High profile security breaches unlock budget for CISOs, but expectations on spend are misguided
New research from BSS, leading risk and cyber solutions provider, reveals that over three quarters of CISOs (78%), have received extra budget after high-profile cyber incidents (e.g., data breaches, ransomware attacks). But this knee-jerk reaction leads to over half (55%) having to spend money on what’s hitting the headlines instead of strategic investment in security defences.
The How CISOs can succeed in a challenging landscape report from BSS, also found that just 9% of CISOs said information security is always in the top three priorities on the boardroom’s meeting agenda, suggesting a significant lack of awareness and understanding of its importance. Added to that, less than a quarter (22%) of CISOs actively participate in business strategy and decision-making processes.
Chris Wilkinson, Director at BSS comments, “It is encouraging to observe that many CISOs are experiencing a notable increase in funding; however, this is sometimes accompanied by impractical expectations when threats to the business aren’t fully understood by budget holders.
“Our research shows a problematic lack of understanding by the wider business of the current threat landscape and where budgets should be spent. Prevention, not reaction, is the key to effective information security management and it’s crucial that CISOs have a stronger presence and influence in every boardroom. Clearly, there is work to be done for information security to receive the attention it deserves as a vital enabler of commercial operations.”
Addressing the worrisome lack of buy-in from C-level executives regarding the role of information security is essential. By working with third party specialist solutions providers, subject matter experts and former CISOs can help organisations to communicate and simplify challenges and needs to the rest of the C-Suite without oversaturating in-house teams.
About BSS
BSS is a security and technology solutions provider that exists to solve problems. We provide solutions that are founded on our capacity and flexibility to address the most demanding security and risk management issues.
We believe that the most successful projects, outcomes and services come from good relationships, the right expertise and clear communications.
Whether you need to audit your current security state or want to deliver a full-scale risk management programme, we have the right people to help. Our team offers a wealth of experience across security, risk, technology and change management.
Our team members are good listeners, real experts and just get on with it. We are always up-front, realistic and deliver results. Learn more at: https://www.bss.uk.com
