What is a Virtual CISO, and Why is a vCISO Good for A Credit Union?
Like many other sectors, the Credit Union industry faces the ever-increasing challenges in protecting their critical IT infrastructure against both internal and external. This necessitates leadership being able to make strategic decisions concerning Cybersecurity, typically in the form of a Chief Information Security Officer (CISO). This critical C-suite resource shoulders the responsibility for ensuring awareness, review, and continuous adoption of technology to protect the Credit Union, its assets, and all its members.
A Virtual CISO (vCISO) is an outsourced Information Security Professional who uses their wealth of experience in Security to help Credit Unions develop and manage a mature Information Security Program. This may include Compliance, Risk Management, Audit Coordination and/or Assistance as well as Security planning, third party engagement, program review and/or creation.
One fundamental truth is: if you have sensitive information in your environment, the NCUA will require that data to be secured to ensure the safety of both the Credit Union and its members. So how do you decide between an onsite CISO versus a Virtual CISO? Below are some of the benefits of the vCISO.
One: Cost Savings
Hiring a full-time CISO incurs the immediate cost associated with the recruitment, hiring, salaries, and benefits. A Virtual CISO can save the Credit Union an estimated 30% – 40% or more by sharing the cost of the resource across multiple credit unions. You also get the benefit of a team with expert credit union security knowledge.
Two: Location Flexibility
Instead of hiring a local resource incurring footprint and location costs, as well as dealing with local talent availability, with a Virtual CISO the credit union is not constrained to one are for top notch security resources. Your Credit Union gets the flexibility of having the best talent available nationwide at a price that makes sense for your organization.
Three: Consumption Based Options
Some Credit Unions do not need a full-time CISO, or they only wish to engage for certain types of services (NCUA audits, Program Maturation, Security Control review, etc.) so they agree upon a scope of work, thus paying for services agreed upon while maintaining the flexibility to increase this scope of services as well.
Four: Strategic Leadership
A Virtual CISO will help to manage, direct, or compliment your existing information security team while providing upskill capabilities. Virtual CISOs are board and executive ready resources that will help your credit union map out a roadmap for increased security.
Five: Regulatory and Framework specialization
There are many Information Security and Data Privacy regulations to consider, while the NCUA has specific guidelines that a Credit Union must follow. A Virtual CISO specializes in those regulatory areas and helps the Credit Union assess your current security posture and find areas for improvement or change. They will develop and implement a plan to guide the Credit Union to achieve compliance and member data security.
Want to find out if a vCISO is right for your Credit Union? Contact Ongoing Operations today to see how our virtual CISO program can help your security and compliance programs.