Organizations today are rapidly transforming their business models to embrace digitalization and keep their businesses afloat. For CISOs, this poses a challenge as incorporating or using new technologies can make the cybersecurity infrastructure vulnerable to cyber attacks. Therefore, CISOs must follow specific steps to help them keep up with the rapid business transformation in the enterprise industry.
As enterprises have sped up their digital transformation efforts, the C-suite executives have witnessed an evolution in their roles and responsibilities. It has forced them to become flexible and achieve goals that directly contribute to the goals and revenue of their businesses.
The acceleration in the business transformation journey has forced CISOs who are responsible for protecting the enterprise’s cybersecurity, to seek better avenues for the growth of the enterprise. In fact, according to a study done by PwC, the role of CISOs has considerably transformed due to the pandemic, with 40% of CISOs saying they have to fill both an operational role and the role of digital transformation leader.
This immense pressure from their C-suite counterparts and board of the organization requires CISOs to consider new modes of leadership as well as a complete transformation of their organizational cybersecurity models. This will enable them to seamlessly perform their tasks and strengthen their relationship with their business partners.
Three Strategies CISOs Must Adopt to Keep Up with Rapid Business Transformation
Considering new strategies and modes of security leadership
In the recent events involving a surge in cyber-attacks, CISOs should consult with their counterparts to integrate security and privacy into every business decision.
CISOs must consider security strategies that include new processes for budgeting, increasing the frequency of interactions of CISOs and CEOs/board members, and conducting more resilience testing for low-likelihood, but high-impact events. By adopting these strategies alongside embracing digital trust can enable CISOs to actively contribute and protect the business value of the enterprise.
Rethinking the security budget
Even though enterprises expect to witness a decline in their revenue, many still plan on increasing their cybersecurity budgets in the coming years. Even though this is good news for CISOs, experts believe that most of these budgets aren’t aligned to the areas with the most significant risk. Furthermore, there’s a general lack of confidence in the security budgeting process.
Therefore, CISOs should take steps to increase the confidence of the board by putting a monetary value on cyber risks. They should evaluate the costs of each factor in the cybersecurity budget and designate a sufficient amount to each of them in a more strategic, risk-aligned and data-driven way.
Mitigating risks posed by attackers
CISOs must actively ask their business partners to invest in cybersecurity innovation technologies. This will empower them to close the gap between rapidly evolving cyber threats and security. Since more enterprises are transitioning their business model to the cloud, they should integrate hygiene mechanisms from the beginning by leveraging automation technologies. This will also enable them to eliminate friction from the system and simplify service delivery for their customers.