Why You Need a CvCISO® in 2023

By: nadineswee

Posted on: September 7, 2023

Protecting against cyber attacks is more important today than ever before. In 2022, there were over 623 billion cyber attacks worldwide, representing a 15% increase from the previous year. These attacks can have devastating impacts on businesses, resulting in billions of dollars of damages in the form of revenue, damaged reputations, and legal fees.

In 2021, the high-profile cyber attack on the Colonial Pipeline elevated the importance of cybersecurity in the minds of government officials and business owners alike. The attack brought the 5,550-mile pipeline to a standstill, causing gasoline shortages across the United States. The hackers stole 100 gigabytes of data in under two hours and demanded $4 million from the company as ransom.

Cyber threats are no joke – but there are ways to defend your customers, employees, and shareholders. One of the best ways to protect your company from cyber attacks is to hire a CvCISO® (Certified Virtual Chief Information Security Officer), a security professional who can help you assess your security risks, develop and implement security controls, and respond to incidents.

Who is a CvCISO®, and what do they do?

A CvCISO® (Certified Virtual Chief Information Security Officer) is a security professional responsible for the security of a company’s cloud-based systems and applications. They work with other IT professionals to design, implement, and manage security controls that protect sensitive data and systems from attack. CvCISOs® also help organizations comply with industry regulations. 

CvCISOs® can be either internal or external hires. Internal CvCISOs® are employees of the company they work for. External CvCISOs® are contractors hired to provide security services to a company.

The roles of a CvCISO® include:

Incident management: Responding to and investigating security incidents like data breaches and ransomware attacks.

Internal policy management: Developing and enforcing security policies and procedures.
Regulatory compliance: Ensuring that the company complies with industry regulations, such as the GDPR.
Risk assessment: Identifying and managing security risks.
Risk management roadmap: Developing and implementing a plan to mitigate security risks.

Why Hire a CvCISO®?

Hiring a CvCISO® for your business is a big commitment – but often a necessary one. Investing in cyber security can prevent massive losses to your business while opening doors to new revenue sources and opportunities.

Funding

In order to receive most broadband funding from federal and state sources, companies are obligated to submit a Cyber Security Plan. It’s recommended that this plan be reviewed and approved by a CvCISO®. Programs with this requirement include Enhanced A-CAM and BEAD.

The Enhanced A-CAM Funding program is a federal program that provides funding to help carriers deploy broadband to underserved areas. The program has strict cybersecurity requirements, including the following:

Carriers must implement operational cybersecurity and supply chain risk management plans by January 1, 2024. It’s highly recommended that the plan be reviewed and approved by a CISO or CvCISO® prior to its submission.
The plans must be submitted to the Universal Service Administrative Company (USAC) by January 2, 2024, or within 30 days of approval under the Paperwork Reduction Act, whichever is later.

Failure to submit the plans and make the certification will result in 25% of monthly support withheld until the carrier becomes compliant.
The cybersecurity risk management plans must reflect the latest version of the NIST Framework for Improving Critical Infrastructure Cybersecurity and must reflect an established set of cybersecurity best practices.

The Broadband Equity, Access, and Deployment (BEAD) Program is a federal program that provides funding to help carriers deploy broadband to underserved areas. The program has strict cybersecurity requirements, including the following:

All applicants must have a cybersecurity risk management plan in place that adheres to the National Institute of Standards and Technology (NIST) Framework for Improving Critical Infrastructure Cybersecurity.

The BEAD Program also requires that all applicants reassess and update their cybersecurity risk management plans regularly.

Both the BEAD and Enhanced A-CAM programs are a critical source of funding. However, the requirements included in each demonstrate the serious risks that American communication infrastructure faces. By hiring a CvCISO®, you can unlock these important funding sources while remaining compliant and secure. 

Financial Protection

According to IBM, the average security breach costs the victim organization roughly $4.45 Million. Investing in your cybersecurity personnel now can help you save millions down the road. 

A CvCISO® can help you reduce the cost of a data breach by implementing security controls that prevent breaches from happening in the first place. They can also help you respond quickly to incidents, minimizing data loss and financial damage.

Stakeholder Confidence

In business, your company’s reputation is everything. As a business leader, you have a responsibility to your employees, investors, and customers. Hiring a CvCISO® shows stakeholders that your organization is taking cybersecurity seriously and that you are taking steps to protect their assets.

When a cyber-attack inevitably comes, stakeholders will know that your company’s leadership team has done everything necessary to protect your most vital assets. By making the investment now, you will protect your reputation today and protect against costly attacks tomorrow. 

Act before it’s too late…

Cyber attacks are sharply rising in frequency and severity, and there’s no sign of the trend slowing down. In 2023, adding a CvCISO® to your team’s roster is critical for protecting your most vital interest and avoiding a costly attack. 

If you’re ready to take the leap, we’re ready to help! CNE has proudly served customers across the region of COE and OSP engineering, IT services, permitting, and more. CNE’s Connor Dymerski recently obtained his CvCISO® certificate. The new accolade will allow CNE to provide even more critical support for clients ready to protect their assets.

Click here to learn more about CNE’s CvCISO® services and get connected with our team. We can’t wait to help you secure your organization against cyber threats!