Organisations should focus on how security investment can demonstrate a positive business return.
In the ever-evolving landscape of cyber threats, organisations grapple with the challenge of safeguarding their digital assets. The 2021 Positive Technologies Cybersecurity Threatscape report has underscored the persistent surge in cyber attacks, prompting businesses to reevaluate their security strategies.
As data breaches and ransomware attacks become more prevalent, the need for robust security measures is paramount. The key question for businesses then becomes: How can they maximise their security budget while demonstrating a return on investment (ROI)?
Change the Attitude: Consider Measuring Positive Business Outcomes Instead
While the rising tide of cyber threats pushes organisations to invest in security, assigning a monetary value to potential data breaches remains elusive. Focusing solely on the negative consequences does not always make a compelling business case for security spending. Instead, a paradigm shift is needed, one that centres on how security investment can demonstrate positive business outcomes. Several key catalysts can drive security spend, including:
1. Competitive Advantage: Once a differentiator, enhanced data security is now a prerequisite across industries. While it no longer provides a competitive edge, it remains a fundamental aspect of business operations.
2. Best Practice and Customer Assurance: Following best practices enhances protection against intellectual property theft and ensures business continuity. However, quantifying the ROI of best practices can be challenging.
3. Regulatory Compliance: A business cost, compliance with regulations such as GDPR is necessary but often falls under general business budgets.
4. External Audit: Typically reactionary, external audits may drive security spending but don't inherently demonstrate ROI.
5. Contractual Obligation: Clearly specified security requirements within the supply chain or procurement processes offer a tangible way to demonstrate ROI.
Contractual Obligations: Security Requirements Are Clearly Specified
Among these catalysts, contractual obligations emerge as a clear avenue for demonstrating ROI. Specific security controls, such as annual penetration testing and regular firewall audits, outlined in contractual agreements make it easy for organisations to showcase ROI in three key areas:
1. Maintaining Existing Service Agreements: Adhering to contractual security obligations ensures the continuity of service agreements, bolstering trust with customers.
2. Streamlining Onboarding of New Customers: Meeting established security requirements expedites the onboarding process for new customers, enhancing business efficiency.
3. Continual Assurance to Customers: Demonstrating adherence to contractual obligations provides ongoing assurance to customers that their data is secure, fostering trust and long-term partnerships.
In a landscape where cyber threats are a constant, organisations must not only invest in security but also strategically showcase the positive business outcomes resulting from these investments. By focusing on clear-cut contractual obligations, businesses can maximise their security budget while unequivocally demonstrating ROI.
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