SMB Alert: You Need A Virtual Chief Information Security Officer!

Summary: This concise article explains the differences between fractional and virtual CISOs. Learn what factors to consider when deciding which option is best for your SMB’s cyber security needs. If you have additional questions about how to protect your hard-earned data, contact DIGIGUARD CYBER SECURITY at 833-33-CYBER (833-332-9237) or visit www.DIGIGUARDsecurity.com to schedule a data security evaluation.

For small businesses, weighing needs against costs is a never-ending challenge. The essential line items required to operate SMBs can consume much of their budgets. For many, cyber security is a secondary or tertiary consideration. Many small business owners falsely believe they are unlikely to fall victim to a cyberattack because of their size. Ironically, cybercriminals love targeting SMBs because of that misconception. If they do not include appropriate cyber security in their budgets, these businesses are much easier to hack and are therefore considered the “low-hanging fruit” by hackers. SMBs beware! The hackers' target landscape has grown, and your business is in their crosshairs.

With the rapid expansion of remote work, cyber thieves have also expanded their expertise and modus operandi. In other words, hackers have improved at their jobs, and companies must keep pace with the new cyber threat levels. However, small companies cannot afford a full-time Chief Information Security Officer (CISO), and for many businesses, the work required is part-time. For that reason, some companies have fractional CISOs; for others, a virtual CISO is the more cost-effective choice.

What Is A Fractional CISO?

A fractional CISO works on-site in a part-time capacity. Usually, a qualified employee will fill the part-time role and have another job in the same organization.

What Is A Virtual CISO?

Virtual CISOs or vCISOs are outsourced cyber security contractors. Generally, a team of cyber security experts performs all of the CISO functions required on a part-time basis.

Finding the right fit for a CISO position is not easy. Identifying a candidate with the best qualifications can be frustrating for SMBs because it requires more than an IT specialist’s perspective. CISOs are part of the executive team that drives the company's growth and must be tapped into the overall plans for the business. Not only are candidates with the right experience hard to find, but they also might not be affordable. As with most business decisions, money is a crucial factor, but protecting and safely using your data is of paramount importance, given the ever-changing cyber security climate. vCISOs are generally paid an hourly rate or a monthly retainer fee; such an arrangement is much more cost-effective than hiring a full-time employee.

At first glance, fractional CISOs might seem like the best option. But remember, fractional CISO is a part-time role. Employees in these roles are often charged with other duties and might be unable to properly allocate enough time and attention to ensure your business’s data has the best protection possible. Also, fractional CISOs might not be familiar with all the new data security advancements available, whereas vCISOs have IT expertise and the resources to stay up to date on the latest technology and business trends. Also, a successful vCISO can proactively mitigate cyber vulnerabilities and provide creative and effective vCISO solutions, including ongoing cyber security monitoring. There are several key responsibilities of a vCISO:

• Monitoring Cyber Security Events – vCISOs have tools that help them monitor your computer system and take action to resolve potential data threats.
• Ensuring Legal Compliance – Many companies are subject to industry-specific regulations and laws. For example, medical compliance requires high security to protect data privacy. vCISOs are charged with following HIPAA regulations concerning all patients’ privacy rights.
• Balancing Risk Management With Corporate Goals – Business growth often requires taking risks to drive revenue. A qualified vCISO can help other C-level executives make informed risk management decisions.
• Employee Training – vCISOs can provide ongoing cyber security training to teach employees best practices for avoiding data breaches and recognizing potential threats at the user level. All employees, from CEOs down the corporate ladder, must be on the same page regarding how best to prevent cyberattacks that lead to data theft.
• Security Liaison for Upper Management – vCISOs can serve as the cyber security communications conduit between various departments and upper management, providing executive security reports and suggestions for security required for current and future business plans.

vCISOs are becoming more and more popular for good reasons. The job market for fractional CISOs exceeds the number of qualified candidates available. As always, supply and demand have driven up the cost of hiring a full-time or fractional CISO. Using a vCISO changes the hiring process. Relocations, company benefits, payroll taxes, office space and the like are not required for vCISOs because they are independent contractors acting as data security consultants. For companies experiencing rapid growth, vCISOs also offer scalability and flexibility not afforded by in-house CISOs.

Using vCISOs is a cost-effective approach, bringing expertise and flexibility to the vital job of data protection. Companies of all sizes need to place data security in a high-priority position, as a breach or misuse of your business data could have crippling consequences, slowing or stopping the growth of your business.