The role of a Chief Information Security Officer (CISO) is changing.
While 76% of CISOs expect to see their budget increase this year, these security executives say they’re also facing new challenges. 54% of those surveyed expect to prioritize the DevSecOps integration, while 62% highlighted the ongoing management of cloud, infrastructure, and APIs.
But the bottom line is that decision makers are prioritizing areas where they can see impact and ROI. So what is the impact on risk-focused security programs and on the CISO?
Tim Rohrbaugh, CISO of JetBlue Airways recently joined Dave Stapleton, CISO at CyberGRX to discuss the evolving nature of a CISO’s role and the steps that can be taken to help manage and mitigate critical cyber risk.
A CISO’s Primary Goals
Despite the shift in CISO operations, Tim notes that the primary goals remain the same: reducing the risk of a cybersecurity event and reducing the time to discovery. “CISOs must continue to elevate the threat of cyber attacks as they have become more of an existential threat to successful business,” added Dave.
Both risk management and reducing discovery time are also critical to controlling costs, another CISO objective. As noted by the 2022 Cost of a Data Breach report, the average cost of a breach is now $4.35 million and the average detection time is 277 days. By reducing detection time to 200 days or less, however, companies can save $1.12 million on average.
The average cost of breach is $4.35 million and the average detection time is 277 days. By reducing detection time, companies can save $1.12 million on average.
However, cyber criminals are unrelenting and continue to keep Tim and his industry peers on their toes. As a result, “we have to put at the forefront the criminal actor and their motivations,” he said.
Protecting the Crown Jewels with Data Privacy and Security
The most basic criminal motivation is profiting from what is stolen.
To make the most money means attacking the areas of greatest value – data or the “crown jewels.” There may be unintended consequences from these attacks, such as the case of the Colonial Pipeline, but the original attack was still initiated to make money from stolen data with the collateral consequence coming in the form of shutting down the pipeline. “As CISO, we have to think through consequences, not only for compliance but on the business as a whole.” Tim continued, “security compliance is not actual security.”
As CISO, we have to think through consequences, not only for compliance but on the business as a whole.
Cybersecurity is an important part of managing compliance risk, as well as ensuring the security, and privacy, of data. Due to the modern criminal, though, compliance is now table stakes for the modern CISO. Privacy rules and global regulatory compliance are key drivers; however, best in class cybersecurity must be focused on the threats themselves with a preemptive mindset.
For Tim, protecting the crown jewels – company data – requires tension. The modern CISO has to put in place the appropriate tension – technologically and operationally – relative to the threats. “We’re paid to make someone’s life miserable,” says Tim. “In this case, the (cyber) criminal’s life. But since the tension we put in place slows down the business, it has to be balanced with the threat.”
To determine the appropriate amount of tension, cyber risk intelligence is critical to an organization and must be aimed at orchestrating both defensive and testing activities. Tim outlined three key questions for effective cyber risk intelligence: “who is coming after us; why are they coming after us; and how are they coming after us?”
Answering each of these questions helps to improve threat response and addresses three key areas necessary for data defense: improved response times, and managing cybersecurity spend, and third-party risk.
Mitigating Third and Nth Party Risk
While knowledge about common attack types can help reduce total risk, a CISO also has to understand who’s coming after the organization and where they’re coming from. For example, is a managed security services partner being targeted to gain access to clients?
82% of enterprises now say third-party threats present the most significant risk for exposure, but many don’t take actions that reflect effective mitigation. What’s more, cyber threats have also moved beyond third-party risks to “nth” party risk. Cyber risks multiply as additional vendors are contracted directly, and those same risks multiply even further as your vendors contract with their vendors.
Even for the largest of organizations — from the Fortune 500 to the federal government — risk is asymmetric. For small organizations, prioritizing where to deploy limited resources is even more vital. A recent CyberGRX blog post, “Defining Risk Management: Third-Party Risk, Vendor Risk & Supply Chain Risk,” lays out three types of supply chain attacks — compromising commercial software, compromising open source software, or embedding malware during the physical production of technology.
