CISO as a Business Executive: 5 areas to focus on and 5 actions you can take to run cybersecurity like a business.

I have heard (and participated) in many conversations over the years about the efficacy of a CISO thinking like a business executive. This argument was made 20+ years ago about the role of the CIO. Most people thought a CIO’s job was managing the email server in the closet; they don’t do business as many thought.

Things have changed. Now CIOs are most certainly driving the business.

Because of the impact of cybersecurity across the business, we can’t wait 20 years for CISOs to start thinking and acting like business executives.

In today’s digital landscape, cybersecurity has become a priority for business executives, including the CISO. As CISOs, their skills translate into running a business by overseeing cybersecurity operations, providing strategic direction, and making critical decisions. They engage in strategic planning, develop cybersecurity strategies, and ensure competitiveness in security.

CISOs need to focus on five areas to grow and mature in their role.

Firstly, they must go beyond being seen as a “Tech Guru” and become strategic visionaries. Effective risk management is crucial, with CISOs identifying threats and implementing proactive measures. Financial acumen is essential, optimizing resources while ensuring protection. Collaboration with stakeholders and effective communication is vital.

I have been in cybersecurity, business and leadership for 20+ years. Below are several suggestions and examples of what CISO’s can do to run cyber like a business. Hope this is helpful, and please share your thoughts.

As a CISO, how do your skills translate into running a business?

In today’s rapidly evolving digital landscape, cybersecurity has transformed from being viewed as solely an IT issue to becoming a critical strategic priority that demands the attention of top-level executives, including the CEO.

• As a business executive, the CISO oversees and manages the cybersecurity operations of an organization, providing strategic direction and making critical decisions to achieve cybersecurity goals. They engage in strategic planning, develop cybersecurity strategies, and ensure the organization’s competitiveness in terms of security.
• They provide leadership within cybersecurity, set performance expectations, and foster a positive work environment that promotes security awareness and compliance. Allocating resources effectively and ensuring adequate funding and personnel to address the organization’s security needs are also key tasks.
• An additional forward-leaning responsibility is identifying areas of growth in cybersecurity. Understanding the direction of the business, where customers need, want, and use technologies, and how the IT space is evolving to provide solutions to those needs.

Here are five areas CISOs need to focus on to run cybersecurity like a business

1. Strategic Leadership: Beyond a “Tech Guru”

The CISO plays a crucial role as a strategic visionary. As business plans evolve and IT systems need to become more flexible, resilient, and robust, a thorough understanding of the risks associated with the growth of the business is critical for CISOs when they are developing the strategic vision.

By taking this approach, security becomes an intrinsic part of the business function, where it should be. This approach ensures strategic leadership is blended with cybersecurity expertise.

2. Risk Management: Navigating Cyber Threats

Effective risk management is fundamental to any business executive’s responsibilities, and the CISO is no exception. Equipped with a comprehensive risk assessment toolkit, the CISO diligently identifies potential threats and vulnerabilities.

• For instance, the CISO recognizes the security risk of payment card data theft in a retail organization. By implementing encryption protocols, tokenization techniques, and secure payment gateways, the CISO dramatically reduces the likelihood of a successful breach. This proactive risk management approach protects the organization from financial and reputational risks associated with data compromise.

3. Financial Acumen: A Strategic Investment

A CISO using financial data becomes a strong ally for the CIO and CFO. Understanding that cybersecurity is not an endless sinkhole for financial resources, the CISO approaches it as a strategic investment.

• For example, when implementing an advanced threat detection system, the CISO weighs the potential costs of successful cyber attacks. By considering expenses such as remediation, legal fees, and customer compensation, the CISO can make a compelling business case for the investment or not. This approach ensures that the organization is adequately protected while optimizing financial resources.

4. Collaboration with Stakeholders: The Power of Unity

Collaboration is a key ingredient of successful business executives, and the CISO embraces this concept wholeheartedly. Recognizing that effective cybersecurity cannot be achieved in isolation, the CISO works closely with the CIO to align cybersecurity initiatives with the organization’s IT infrastructure and digital transformation projects.

• For example, collaboration with legal and compliance experts also ensures adherence to industry regulations and privacy laws. By fostering collaboration, the CISO ensures that cybersecurity permeates the organization’s culture and operations, creating a unified front against potential risks.

