Emphasising the importance of cybersecurity has become crucial in business today, especially in an era dominated by technological advancements. Businesses and organisations rely heavily on these technologies for their operations, making them more susceptible to cyber threats.
A notable 66% of small businesses express concern about cybersecurity risks, and almost half, 47%, lack the understanding needed to shield themselves. This leaves them exposed to the potential high costs of a cyber attack.
As anyone who works in IT already knows, presenting the value of cybersecurity initiatives to decision-makers poses a challenge. While the need for robust protection is evident, executives seek concrete data to justify their investments. In this exploration, I will delve into effective strategies to showcase the real benefits of cybersecurity measures, and how these strategies not only aid in advocating for stronger security measures within your company but also help you grasp the returns on your investments.
How to Show the Monetary Benefits of Cybersecurity Measures
Why is it so tricky to showcase the monetary value of digital security measures? Well, the benefits of cybersecurity are a bit like behind-the-scenes heroes – indirect and focused on prevention. It’s not like having a physical asset that directly brings in revenue.
Think of investments in robust cybersecurity as getting insurance for your digital space. They’re there to lower the risks rather than immediately boosting your bank account. Pinning down the exact money saved from avoiding breaches or data loss is a bit like trying to catch a slippery fish. These potential costs are kind of hypothetical, depending on how well our cybersecurity measures hold up.
And here’s the twist: success in cybersecurity is often measured by things not happening – incidents that we manage to avoid. Now, this makes it a bit challenging to put a clear price tag on it. So, companies find themselves on a quest for the right metrics that can truly shout out the economic impact of their cybersecurity efforts.
But don’t worry, we’ve got some nifty ways below to turn those successful cybersecurity measures into something you can actually put your finger on.
1. Quantifying Risk Reduction
Wondering about the best way to highlight the awesomeness of cybersecurity? Well, here’s a perfect little gem: let’s talk about quantifying risk reduction. Companies go all-in on cybersecurity to tackle those potential threats head-on, but nothing is ever 100% guaranteed to keep your business safe. The best you can do is ensure you have adequate tools in place actively monitoring your systems, and alert on things that don’t quiet look right. Automation, standardisation, and bullet proof processes are the superheroes of the digital world! Picture this: diving into historical data and threat intelligence to show real evidence that your network is being protected, 24/7. Yep, we’re talking about real proof by way of reporting of how these measures have swooped in and lowered the chances of incidents making a mess. It’s like having a shield that works – and we’ve got the numbers to prove it!
2. Measuring Incident Response Time
The ability to respond swiftly to a cyber incident is crucial in limiting the damage caused. Metrics that highlight incident response time can serve as a key indicator. They can illustrate the effectiveness of your cybersecurity efforts.
It is also possible to estimate downtime costs, and then correlate those to a reduction in the time it takes to detect and respond to a security incident. This demonstrates potential savings based on faster response.
That old Windows 7 machine running those fancy robotic machines, due to it having no updates on it since January 2020, is a prime example. How long would it cost the business for every hour that machine wasn’t running? If you know it takes an hour to replace the machine for a backup like-for-like machine, it becomes easier to put a price on that Response time.
3. Financial Impact
Cybersecurity incidents can have significant financial implications. Businesses can quantify the potential losses averted due to cybersecurity measures. Businesses do this by conducting a thorough financial impact analysis.
This can include costs associated:
- Downtime
- Data breaches
- Legal consequences
- Reputational damage
If you are part of a supply chain, chances are you already have good Cyber Security hygiene in place through Cyber Essentials Certification, or higher levels of standards such as ISO 27001. If not, give us a call and we can help.
4. Monitoring Compliance & Standards Metrics
Many industries have regulatory requirements for data protection and cybersecurity. Demonstrating compliance with these regulations avoids legal consequences, and it showcases a commitment to safeguarding sensitive information. By tracking and reporting on compliance metrics and presenting this information to decision makers in an easy-to-understand format, can be tangible way to exhibit the value of cybersecurity initiatives.
5. Employee Training Effectiveness
Human error continues to be a noteworthy contributor to cybersecurity incidents. Utilising metrics associated with the efficiency of employee training programs provides insights into the company’s preparation of its workforce, which includes their ability to recognise and respond to potential threats. A well-trained workforce plays a direct role in bolstering the company’s cybersecurity defences.
6.User Awareness Metrics
In addition to measuring training effectiveness, there are metrics focused on user awareness. These metrics evaluate the extent to which employees comprehend and comply with cybersecurity policies. For example, utilising metrics like the count of reported phishing attempts, password changes, and adherence to security protocols, can all offer insights into the human aspect of cybersecurity.
7. Technology ROI
It’s standard for businesses to invest in advanced cybersecurity technologies these days. Demonstrating the return on investment (ROI) is a powerful method to underline their value, however, is not always easy to report on. Consider metrics that evaluate how well these security technologies work, how they interoperate with other security measures, and how well they fit into your business strategy. For instance, track the number of blocked threats, show reports and metrics to show how proactive protective monitoring is keeping a watchful eye over your systems, and that anything starting from your standards are quickly identified. This approach effectively brings out the concrete benefits and proves without a doubt the ROI to the business.
8. Data Protection Metrics
When it comes to organisations dealing with sensitive data, keeping an eye on metrics related to data protection is crucial. This involves tracking the number of prevented data breaches, incidents of data loss, the effectiveness of encryption measures and access controls, and where this data is stored. Building a robust track record in safeguarding sensitive information adds tangible value to cybersecurity initiatives. Consider taking a “We have been compromised” mindset approach and assuming an unauthorised intruder already has access to your network and systems, what information could they access? Also consider asking yourself if you are holding information that really should have been disposed of a long time ago.
9. Vendor and Supply Chain Risk Management Metrics
Many organisations depend on third-party vendors or suppliers for a range of services. It’s crucial to evaluate and handle the cybersecurity risks linked with these third parties. Metrics associated with vendor risk management demonstrate a thorough approach to cybersecurity. This could involve tracking the number of security assessments performed or improvements made in vendor security postures. The easiest way to confirm those in your supply chain take cyber security seriously, is by holding a valid Cyber Essentials Certification.
Schedule a Cybersecurity Assessment Today
Demonstrating the tangible value of cybersecurity starts with an assessment. One that uncovers the status of your current security measures, where your data is located, stored and how its protected, along with knowing who and what has access.
Knowledge is certainly power when fostering a culture of security and resilience. Get in touch today to schedule a friendly, no obligation chat, and together we can ensure you sleep easy at night knowing your systems are protected.