The world is unfortunately short on cyber security experts. Finding, retaining, and affording senior-level security talent is difficult. Consequently, many credit unions are turning to CISO as a Service models to meet their security needs.
The service model—essentially a rent-a-CISO—provides all the benefits of an in-house CISO. However, the service model drastically reduces overhead.
But by how much?
What Is CISO as a Service?
Before we get too far ahead of ourselves, here’s a quick primer. A Chief Information Security Officer (CISO) oversees all information security concerns in the credit union ecosystem. You can expect high levels of weekly, monthly, quarterly, and annual engagement and direction.
The position requires a deep understanding of both credit unions and modern security challenges. Plus, the managerial and leadership aspects of the role necessitate a significant level of experience.
What Does CISO as a Service Cost?
The cost of CISO as a Service, or CISOaaS, varies considerably. In less stringent industries, it might come to a couple thousand dollars per month. For much larger organizations, it might cost tens of thousands per month.
But what does CISO as a service cost for credit unions?
The short answer is that it depends.
However, the CISOaaS cost range from Ongoing Operations is narrower for credit unions than the numbers listed above. There are a few contributing factors that affect the price:
- Level of service and involvement needed
- Credit union asset size
- Specific or custom requests
Another issue that affects the cost is how the service integrates with your credit union. Will the CISO fill a vacant spot? Or will they complement your existing security team?
Generally, you can expect that CISOaaS for credit union will cost somewhere in the ballpark of $4.5k–$12k each month. Of course, the exact price varies based on the contributing factors listed above.
Final Thoughts for Credit Unions
CISO as a service solves many hiring issues for credit unions. Not only that, but it brings extensive industry experience at a fraction of the cost of a full-time specialist.
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