By: Igor Volovich, VP, Compliance Strategy
While the United States spends $150 billion on cybersecurity measures, it’s estimated that by 2025, cyberattacks will amount to $10.5 trillion annually—a 300 percent increase from 2015 levels, indicating that cyber threats are growing in both complexity and frequency. Chief Information Security Officers (CISOs) are at the center of the chaos, orchestrating the battle against cyber adversaries while simultaneously addressing regulatory demands and managing money hemorrhages. But just how are these CISOs navigating the challenges of an always-on world, where constant breaches are the new norm?
The cybersecurity landscape has witnessed a significant shift in recent years. Now more demanding, traditional approaches involving multiple siloed security solutions have left organizations overwhelmed and financially strained. The average enterprise now juggles over 70 security solutions, making it clear that blindly investing in more technology isn’t the solution.
With such enormous growth in breaches, the government is ramping up response by enlisting regulators such as the SEC, FTC, and the DOJ, taking a firmer stance, and urging organizations to prove the efficacy of their security programs continuously. The consequences of security negligence and breaches are no longer limited to financial losses — now impacting brand reputation, personal accountability, and even potential criminal liability for executives.
The question echoing across boardrooms is all-encompassing yet simple: Can we trust our cyber compliance reporting?
As a response to these challenges, organizations must shift their focus toward new categories of capabilities that can deliver continuous security and compliance posture visibility in real-time, enabled through automation and big data analytics. The goal is to augment human capabilities, investing not only in individual tools and solutions but also making strategic investments in risk management, starting with:
- Risk observability,
- Timely detection of security control failures, and
- Transforming legacy security, risk, and compliance processes into modernized, automated, and machine-augmented functions.
One foundational concept and strategy for enabling this long-overdue transformation is compliance automation. Rather than taking a reactive stance toward regulations and acquiring siloed technologies to address specific threats, organizations must adopt a proactive approach that addresses entire risk categories. Instead of playing the never-ending game of technology whack-a-mole, chasing after the latest attack patterns and threat actors with point solutions, strategic security leaders should seek to identify risk posture deficiencies through the lens of compliance control maturity, gaining valuable insights about risk and control mitigation priorities.
The Qmulos Solution: Q-Compliance
Enter Q-Compliance – the platform that’s reshaping the way CISOs approach risk management and compliance. Q-Compliance encourages CISOs to proactively manage risk with better visibility into security performance metrics, rather than lagging indicators for historical reporting.
The goal is to consolidate risk, compliance, and security functions into a unified approach, enhancing efficiency and maximizing the impact of people, processes, and technology investments in managing risk effectively.
Key Takeaways for CISOs
As CISOs navigate compliance, security, and risk challenges, several vital considerations are worth noting:
- Strategic Technology Choices: Choose technologies through the lens of risk controls, enabling transparent portfolio management decisions that prioritize risk mitigation capacity over technology vendor preferences or market fads.
- Proactive Risk Management: Understand that compliance and security aren’t just about historical reporting; they are proactive strategies to manage risk effectively.
- Unified Approach: Break down silos between risk, compliance, and security functions to streamline decision-making and leverage investments optimally.
- Timely Decision-Making: Embrace the OODA loop (Observe, Orient, Decide, Act) to inform decision-makers with the most accurate and timely facts about their environment.
- Objective vs. Subjective Information: Distinguish between objective data and subjective opinions when sourcing, analyzing, and delivering risk information to decision-makers.
The role of CISOs is an always-on job in an always-on world: quickly evolving, requiring comprehensive field knowledge, decisiveness, and objectivity. As organizations grow to rely on automation, AI, and compliance automation, platforms like Q-Compliance enable CISOs to adapt their strategies, unify their approaches, and proactively manage their organization’s risks in the atmosphere of ever-evolving threats.
To learn more about how Qmulos can help you and your organization, contact us today.