Cybersecurity must be prioritized in an age characterized by technological innovation. Organizations and businesses relying heavily on IT for operations are more vulnerable to cyber threats due to this dependency, making cyber attacks all the more likely.
66% of small businesses are concerned about cyber risk. 47% lack the know-how necessary to effectively defend themselves, leaving them open to high-cost attacks.
Convincing decision makers of the value of cybersecurity initiatives may prove challenging. Executives want tangible data that justifies their spending decisions.
We will examine ways of demonstrating the tangible advantages of cybersecurity to demonstrate its benefits for your company and better understand their investments.
Cybersecurity measures can be shown to have a monetary benefit
One reason it can be hard to demonstrate the monetary benefit of digital security measures is their indirect or preventative nature; unlike tangible assets which generate direct revenues.
Insurance policies resemble investments in strong cybersecurity technologies and protocols: their goal is to reduce potential risks without producing immediate returns. Unfortunately, it can be hard to ascertain an exact monetary cost associated with avoiding data breaches; such costs depend on the effectiveness of cybersecurity measures implemented to combat them.
Successful projects often depend on what doesn't happen. Unfortunately, assigning a monetary value can be challenging. Companies strive to identify metrics which accurately communicate economic impact.
Here are a few strategies to turn successful cybersecurity measures into tangible benefits.
1. Demonstrating Risk Reduction
What's the best way to demonstrate cybersecurity's value globally? Quantifying risk reduction is the ideal way of doing this, as companies create cybersecurity initiatives with the aim of decreasing potential threats and producing tangible evidence by analyzing historical data or threat intelligence. Measures should demonstrate how they have reduced impact and likelihood of incidents.
2. Measure of Incident Response Time
Responding quickly to cyber attacks is of critical importance to mitigating damage. Metrics highlighting incident response times provide an effective measure of cybersecurity effectiveness.
Estimate the costs of downtime. Correlate that with any decreases in time required to detect incidents and respond; this shows potential savings through faster response.
According to Pingdom, the estimated average cost of downtime is:
Small Businesses: Up to $427 per Minute.
Large Business: Up to $16,000 per Minute
3. Financial Impact Analysis
Cybersecurity incidents can have significant financial repercussions for a business. To quantify potential savings due to cybersecurity measures taken, businesses can conduct a financial impact analysis.
Included herein are costs associated with creating your product:
Data Breach/Downtime
Legal Consequences Reputational Damage
4. Monitoring Compliance Metrics
Data protection and cybersecurity regulations vary across industries. By complying with them, businesses can avoid legal ramifications while simultaneously showing their commitment to safeguarding sensitive information. Report and track compliance metrics as a great way of showing off the value of cybersecurity initiatives.
5. Employee Training Effectiveness
Human error remains one of the primary contributors to cyber incidents. Metrics can be used to evaluate employee training programs' success; this provides an indication of their training programs' impact and can show whether an organization has provided its workers with sufficient preparation and response mechanisms for threats that emerge within its environment. Well-trained employees add directly to a company's cybersecurity defenses.
6. User Awareness Metrics
User awareness metrics can also provide insight into employee compliance with cybersecurity policies, like adhering to password changes or complying with security protocols. Such metrics give an in-depth view into human side of cybersecurity.
7. Technology ROI
Many organizations make investments in advanced cybersecurity technology, and demonstrating value by showing its return on investment is often necessary to show success. Metrics such as threats blocked or incidents avoided can provide useful insight into what security technologies have achieved for their users - as a way of measuring success.
8. Data Security Metrics
Metrics related to data security are crucial for organizations that manage sensitive data. One way of measuring this is through tracking how many breaches have been prevented while data loss incidents and encryption effectiveness should also be assessed. Establish a track record in protecting sensitive information; doing so adds tremendous value to cybersecurity efforts.
9. Vendor Risk Management Metrics
Third-party vendors provide essential services to many organizations. As such, it is imperative that they assess and manage any cybersecurity risks they pose to these third-party vendors. Metrics related to vendor risk evaluation illustrate an effective cybersecurity program--for example: the number of security assessments conducted or improvements in security posture.
Book a Cybersecurity Assessment Now
Scheduling a cybersecurity assessment is the first step toward demonstrating its tangible value. A security audit will reveal what state your current security measures are in and help create an environment of resilience and safety in which people feel safe enough to act responsibly when protecting themselves from attack. Knowledge is power!
Call now to schedule a meeting at (404) 932-5940 or email us info@nuwaveitc.com
