I am excited to be recognised as one of the top security executives who have demonstrated outstanding thought leadership and business value.
The winners of the CSO30 Award “demonstrated risk and security excellence in helping guide their organisations through the challenges of COVID19, worked to secure digital transformation initiatives, strengthen security awareness and education efforts, utilize new security technologies, engage with the wider security community to share learnings, and much more.”
It’s a team effort and I’m proud to be working with great professionals helping businesses innovate while managing risks.
I’m often asked what the responsibilities of a CISO or Head of Information Security are. Regardless of the title, the remit of a security leadership role varies from organisation to organisation. At its core, however, they have one thing in common – they enable the businesses to operate securely. Protecting the company brand, managing risk and building customer trust through safeguarding the data they entrusted you with are key.
There are various frameworks out there that can help structure a security programme but it is a job of a security leader to understand the business context and prioritise activities accordingly. I put the below diagram together (inspired by Rafeeq Rehman) to give an idea of some of the key initiatives and responsibilities you could consider. Feel free to adapt and tailor to the needs of your organisation.Read the rest of this entry »
I wrote previously about how cyber insurance can be a useful addition to your risk management program.
Unlike more established insurance products, cyber doesn’t have the same amount of historical data, so approaches to underwriting this risk can vary. Models to quantify it usually rely on a number of high-level factors (the industry your organisation is in, geography, applicable regulation, annual revenue, number of customers and employees, etc.) and questions aimed at evaluating your security capabilities.
You are usually asked to complete a self-assessment questionnaire to help the underwriter quantify the risk and come up with an appropriate policy. Make sure the responses you provide are accurate as discrepancies in the answers can invalidate the policy. It’s also a good idea to involve your Legal team to review the wording.
While you can’t do much about the wider organisational factors, you could potentially reduce the premium, if you are able to demonstrate the level of security hygiene in your company that correlates with risk reduction.
To achieve this, consider implementing measures aimed at mitigating some of the more costly cyber risks. What can you do to prevent and recover from a ransomware attack, for example? Developing and testing business continuity and disaster recovery plans, enabling multi factor authentication, patching your systems and training your staff all make good sense from the security perspective. They can also save your business money when it comes to buying cyber insurance.
If possible, offer to take the underwriter through your security measures in more detail and play around with excess and deductibles. Additionally, higher cover limits will also mean higher premiums and these are not always necessary. Know what drives your business to get cyber cover in the first place. Perhaps, your organisation can’t afford to hire a full time incident response manager to coordinate the activities in the event of a breach or manage internal and external communication. These are often included in cyber insurance products, so taking advantage of them doesn’t necessarily mean you need to pay for a high limit. While it is tempting to seek insurance against theft of funds and compensation for business interruption, these can drive the premium up significantly.
It’s worth balancing the cost of the insurance with the opportunity cost of investing this sum in improving cyber security posture. You might not be able to hire additional security staff but you may be able to formulate a crisis communication plan, including various notification templates and better prepare with an incident simulation exercise, if you haven’t already. These are not mutually exclusive, however, and best used in conjunction.
Remember, risk ownership cannot be transferred: cyber insurance is not a substitute for security controls, so even the best cover should be treated as an emergency recovery measure.
I’ve been invited to speak at the CSO30 Conference today on applying behavioural science to cyber security.
I talked about the role behavioural science plays in improving cybersecurity in organisations, the challenges of applying academic theory in practice and how to overcome them.
I shared some tips on how to build the culture of security and measure the success of your security programme.
We also spoke about the differences in approaches and scalability of your security programme depending on the size and context you organisation, including staffing and resourcing constraints.
Overall, I think we covered a lot of ground in just 30 minutes and registration is still open if you’d like to watch a recording.