Securing Security-Focused Funds for the New Year
Many CISOs face challenges in obtaining adequate funds for cybersecurity efforts to combat heightened threats and increased insurance premiums in the case of an attack. Rather than viewing security as a vital component of any business plan, many leadership teams view it as an obstacle to achieving their overall mission. This mindset leaves these businesses and government agencies at high risk.
Though our industry has come a long way in overcoming this, some security professionals still face opposition. Eric Aslaksen, CTO at ivision, and Rahul Khanna, IAM Principal Consultant at ivision, break down the danger of this mindset and three steps CISOs can take to ensure their businesses are properly secured:
- Quantify the business value versus potential business loss
- Quantify the cost to implement the security initiative
- Calculate the ROI on the prevention of loss
“When there’s a breach that occurs, what is lost?” Rahul Khanna, IAM Principal Consultant, asks. “Well, there’s reputational damage, financial consequences and certainly because of the reputation damage, there could be a loss of trust and it could even be a bit of a loss of the customer or end user base.”
ivision’s security practice comes with the experience and expertise to back up these efforts and can help your business decide how best to allocate these funds. Reach out below to get started.