Improving Response Times
Understanding why attackers choose specific targets is also critical for companies to improve response times and reduce overall risk.
As a result, companies must continuously re-skill their cybersecurity workforce, because cyber criminals are doing the same. “We have to look not just at the tools and how we use them,” says Tim. “We have to look at the ‘who and the why’ of criminals. This means fresh thinking from places like psychology can help our teams as we recruit.”
According to Dave, “the perimeter, as we know it, has fundamentally changed as a result of new remote work models. Identity is now its own perimeter, as is third-party risk.” In other words, cybersecurity is more than the sum of its parts. It is tools and people. It is art and science. And it’s only by understanding this balance that CISOs can gain a better understanding of why cybercriminals are targeting organizations — and what they’re trying to accomplish.
With this information in hand, teams can then leverage third-party cyber risk management (TPCRM) solutions to pinpoint common attack vectors and create frameworks that empower improved detection, in turn reducing the time between initial threat and active response. The result? Attackers spend less time in the system before being found, meaning they have less time to cause damage and exfiltrate data.
Managing Cybersecurity Spend
As digital transformation accelerates and the threat surface expands, every modern enterprise, large or small, is faced with a similar question: How much should we spend on cybersecurity?
As noted above, part of the answer to that question is informed by threat intelligence and where the attacks are occurring. The answer is also informed by a business’s overall IT spend. Tim notes the rule of thumb is that 10% of the IT spend should be going to cybersecurity. He also highlights that cybersecurity spend is both an art and a science — IT informs cybersecurity and vice versa.
Learn more about budgeting for your TPRM program.
Harnessing tools like CyberGRX’s Exchange allows companies to make better-informed decisions about what their spend should be and where those dollars should go, both for tools and for people. As Tim points out, “we can’t boil the ocean and handle every risk. It’s too much. If we can focus on the right attack vectors and the key threat actors through the sharing of threat intelligence, then we can build the right emulation plans, for the right vulnerabilities, with more focused ‘hunting’ on the biggest threats.”
Business is Better Together
Cybersecurity is no longer an individual sport.
Each company and organization must make its own unique decisions as it balances its own threat profile, risk posture, and business priorities. As these decisions are made, however, there are several ways to share non-competitive information in collaborative ways to mitigate risk and strengthen threat intelligence within, and across, industries.
As cyber risks evolve and cybersecurity teams work to respond – reactively and proactively – the role of a CISO is evolving, too. The CISO is no longer simply protecting the castle with fancy new technological moats. They are a vital strategic thought partner with the C-suite and board.
Dave and Tim put it simply: “by strengthening trust with better security and decreasing risk for both physical and digital assets, cybersecurity and CISOs can contribute to both the top-line, and bottom-line, results of their organizations.”
Continue your learning: Get our free eBook, Cyber Risk Intelligence in a Digitally Transformed World, outlining the advantages of cyber risk intelligence and how to apply it in your organization.
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How Remote Work Has Changed On-Site...
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CyberGRX Product Guide
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The 6 Most Common Third-Party Security...
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Protecting Your Network From the Increased...
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Beyond Risk Management: How Cyber Risk...
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Log4j Vulnerability: A Lesson in Third...
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Log4Shell and Threat Profiles
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Log4Shell and Third-Party Vendors: How Will...
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The Difference Between Third-Party Cyber Risk...
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5 Easy Ways to Increase Your...
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Predictive Risk Profiles Data Sheet
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Expert Interview: Continuous Monitoring of Third-Party...
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ISACA Summit Replay: Cybersecurity is an...
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Inherent Risk vs. Residual Risk in...
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ProcessUnity Team Kicks Off National Day...
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UK PRA Guidelines: New Strategies for...
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What the Biden Administration's Executive Order...
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Ransomware & Your Third Parties: A...
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ESG Reporting Mandates to Know for...
