As more businesses grapple with managing their cyber-risk in a world of more sophisticated attacks and ever-increasing costs of rectification, not to mention the reputational damage that results from a cyber-attack, more businesses are engaging Chief Information Security Officers (CISO).
If engaging a full-time CISO is not sustainable in your business, what are your options? Bringing in a Virtual Chief Information Security Officer (VCISO) may be something worth considering but what should you expect from your own VCISO?
Delivering robust cyber security measures are essential for protecting sensitive data, maintaining customer trust, and ensuring business continuity. Engaging a VCISO provides businesses with expert guidance, oversight, and cost-effective solutions to bolster their cyber security strategy.
Cyber Collab provides a number of VCISO packages and retainers to assist businesses in managing cyber security risk.
Strategic Oversight and Customised Solutions
VCISO’s provide strategic oversight of a company’s cyber security program, including developing a comprehensive security strategy that aligns with the overall objectives and risk tolerance of a business. Working closely with executive leadership to understand the company’s goals, assess the current threat environment, and prioritise security initiatives, a VCISO will develop customised solutions tailored to the specific needs of the business and effectively allocate resources. Rather than rolling out a one-size-fits-all solution, a tailored program will address the unique challenges faced by your business and identify the areas of greatest risk and impact. In this scenario, a VCISO helps businesses maximise their cyber security investments and achieve better outcomes.
Cost-Effectiveness and Flexibility
This flexibility of engaging a VCISO on a part-time or retainer basis allows businesses to scale their cyber security efforts based on their needs and budgets. Whether a business requires ongoing strategic guidance, assistance with a specific project, or support during a crisis, a VCISO can provide the necessary services without the long-term commitment and expense of a full-time hire. This can be beneficial where a business is experiencing rapid growth or undergoing significant changes, such as mergers and acquisitions.
When considering the cost of a VCISO to your business versus the cost of a cyber attack, the Australian Government has reported in FY23, the average cost of cybercrime for small businesses increased to $46,000, for medium businesses it increased to $97,200 and for large businesses it increased to $71,600.
Building a VCISO role and education program into your business can be a fraction of that cost and Cyber Collab has solutions for budgets and organisations of all sizes.
Prevent
A VCISO plays a crucial role in proactive risk management, helping businesses stay ahead of emerging threats and vulnerabilities. By continuously monitoring the threat landscape and analysing security trends, a VCISO can identify potential risks before they materialise into significant issues. This preventive approach allows businesses to implement preventive measures and mitigate risks more effectively, reducing the likelihood of successful cyber attacks.
Detect
In addition to threat detection and prevention, a VCISO is instrumental in developing and testing incident response plans. These plans outline the steps to be taken in the event of a security breach, ensuring that businesses can respond quickly and effectively to minimise damage. A well-prepared incident response plan, guided by a VCISO, can significantly reduce the impact of a cyber attack, preserving the company’s reputation and customer trust.
Respond
If a cyber attack does occur, having a VCISO as part of your response team brings many benefits. As well as already knowing and understanding your systems, incident response plan and legal and regulatory obligations, the VCISO will take a leadership role making sure that appropriate response measures are taken to mitigate damage and prevent future incidents, as well as coordinating response efforts across internal teams and external partners to ensure a unified response.
Educate
Engaging a VCISO supports a strong and effective cyber security culture within an organisation. By promoting cybersecurity awareness and education among employees, a vCISO helps foster a culture of vigilance and responsibility. Regular training sessions, workshops, penetration testing and simulated phishing exercises are just a few of the ways a VCISO can enhance employees’ understanding of security best practices and their role in protecting the organisation.
A robust security culture is essential for minimising human error, which is a leading cause of many cyber security incidents. When employees are knowledgeable and vigilant about potential threats, they are more likely to recognise and report suspicious activities, reducing the overall risk to the business.
About Cyber Collab
Chris Watson brings more than 25 years’ experience and expertise as a cyber security and cyber risk expert into your business. He has held senior positions in the City of London Police where he was responsible for building the computer crime unit and providing specialist digital forensic support to investigations and at Grant Thornton where he was a Partner in the Risk Consulting Team. In this role, he partnered with clients to safeguard their business continuity and reputation through proactive cyber attack prevention. When threats emerged, Chris adopted advanced techniques and tools to swiftly detect and neutralise them, minimising business impact.
Having responded to incidents across various industries, Chris has a broad understanding of the unique challenges and threats that different sectors face.
Working as a VCISO in your business, Chris partners with you to protect your business against cyber attacks by providing a service that meets your budget requirements.
Services include:
- undertaking an assessment of your company’s existing cyber security framework;
- identifying vulnerabilities; and
- recommending appropriate measures to address these gaps.
Chris’ broad knowledge and understanding of regulatory requirements and industry best practices ensures that your business remains compliant with relevant standards. This expertise is moving front and centre as regulatory organisations such as ASIC and APRA are expecting boards, directors, C-Suites and executives to effectively manage their cyber security risks.
If you are concerned about your cyber security defence systems or considering a VCISO role for your business, contact Cyber Collab today for a confidential discussion about how we can help you prevent, detect and respond to cyber incidents and attacks.