operations. As we step further into the digital age, it is paramount to partner with a security leader that not only understands your business but can adapt with it, ensuring a secure future in an ever-evolving landscape.

Do You Need a vCISO?

Should your organization be in the process of determining whether a vCISO is the optimal choice to realize your strategic ambitions, you have landed in the right place! Compass IT Compliance proudly stands as a premier provider of vCISO services throughout the nation, serving diverse industry sectors. Our approach is tailored specifically to your distinct business landscape. We focus on creating robust security programs that adhere to pertinent regulations and industry standards, all the while meeting the expectations of your various business stakeholders. Whether your interest lies in receiving vCISO rates or simply in gathering expert advice, our team stands ready to assist. We encourage you to get in touch with us today for further information!