Do You Really Need a Virtual CISO (vCISO)?

A cybersecurity program is a government-mandated requirement for many businesses, especially in the financial field. If your business revolves around money, whether for normal consumers or other businesses, you need a strong, robust cybersecurity platform. However, this can be relatively expensive, depending on what needs to be done. 

If you’re just starting from scratch, it can be a daunting experience. Fortunately, there are programs constantly being developed to assist companies with these tasks. Over the past few years, a virtual Chief Information Security Officer service, also known as a vCISO, has become a popular choice, especially among small and medium-sized businesses. 

While a vCISO can help with developing and maintaining a cybersecurity program, some companies have wondered if they actually need a virtual CISO. This is a good question to ask, especially if you’re trying to find the value in an expensive service. Like most of these types of services, though, there’s only one way to say it: it depends. 

What is a vCISO? 

A vCISO, or virtual CISO, fills the role of a Chief Information Security Officer. Even if a business does not have a CISO, they will likely still need cybersecurity coverage. A CISO will develop and maintain cybersecurity posture, including making policies and procedures, getting occasional IT security audits, and more. 

A vCISO can do the same thing and more, depending on the needs of the company while not having a dedicated c-suite employee for it. Realistically, a vCISO is high-level security analyst from a cybersecurity firm who usually remains off-site while performing all of the duties of an actual CISO. They can develop policies, make sure scanners and vulnerability management are in order, and even perform penetration tests. 

Either way, not only can this help protect your network, it can also put your company in line with government regulations. Examiners often see vCISOs as beneficial, even to the bigger companies. Not all businesses can afford a full c-suite to take care of their cybersecurity, so it’s a good alternative. 

Do I Need a vCISO? 

While it may not be obvious at first, there are plenty of reasons that you may want a vCISO for your business. There are a few more obvious than others, but either way, both small and large businesses can benefit if they fall under any of these criteria. 

No Employee Filling the Position 

While it is the most obvious one, there are plenty of reasons why this position may not be filled in the first place. The job must be done by an experienced person, usually by someone who carries a college degree. Government regulations are no light matter, so it’s important to have someone who knows what they’re doing. This is usually done by a C-level officer or a director. 

The position is not cheap to fill. According to a few websites, Chief Information Security Officers average a few hundred-thousand dollars annually. For many small and medium-sized businesses, this is simply unattainable. Even some bigger companies, this can be a difficult goal, but it is the best way to cover the position and needs when it comes to cybersecurity. Either way, due to government regulations, these cybersecurity needs have to be filled. 

Of course, this goes further whenever there’s no knowledge at all. Some businesses have employees that can act as both, but there are others who have no idea what they’re doing when it comes to cybersecurity. If there is no one in-house, it can be a good idea to get a vCISO to fill these needs. 

Customer Trust 

Any way you look at it, customers should be the top priority for any consumer-based organization. They will be looking to make sure that your company is taking their privacy and their data seriously, and the lack of attention to cybersecurity can show the opposite. If a breach ever happens, it can destroy customer trust in the company, which can lead to dire consequences. 

Government regulations are there to not only keep the company and its employees safe, but to make sure that the customers who use the services are protected as well. If regulations are satisfied, there will likely be no reason that customers will have to worry. More trust in the business means more satisfaction, which means to more business from the customers. 

Conflict of Interest 

When it comes to security, whether it’s cybersecurity or physical security, you might have the idea of having someone at the bank do this. The crossover between technology and security might seem easy enough to do, but therein lies a problem. If the same person is doing both the technology and the security for the technology, that would be a conflict of interest. 

A conflict of interest is when a person has multiple involvements that may work against each other. If the IT person is also the person you get your security from, there is no checking to see if things are actually implemented. There’s no accountability. Cybersecurity should be done by a third-party at the very least, with no affiliation to the company that it is auditing. A vCISO fits this are nicely, making sure that everything is being done as it should, rather than trusting someone who is leading that technology. 

Legality and Insurance 

The leading providers of insurance, be it government or otherwise, require companies to get their cybersecurity in order and maintain it. In order for them to receive any benefits from the insurance, they have to make sure that all terms and policies were adhered to. This usually includes getting yearly IT audits, penetration tests, vulnerability scans, and more. 

While all insurances are different, the regulations to continue with the insurance provider must be followed. A vCISO can easily cover all of the requirements given by an insurance provider in case anything goes wrong. It is a good way to satisfy everyone in the process, making it easy to keep compliant with both legal bodies and insurers. 

Conclusion 

Chief Information Security Officers can be expensive. They require a dedicated employee to fill this position, but many companies can’t afford that. As such, turning to more affordable sources is always a good idea. A vCISO can do everything a CISO can, but is meant to be virtual, so they usually aren’t in-house. 

There are plenty of reasons to get a vCISO. It can range from not having an employee to fill the position, to customer trust, to insurance policies. Every company is different, so it depends on these needs if you need one or not. However, if you find your cybersecurity posture lacking, a vCISO can be a better alternative than most other options.