@jerry In my opinion, this was missing a level in between. I think you can see, by the weights of answers, that people agree that business and its processes are important but so is technical.
I’d say “deep technical roots/background” is important. It doesn’t need to be current or hands on anymore. But having the skill and ability to truly follow along a highly technical explanation, given by someone in an operations or threat detection team (even if somewhat detached by middle management) is a real win.
Having the respect of technical teams allows them to speak more freely, provide opinions, and allows them to trust that your decisions, while not always what they wanted, have taken in to consideration their point of view. Plus, it helps support the hiring and development of middle management with similarly appropriate technical skills.
The rest of the C*s will never care. So, the business acumen is what will come through in these conversations. I’ve heard it put by others “you speak ‘boffin’ don’t you?” - so even though the role by its nature is mostly GRC, the other C*’s will appreciate a “translator“.