In the face of escalating cybersecurity threats and data privacy regulations, many companies are neglecting a crucial aspect of their defense strategy: a backup plan for their Chief Information Security Officer (CISO). A report from executive recruiting firm Heidrick & Struggles reveals that approximately 41% of companies lack a succession plan for their CISO. This is alarming given that about three-quarters of CISOs are open to changing companies within the next three years, emphasizing the need for robust succession planning and retention strategies.
The absence of a CISO succession plan is a significant risk that companies can easily mitigate, says Matt Aiello, partner and global cybersecurity practice leader at Heidrick & Struggles. When organizations do have a succession plan, it typically includes only one person who is likely underqualified. This is because CISOs often hire experts in specific areas like security operations or compliance, not necessarily future leaders.
Without a clear succession plan, organizations expose themselves to significant cyber threats and risk, and are severely unprepared to navigate the fallout. The departure of a CISO results in a loss of valuable institutional knowledge, which can hinder an organization’s ability to adapt to rapidly evolving cyber threats. It can also disrupt business-as-usual cybersecurity operations, leading to delays and gaps in critical cyber risk management activities.
CISO succession planning is key to ensuring that an organization has the right person at the right time to drive the organization’s cyber objectives. It should involve leadership throughout the organization and the board, and anticipate future security requirements by considering the evolving business and technology landscape. A strong pipeline of potential successors is a critical part of any succession plan, requiring a commitment to building out succession processes regularly and developing the internal cyber workforce.
Source: CNBC
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