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SECURITY NEWS
Netskope research finds financial sector CISOs have greater risk appetites today than five years ago
The Financial CISO : Bringing Balance report is based on research with over 1,000 CISOs globally , and it explores the evolution of the financial sector CISO role as a strategic member of the executive team , comparing the sector to cross-sector averages to identify unique insights .
The research found that the CISO role in the financial services sector is undergoing a transformation :
• 81 % of CISO respondents in the financial services sector said that their role was changing rapidly ( compared with 65 % across all industries ).
• More than three-quarters ( 76 %) of finance CISOs want to play a more active role as a business enabler going forward ( compared to an average of 67 %).
• 81 % of finance CISOs say their appetite for risk has grown in recent years ( much higher than the average of 57 %).
However , the majority of CISOs report that there is a lag in the understanding of their potential among their C-suite peers . . .
• Two in three CISOs ( 65 %) believe that other members of the C-suite fail to see that the CISO role makes innovation possible .
• 89 % of finance CISOs said that conflicting risk appetites is an issue in their C-suite .
. . . but in order to bring balance to their organization , CISOs believe that the emerging industry trend toward zero trust principles will help them achieve it :
• More than two-thirds of finance CISOs ( 68 %) believe a zero trust approach will enable them to balance conflicting priorities better ( higher than cross-sector averages of 55 %).
• 78 % believe that it will enable their organization to move faster , while 68 % believe it will encourage innovation .
The report also found that as financial services sector CISOs grow in confidence in their evolved role , they expect to base their decisions in the years ahead on creating a more open and flexible organization , over a more closed and secure one , including by :
• Anticipating prioritizing flexibility for the workforce over protection of the workforce when making productivity decisions .
• Taking more open approaches to providing the right people with access to information , data , and tools they need .
• Experimenting at speed is expected to become prioritized over a need to minimize risk .
James Robinson , CISO at Netskope , said : “ The research makes it clear that CISOs in the financial sector are generally hungry to play a more proactive role that enables innovation while also protecting the business . In my experience , the best way to make CISOs more proactive partners across the C-suite is to gain deep understanding of the business challenges C-suite colleagues are focused on solving and align those to security strategies , rather than attempt to assert security strategy – or individual technology choices – on what is perceived to be C-suite risk appetite .
“ Too often this alignment doesn ’ t occur among teams . But CISOs who are able to define the ways they are helping their C-suite peers to acquire new revenues , drive efficiencies , and navigate regulatory requirements will be recognized as valuable contributors at the highest levels .” •
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