This has been an interesting topic with security professionals in my area. In taking a brief review of titles in a top 5 US city of which I live near/work, the CISO title is from what I have seen dependant on two things: company culture and role at the board level. If the company culture doesn't see the need, then there is little likelihood of there being a CISO.
I have also seen that the reporting of CISOs or like roles varies as well. Some report to the CIO, some to a CSO, some to Risk Management and some to Legal. Although the need for security professionals has been dramatically increasing, the importance has changed very little.