As a security executive or manager, we all feel the pain of having to show the value to the business and the board or our cybersecurity program. Cybersecurity is the #1 business issue, so why is it so hard to get budget? In this blog post, we will discuss the challenges of prioritizing security when executives are focused on business growth and provide practical tips on how to strike a balance between the two.
2. Problem: No objective data to show the business.
Nothing turns off the business and the Board like cyber jargon. It starts to sound like that Peanuts cartoon that goes: “Wah Wa Wa Wah Wa Wa”
Cybersecurity is a science that can use math to explain financial impacts. Everyone can understand that!
3. The challenges of balancing security and business needs.
While prioritizing security is crucial, it can sometimes pose challenges when executives are primarily focused on business growth. Balancing these two priorities requires careful consideration and effective strategies to ensure that security does not hinder the company’s growth trajectory.
One of the main challenges is the perception that security measures slow down business processes and hinder innovation. Executives may worry that implementing robust security protocols will add complexity and bureaucracy, resulting in decreased efficiency and delayed product launches.
Another challenge lies in managing the expectations of stakeholders who prioritize business growth above all else. As a result, executives may feel pressured to prioritize short-term financial gains over long-term security goals.
4. Strategies for gaining executive buy-in for security initiatives.
In order to prioritize security when executives are focused on business growth, it is crucial to gain their buy-in for security initiatives. By demonstrating the value and importance of security, executives can be convinced to make it a priority. Here are some strategies to achieve this.
First, it is important to quantify the potential financial impacts of a ransomware attack or a data breach. Executives need to understand the potential financial that can result from an attack. Instead of using industry averages, know the exact amount of financial cyber risks using ValuRisQ. With ValuRisQ you will be able to discover and inventory all your digital assets, demonstrating the financial risk associated with each asset and the most important security priorities. Inventories are needed for all compliance initiatives.
Second, show ROI related to your cybersecurity program, tools, and people. ROI will build the business case for the firm.
5. Examples of Business ROI with Cybersecurity.
An example of a business case may include demonstrating the ROI when buying a security tool that monitors specific technology types that are risky. These include cloud, IoT and AI to name a few.
Another example is when the company is implementing a privacy program and needs to see how orchestration can provide a huge ROI. Orchestration elements are the identification of all the privacy data, meeting the security controls required and consolidating all the state laws under a unified framework for their assessments.
For very industrial companies that use IoT technologies and are dependent upon the security of these devices, we suggest monitoring the IoT security and demonstrating the ROI of using these specific monitoring capabilities to demonstrate the security of IoT devices.
Companies use many security tools and consolidating them by feature and function can save money by reducing redundancy.
6. Creating a framework for continuous control monitoring.
Creating a framework for continuous control monitoring (CCM) allows the company to automate the majority of the testing, reducing costs and providing ROI. CCM can regularly test and assess your security measures to identify any weaknesses or vulnerabilities.
7. Conclusion: Business Needs Security and Security Must Be There for the Business.
Without security, the best business ideas can be disasters. If you have initiatives that will provide new revenue streams and you don’t secure them – you run the risk of that initiative being your most costly and largest business failure if your data is stolen or altered by cybercriminals.
ValuRiskQ can help to bridge the gap and align business objectives with security priorities by providing financial data that is in the language of the executives and Board.