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Cyber Insights Today September 24, 2024
Privacy and Security
https://www.buzzsprout.com/admin/1913940/episodes/15759933-cyber-insights-today-september-24-2024
I am Richard Freiberg. Today we will be addressing a research study by Trend Micro showing the disconnect between CISO’s and senior leadership which has contributed to how ClSO’s perceive themselves in the corporate culture.
Research from Trend Micro shows tension between CISOs and senior enterprise leadership and the disconnect has led many security leaders to perceive themselves as nags.
Certainly, that’s not an ideal company. In fact, almost 80% of CISOs and other IT security leaders have felt pressure from their corporate boards to downplay the severity of cyber risk, according to this study.
The study highlights ongoing tension within the upper ranks of corporations between C-suite executives, investors and security operations over how to properly manage and communicate security risk.
In fact, this disconnect coupled with the new SEC requirements can be viewed by forward thinking ClSO’s as an opportunity.
I have written several newsletters on this in May https://mailchi.mp/47fb3ccd939a/the-cisos-to-be-or-not-to-be-dilemma?e=[UNIQID] and https://mailchi.mp/8c200103e78c/cisos-can-leverage-new-sec-rules-to-their-advantage?e=[UNIQID]
The board is focused on the overall business with a big effort to ensure the company supports investors. As such they want to ensure their reputation, revenue and profitability.
The report found 43% say they are seen as nagging or repetitive and 42% say they are seen as being overly negative about cyber risk. The report is based on a worldwide survey of 2,600 IT security leaders conducted by Sapio Research.
This is particularly relevant in the U.S., as the Securities and Exchange Commission requires publicly traded companies to disclose material cybersecurity incidents within four business days of such determination and must also annually disclose information about their cyber risk strategies.
The SEC in 2023 filed charges against SolarWinds and its top cyber risk executive, alleging the company misled investors about the company’s cyber resilience.
The findings are somewhat contradicted by a report from Proofpoint, which shows increased alignment between ClSOs and their respective companies. The 2024 Voice of the CISO report https://www.proofpoint.com/sites/default/files/white-papers/pfpt-us-wp-voice-of-the-CISO-report.pdf shows 84% of CISOs say they see eye-to-eye with their boards on cyber risk, a significant improvement from a year ago, when only 62% saw such alignment.
Despite the improvements, CISOs still feel tremendous pressure to carry the weight of cyber risk on their backs. Proofpoint’s study shows 66% of CISOs say they are faced with excessive expectations, compared with 61% in the year- ago study.
Two-thirds of ClSOs are concerned about personal liability, compared with 62% in the year-ago study. More than 70% of those surveyed said they would not join a company unless they had directors’ and officers’ coverage, which is personal liability insurance for top executives.
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DON’T BECOME ANOTHER STATISTIC!
Richard Freiberg
Profitability Consultant
Richard Freiberg CPA PC
Phone (980)339-3352
Cell (914)393-0033
www.rmfreibergcpa.com
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14 thoughts on “Cyber Insights Today September 24, 2024”
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