She decided to take advantage of Caterpillar's tuition reimbursement policy and pursue the degree. Williams' emphasis on personal growth and development "made me feel important," she says. "You can support the business much better if you understand the principles of business decision-making."

Williams himself has an MBA, which made him a huge believer in its value. "I really saw the benefit and the ability to talk in depth with business leaders and get it from a business standpoint," he says. And it drives him to distraction when people suggest sending employees to take a course that only teaches the "language of business."

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"Spouting catchphrases can get you into more trouble than it is worth. It's better to take the time to really understand business principles through in-depth coursework. You need that immersion so you can put all the pieces together," he says. It's fine to refer to internal rates of return in a presentation, but you better know where that number comes from and the thresholds set by your company.

The new generation of security leaders understand business as well as they understand security. Many would prefer a business person as their deputy rather than a security person--security is easier to pick up. Says Williams, "I'm proud to be someone rooted in both worlds--I simply couldn't have succeeded as CSO of a Fortune 100 company if I weren't."