Data-breach and cybersecurity threats are on the rise. Cyber criminals are exploiting technological vulnerabilities to gain access to sensitive electronic data. These criminals are causing severe financial, reputation, legal and regulatory losses to organizations. The impact is not just limited to businesses, millions of customers are equally affected as their private data including Social Security Numbers in some instance get exposed for illicit purposes. The rapid rise in breach related instances have led many corporate and government bodies to take action by launching regulations to standardize cybersecurity measures across the board.
The role of a Chief Information Security Officer (CISO) has become paramount to ensuring companies have a strong cybersecurity policy and procedures in place, and that they are staying compliant with all applicable regulations. The CISO is primarily responsible to draft and implement an effective Information Security program. An Information Technology or Information Security manager alone may not have the necessary skills to take all required measures to protect the business against cyberattack and fully understand regulations to stay compliant. Hence, CISO steps-in to draft and implement a formal information security program that includes:
- Cybersecurity policies and procedures
- Established steps to document, manage and report on any data breach related incidents
- Processes to periodically test and check the network for any security vulnerabilities
- Steps to plug any identified loopholes in the network infrastructure
- Measures to comply with all regulations
- Training session curriculum to educate the staff on cybersecurity best practices, and more.
Government bodies across the US is introducing several cybersecurity regulations to standardize cybersecurity measures across businesses and promote cybersecurity best practices. Failing to comply with these regulations not only results in hefty penalties but also exposes companies to cyberthreats. Regulations like SOX Section 404, HIPPA and 23 NYCRR Part 500, all require companies to appoint a CISO to formalize an internal security program and conduct internal audit. Companies have the option to appoint an in-house staff CISO or hire an external CISO on an ad-hoc basis.
Many businesses opt for CISO on-demand service offered by cybersecurity experts like CompCiti. With this arrangement, companies save on cost of hiring a full-time CISO and yet benefit from the experience these security experts bring with themselves. It is critical to have a solid information security program in place and the role of a CISO is instrumental in achieving this goal, irrespective of whether your business has an in-house CISO or decides to hire a CISO on-demand.