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Ransomware Vendor Ecosystem Visibility Report
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CyberGRX Ransomware Threat Profile & Ecosystem...
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Exchanges, GRC Tools, and Risk Scans:...
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Supplier Risk Management Strategies for Healthcare...
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The Next Kaseya Breach is Around...
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Risk Assessment Methodology Data Sheet
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Your Cybersecurity Budget is a Top...
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Anatomy of a Third-Party Data Breach
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Cybersecurity Analytics: Integration With the MITRE...
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Implementing a centralized Cybersecurity Program Management platform can pay dividends for your organization by protecting high-value..
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Money laundering; bribery and corruption; drug trafficking; and terrorism financing are issues that are rapidly infiltrating business operations. In recent years,..
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Attack Scenario Analytics: A Datasheet Reference
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Expert Tips for Setting up a...
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Vendor Risk Management & ESG Related...
The Emerging Importance of ESG-Related Risk Environmental, social, and governance (ESG) and its role in vendor..
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CyberGRX Partners with Recorded Future to...
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What’s the Difference? Vendor Risk vs...
The words are frequently used interchangeably. Is there a difference between them? The Basics of Third Party..
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The Intersection of Third-Party Risk and...
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Solarwinds Hack: The Intersection of Cybersecurity...
The continuing fallout from the SolarWinds hack is creating a mashup of Cybersecurity Program Management stuffed..
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The Cyber Info Exchange Episode 7:...
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Cybersecurity Accountability Requires Enterprise-Wide Involvement
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8 Key Reports You Need for...
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Checklist: TPCRM in the Retail Industry
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The Cyber Info Exchange Episode 6:...
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The Importance of a Flexible Cybersecurity...
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EBA Guidelines and Supplier Risk Management
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How to Stop the Next SolarWinds...
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Reporting on the State of Your...
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Cybersecurity Risk has Changed the Chief...
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How to Address The Top Third-Party...
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What is a Cybersecurity Framework?
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8 Benefits of Completing a CyberGRX...
CyberGRX modernizes and streamlines redundant and inefficient processes that come with shared and static..
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Are Third-Party Cloud Applications Putting Your...
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Third-Party Risk Management Best Practices
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Blackstone ROI One-Pager
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QBE ROI One-Pager
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Blackstone Case Study
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TPCRM 101 Guidebook
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Gartner Names ProcessUnity a Leader in...
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Auto Inherent Risk Data Sheet
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Pandemic Questionnaire Guidance & Vendor Assessment...
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How Third-Party Risk Management Can Help...
This post originally appeared on LinkedIn. To view the original article, click here. We understand the..
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How to Spot Your Riskiest Vendors:...
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Third-Party Risk Management: From A to...
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APRA CPS 234: Everything You Need...
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Metrics to Avoid When Discussing Cybersecurity...
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2019 Was A Banner Year for...
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Outside-In Scanning Is Not Cyber Risk...
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ProcessUnity Scores Highest in Gartner 2019...
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CPG Case Study
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ProcessUnity Positioned as a Leader in...
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What the European Banking Authority Guidelines...
Using the European Banking Authority (EBA) guidelines to streamline your supplier risk management program Simply..
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Solix Case Study
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The Latest CCPA Update: Amendments to...
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The vast majority of people get annual physical examinations and automotive tune-ups – why shouldn’t..
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How To Improve Your Third-Party Inherent...
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The Latest Retail Breaches: Third-Party Data...
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CCPA and GDPR Compliance for IT...
For many of us that work in IT Fields, the requirements of privacy bills like..
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Sarbanes-Oxley Compliance: Five Steps to Cleaning...
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CyberGRX Enriches Third-Party Cyber Risk Management...
CyberGRX Auto Inherent Risk Automates a Time-Consuming, but Critical Step, Bringing Immediate and Valuable Insights..
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Hey Third Parties! Here's How to...
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Tips for Preparing For Your Third-Party...
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How Financial Ratings and Cybersecurity Scores...