5. Effective Communication: Translating Complexities

The power of effective communication cannot be underestimated. CISOs must excel in translating complex cybersecurity concepts into plain business language, catering to technical and non-technical stakeholders.

• For Instance, when presenting cybersecurity reports to the board of directors, emphasizes the potential impact of cyber threats on the company’s operations, reputation, and financial standing. By vividly portraying the risks involved, CISOs enable the board members to make informed decisions regarding resource allocation and support for cybersecurity initiatives.

Five Actions you can take now

1. Engage in Strategic Planning

Example: As a CISO, you actively participate in strategic planning sessions to integrate cybersecurity considerations into the organization’s broader goals. For instance, you work with executives and key stakeholders to discuss expanding the company’s digital services. To implement this, you propose including a cybersecurity review process during the planning phase to identify potential risks and align security initiatives with the business objectives.

To implement this, the CISO should:

• Ensure their presence and active involvement in strategic planning sessions.
• Advocate for including cybersecurity as a key consideration in the organization’s strategic roadmap.
• Collaborate closely with executives and key stakeholders to understand the organization’s goals and propose cybersecurity measures that support those objectives.

2. Establish Risk Management Frameworks

Example: The CISO implements a robust risk management framework by conducting regular risk assessments across the organization. For instance, they may identify potential risks of migrating critical systems to a cloud environment. By quantifying these risks and assessing their potential impact, the CISO prioritizes risk mitigation efforts and ensures alignment with the organization’s risk appetite.

To implement this, the CISO should:

• Establish a standardized risk assessment process that involves stakeholders from various departments.
• Conduct regular risk assessments to identify and quantify potential cybersecurity risks.
• Prioritize risk mitigation efforts based on the assessed risks and their potential impact.
• Communicate risk findings and recommendations to executives and stakeholders to facilitate informed decision-making.

Promote Cross-Functional Collaboration

Example: The CISO fosters collaboration across departments by working closely with IT teams, product development, legal, compliance, and human resources. For example, they collaborate with the product development team to integrate security practices into the software development lifecycle, ensuring secure coding, vulnerability testing, and deployment.

To implement this, the CISO should:

• Actively engage with stakeholders from different departments to understand their unique needs and challenges related to cybersecurity.
• Foster a culture of collaboration and open communication across departments.
• Develop and promote cross-functional working groups or committees dedicated to cybersecurity, bringing together representatives from relevant departments to share knowledge and align security practices.

Educate and Train Employees

Example: The CISO develops comprehensive training programs that raise awareness about cyber threats, data protection best practices, and individual contributions to security. For instance, they may organize regular cybersecurity awareness campaigns, conduct interactive workshops, and provide ongoing training resources to empower employees to proactively identify and report potential risks.

To implement this, the CISO should:

• Assess the organization’s training needs and develop a comprehensive cybersecurity training program.
• Leverage various training methods, such as workshops, online modules, and simulated exercises, to cater to different learning styles.
• Regularly communicate the importance of cybersecurity through company-wide meetings and awareness campaigns.
• Provide ongoing resources and support for employees to access the latest information and best practices in data protection.

Stay Informed and Adapt

Example: The CISO remains updated on emerging threats, industry best practices, and regulatory changes. For instance, they actively participate in industry forums and conferences, engage with professional networks, and collaborate with peers to acquire knowledge and implement the latest technologies and practices addressing new threats.

To implement this, the CISO should:

• Allocate time and resources for professional development, including attending industry events, participating in webinars, and joining relevant professional associations.
• Establish channels for information sharing and collaboration, both internally and externally, to stay informed about emerging threats and best practices.
• Continuously assess the organization’s cybersecurity posture and adapt security measures based on the evolving threat landscape and regulatory requirements.

Building a 90-day systematic plan based on the 5 points above will get you in front of your peers and executives and show them how you manage cybersecurity from a business perspective. Doing this well, will demonstrate strategic leadership, prioritize risk management, foster collaboration, promote a culture of security, and ensure continuous adaptation to emerging threats.

These efforts contribute to the overall success and resilience of the organization in the face of an ever-changing cybersecurity landscape. As organizations navigate the treacherous waters of the evolving cyber threat landscape, the role of the CISO as a business executive becomes increasingly critical.