Chief Information Security Officers (CISOs) are on the front lines of an ever-changing struggle against cyber attacks. The landscape for CISOs in 2023 is characterised by new challenges and shifting objectives. With the cyber security landscape continually changing, CISOs must stay ahead of the game. This article looks into the important findings of the 2023 Stott and May Cyber Security in Focus Report, bringing insight into the challenges, goals, and areas of attention for CISOs in today’s cyber security environment.
A New Era of Challenges
Today’s CISOs have several hurdles, including closing the skills gap, garnering leadership support, cultivating a security culture, and making smart technology investment decisions. However, current economic situations are changing CISO expectations. The emphasis is now on achieving more with less, which demands creative solutions to long-standing cyber security concerns.
Budgetary Constraints
While proactive cyber security spending continues, the study underlines a fiscal quandary. 44% of CISOs expect their expenditure to stay flat or even decrease. This is a challenge for CISOs who must stay up with the quickly changing digital ecosystem. Budget restrictions need inventive and cost-effective methods to protect organisational security.
Talent Shortage Woes
Finding the proper personnel to fill cyber security jobs remains a top priority for CISOs. A startling 66% say it is tough to find qualified candidates for their organisations. Even after 8 weeks, 69% of security positions remain unoccupied, and 39% remain unfilled after 12 weeks. Attracting qualified personnel to the cyber security profession is a continuous problem that needs CISOs to refine position criteria, offer competitive salaries, streamline interview procedures, and successfully communicate their organisations’ unique selling points to potential applicants.
Salary Expectations on the Rise
Salary expectations for CISOs are rising dramatically in a competitive market. A sizable 47% of respondents reported an average yearly pay rise of more than 11%. Another 31% predict pay inflation to be between 6% and 10%. This is due to a combination of growing prices and a lack of candidates for individual contributor posts. Salaries are expected to rise in areas such as application and safety for products, surveillance and reply, and privacy in the cloud.
Budgetary Constraints Take Centre Stage
CISOs now consider budgetary limits to be the most critical hurdle to plan implementation, exceeding worries about internal talent. Budgetary constraints are cited as the most significant barrier by 51% of security executives, followed by internal talent shortages (34%), board-level acceptability (11%), and technical concerns (3%).
Given the current state of the global economy, CISOs will be under intense pressure to guarantee that their actions provide good value for money. As a result, companies will prioritise software and equipment expenditures, extracting greater value from current suppliers, and building long-term vendor partnerships.
Aligning Security Risk with Company Strategy
A major trend is the alignment of security risk with corporate strategy. 55% of security experts believe that cyber security is an essential strategic goal for their organisations. Furthermore, 60% agree that the privacy feature improves the entire value offered to customers. Indeed, just 5% of security executives polled believe that cyber security has no substantial influence on their organisations.
The amount to which CISOs can maximise the value that security provides may differ by business, with SaaS software firms and highly regulated organisations having an easier time of it. While the CISO function remains essentially operational, security professionals must investigate new approaches to fulfil clients’ changing expectations.
Conclusion
Finally, the position of CISOs in 2023 will be characterised by shifting objectives, budgetary restrictions, and the pursuit of new solutions. As the cyber security landscape evolves, the job of CISOs remains critical in protecting organisations from evolving threats and maintaining the protection of sensitive data. In the ever-changing world of cyber security, CISOs’ adaptation and resilience will be critical.
