Businesses are prioritizing cybersecurity amid a growing cyber-threat landscape and stricter compliance regulations. This prioritization stems from an increasing concern about being able to withstand cyber-crisis. According to PwC, only 19% of executives are very confident they are secured against the common causes of cloud-based data breaches. For security in an interconnected world, it’s imperative to build technological and operational resilience that addresses possible internal and external risks. CISOs must be ready to protect critical assets, decrease downtime for core business processes, address regulatory implications, and support a quick recovery.
As CISOs face five significant challenges this year, there are actionable steps they can take to mitigate their impact and succeed.
People: Hire and Retain
The Club CISO Information Security Maturity Report 2023 reveals that CISOs are primarily concerned about insufficient staff (51%) affecting their ability to deliver against their objectives. Their next most significant concern was the organization’s culture (31%). Notably, people and cultural challenges are still seen as more influential in achieving objectives than macro challenges like budget, the supply chain, and the economic downturn.
Finding and retaining cybersecurity talent has always been a difficult task for leaders in the industry. Due to the field’s relative novelty, there is a well-known shortage of skilled professionals, and companies that have invested in developing their talent do everything in their power to retain them. CISOs must think outside the box regarding resourcing their security teams and providing them with the necessary tools, insights, and professional development opportunities to succeed. Additionally, retention strategies will be critical, meaning CISOs must collaborate with HR and other leaders to ensure their employees are satisfied.
According to the Club CISO 2023 report, CISOs prioritize recruiting from diverse backgrounds when building teams that complement existing skills and working styles. 69% of them place it among their top three priorities. The majority of CISOs (78%) believe that having varied viewpoints in the business is beneficial, especially in light of social engineering being the leading cause of data breaches in recent years. Therefore, recruiting diverse teams with different perspectives and experiences may help address this issue.
Reduce Risks Through Prevention and Culture
It’s known that malicious individuals take advantage of unstable situations to carry out cyber-attacks. This fact has been observed during the pandemic, as well as during times of political and economic turmoil. Therefore, companies need to prioritize their cybersecurity measures and stay ahead of potential threats to prevent any adverse effects.
To effectively manage risks, CISOs must invest in tools and processes that proactively identify, isolate and respond to potential threats. While there are various technology investment priorities, the most common solutions on CISOs’ lists are Security Information and Event Management (46%), Vulnerability Management (43%), and Identity and Access Management (43%).
However, budgeting remains a significant concern when adopting risk-reduction technology. According to the Club CISO report, many organizations face budget limitations as the increase in the cybersecurity budget for 2023 is lesser compared to 2022, and many security budgets have remained flat. These limitations are mainly due to economic downturn, profit and loss pressure, and geopolitical unrest.
Creating a security culture within an organization is crucial in enabling cybersecurity. According to 62% of CISOs, making security culture transformation an ongoing priority is vital. To achieve this, organizations can identify security champions within their leadership team, use effective communication channels for sharing updates and requests, gamify security awareness training rollouts, or implement other strategies. As cyber-attacks continue to target various parts of organizations, there is a unique opportunity to make cybersecurity understandable and relevant to all organization members.
Automate Mitigate
In today’s world of cyber threats, CISOs must prioritize implementing automated features to enhance the efficiency of their cybersecurity programs. Automation reduces the human risk and alleviates the burden of repetitive or manual tasks. It is an essential tool in managing cybersecurity tasks such as vulnerability management, incident response, and compliance checks while also addressing mental burnout and stress issues.
However, this shift towards automation requires a change in mindset within the CISO’s organization. To promote this idea, it is critical to educate the team and provide them with strategic and personal development opportunities once they are free from tactical and repetitive processes. Moreover, automated tooling reduces the resources and burden required to manage cybersecurity efforts, addressing multiple challenges simultaneously.
Reduce Attack Surface
As organizations become more digitally advanced, they rely more on cloud-based solutions and web applications to accomplish their tasks. They also participate more in the growing API economy by building and leveraging APIs. With the rise of remote and hybrid workforces, access to business applications and data is spread across different networks. This expanded network of systems increases the risk of cyberattacks, and as such, a comprehensive security strategy that accounts for all these factors is crucial for any organization.
According to a recent survey, the leading security concerns for businesses are supply chain and APIs. The survey revealed that 89% of CISOs face unexpected risks due to the rapid implementation of digital services, which can jeopardize essential business data. Furthermore, 95% of CISOs intend to focus on enhancing API security over the next two years.
Tackle the Insider Risks
Sensitive data is at risk for many organizations due to the actions of trusted insiders, including employees, partners, and contractors, with access to confidential information such as customer data, financial details, or proprietary code. These insider threats may occur intentionally, such as when a disgruntled employee seeks to harm the organization or accidentally. In either case, an insider attack can compromise the organization’s integrity and result in a costly breach. The challenge with insider threats lies in their complexity, as response strategies must address both intentional and unintentional incidents requiring comprehensive coverage. As CISOs develop their security strategies for 2023, they must prioritize insider threats and leverage appropriate tools to mitigate the risks.
Throughout 2023, businesses will increasingly focus on building and strengthening cyber security and resilience measures. Consequently, Chief Information Security Officers will continue to play a more strategic role within the Board, tearing down the walls of siloed departments and processes and bringing together members of the organization to collectively address cyber threats and protect the interests of customers and stakeholders.