Cyber crime has grown more costly over the last few years, which has made organisations around the world treat information security as a leading concern. In Australia, ASD's Annual Cyber Threat Report 2024–25 found that the average self-reported cost of cybercrime per report for businesses rose 50% to $80,850. Criminals don’t discriminate based on company size, type or industry they are a part of, every business is a target for cyber criminals. Therefore organisations have started to prioritise implementing a cybersecurity strategy, which commonly includes security personnel training, risk management certifications, improved technology, policies, and other awareness activities, to safeguard sensitive information and assets from malicious actors. And to help implement their cybersecurity strategy and oversee the rest of their information security efforts, organisations have started hiring Chief Information Security Officers or CISOs in short.
What do CISOs do?
Chief Information Security Officers are guardians of an organisation’s information and data security, they are responsible for the entirety of an organisation’s information security profile, looking to defend it against any potential threats.
What makes a great CISO?
The CISO role requires a multitude of technical and soft skills, such as the ability to make quick decisions, to lead, to communicate effectively and build relationships. Additionally, CISOs must adapt in order to maintain pace with the cyber threat landscape and new technologies, constantly learning on the job and picking up new skills. In this ever-shifting cyber world, great CISOs require innovation and imagination in creating and delivering cyber security strategies for their organisations.
Why do you need a CISO?
Business information security is a fundamental aspect of every business operation, if your organisation were to hire a CISO, it doesn’t mean that it is now immune to cyberattacks. A CISO can help reduce the likelihood of getting attacked and if an attack were to occur your organisation would be in a better position to respond and recover.
How do you know if your organisation requires a Chief Information Security Officer?
Below are four key signs that your organisation requires a CISO:
A History Of Security Infringements
If your organisation has been attacked on repeat occasions in the past, it is a no brainer that its information security needs to be uplifted. Attackers, if they have been successful in compromising your organisation’s systems and networks, may mark your organisation as an easy target for future attacks. Therefore even if you may think there is no point investing in cybersecurity given your networks and devices have already been compromised, it is essential that a strong cybersecurity program is implemented to prevent succumbing to attacks in the future. Hiring a CISO can be an effective way of upgrading your cybersecurity posture to identify and eliminate any future threats.
Governance, Risk & Compliance
Organisations in certain industries handle and on some occasions store extensive amounts of sensitive information, for example in the healthcare and finance industry. This causes them to be heavily regulated, therefore they require an extensive and comprehensive cybersecurity solution compared to regular businesses. In Australia, for example, APRA-regulated entities must meet Prudential Standard CPS 234 Information Security, and private sector health service providers are covered by the Privacy Act regardless of their size. If an incident were to occur within these organisations, they could be open to legal repercussions apart from the other financial and reputational impacts of a cyber attack or data breach. Hence, the cost of a data breach or cyberattack can far outweigh the cost of hiring a CISO, who can significantly improve an organisation's cybersecurity posture.
Complex Threat Environment
Cybersecurity needs are congruent with the size of your organisation, for example, small to medium businesses with minimal employees will have differing needs when it comes to their cybersecurity when compared to larger organisations with thousands of employees and customers. The impact differs too: according to ASD, the average self-reported cost of cybercrime per report in 2024–25 was $56,600 for small businesses and $202,700 for large businesses. Understanding your organisation's threat environment should be the first thing you do before you decide to hire a chief information security officer. Depending on the intricacy of your threat environment, your organisation can prioritise its security.
Your current IT capabilities
Another sign that your organisation may require the skills of a CISO, is its current IT capability. For example, if your organisation is lacking IT professionals who can effectively deal with security incidents if they were to occur, then your organisation may require the skills of a CISO. Even if your organisation has IT professionals with the technical skills required to deal with cyber attacks or data breaches, they may be lacking the soft skills like business acumen or leadership to enhance your organisation’s current cybersecurity posture. A CISO has the soft skills and technical knowledge required to significantly enhance your organisation’s cybersecurity capabilities.
Consider a virtual CISO
Now while you might find that your business needs a CISO, it is not always feasible to have an in-house CISO. Maybe it's because of the size of your business or budget constraints, but having a full-time CISO might not make sense in the immediate context of your business. And in such cases, a virtual CISO or an outsourced CISO can be a viable solution.
StickmanCyber's vCISO and advisory service offers you a dedicated, outsourced Chief Information Security Officer to strategise, manage and optimise your cybersecurity practice.