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Poll: Over Half of Risk Managers...
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First GDPR, Now CCPA: Manage Your...
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Essential Technical Security Controls to Promote...
One of the most impactful regulations in the U.S. is the Health Insurance Portability and..
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Evaluating Third-Party Risk Management Software? Speed...
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It’s a Wrap: Four Takeaways from...
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Creating a Third-Party Cyber Risk Management...
I’ve spent almost 30 years in the IT security space and half of that engaged..
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Cyber Risk: What is it and...
Cyber risk is a hot topic these days, and rightfully so. By 2025, Gartner estimates that “45%..
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The Cost of Third-Party Cybersecurity Risk...
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Trust, But Validate: Building Confidence in...
Overview Security assessments come in all shapes and sizes. Some have tightly defined scopes and..
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How ComplySci Spends Less Time on...
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How Blackstone Assessed 3x More Vendors...
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5 Reasons to Share Your CyberGRX...
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5 Reasons to Accept a CyberGRX...
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Third-Party Management Maturity Model White Paper:...
ProcessUnity’s recent white paper, the “Third-Party Risk Management Maturity Model,” helps you understand where your..
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New Gartner Report: Evaluates Capabilities and...
Gartner Research recently published The 2018 Critical Capabilities for IT Vendor Risk Management, and we are extremely excited..
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Technology Case Study
After a technology company doubled the size of their vendor ecosystem, they sought to secure..
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Third-Party Risk: Reduce Vendor Fatigue &...
You’ve likely heard before that “one size does not fit all” when it comes to..
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ComplySci Case Study
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New Report Predicts Significant Market Growth
MarketsandMarkets has published a new report that states that the global Vendor Risk Management market..
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Vendor Onboarding Best Practices: ProcessUnity Webinar...
Vendor Onboarding Best Practices: To contract a vendor is to initiate a relationship: when you..
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Think GDPR (General Data Protection Regulation)...
Do you collect, store or process EU citizen or resident data? Does anyone in your..
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Risk & Compliance – The Build...
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Incorporating Content Services into Your Vendor...
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Regulatory and Management Reporting for Vendor...
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SLAs and Vendor Performance Management
Not all business relationships require a service-level agreement (SLA), but good vendor performance management is..
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Formalizing Vendor Risk Management - Keep...
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Six Tips for Building Effective Vendor...
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The 2017 State of Third Party...
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eBook: 8 Reports for Effective and...
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The Top Policy and Procedure Management...
Corporate policies – from HR guidelines to pricing rules -- set the standards, outline the..
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How to Stay Ahead of Risk...
Managing risk through pre-contract vendor due diligence in a digitally connected world Thanks to increasing..
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Mitigating the CFPB Audit Process
In the mortgage industry, the potential for an audit by the Consumer Financial Protection Bureau..
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The Hidden Costs of Spreadsheets in...
While spreadsheets are a widely-accepted go-to for compliance and risk management activities, findings from Blue..
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The State of Third-Party Risk Management
Today, organizations are bombarded by new regulatory guidance, daily occurrences of cybercrime and data breaches,..
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45-Minute Executive Web Clinic: Offer Management...
You’ve probably heard: The sky is falling in the benefits industry. (Or should we say..
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FFIEC Cybersecurity Assessment Tool: What You...
Cybercrime is a hot topic among GRC practitioners these days. It should be. According to..
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Case Study: Offer Management Revitalizes a...
A large Benefits Provider was facing major customer service and implementation challenges. The company provides..
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Change Your SOX: Next-Gen Sarbanes-Oxley Compliance
It’s been more than a decade since Sarbanes-Oxley became the law of the land—and..
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Salesforce and Microsoft Office Integrations, plus a Whole New Look! The ProcessUnity Summer 2015 product..
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Channel Your Inner Regulator to Improve...
If you are like most banks and financial service companies, then chances are you outsource..
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Five Keys to Conducting Effective Vendor...
Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Does Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.