Prove the Value of Cybersecurity Solutions: 16 Tips From Security Leaders
As a security or IT leader, researching and vetting security solutions is step one. What’s step two, then? Convincing key stakeholders like the CEO, CFO, and the board that the product needs to be implemented, that it needs to be implemented now, and that it’s worth the cost.
This is easier said than done, especially now that organizations around the world are facing budget cuts in the wake of COVID-19. But, security is business-critical.
So, how do you communicate risk and make a compelling case to (eventually) get buy-in from executives?
We talked to security leaders from some of the world’s most trusted and innovative organizations to find out what they do to get buy-in from CxOs. Here’s a summary of their tips.
1. Familiarize yourself with overall business objectives
While cybersecurity has historically been a siloed department, today, it’s an absolutely essential function that supports and enables the overall business. Think about the consequences of a data breach beyond lost data. Organizations experience higher rates of customer churn, reputations are damaged, and, with regulatory fines and the cost of investigation and remediation, there can be significant revenue loss.
The key, then, is to attach cybersecurity initiatives to key business objectives. The security leaders we interviewed recommended starting by reviewing annual reports and strategic roadmaps. Then, build your business case.
If customer retention and growth are KPIs for the year, insist that cybersecurity builds customer trust and is a competitive differentiator. If the organization is looking for higher profits, make it clear how much a breach would impact the company’s bottom line. (According to IBM’s latest Cost of a Data Breach, the average cost of a data breach is $3.86 million.)
2. Create specific “what-if” scenarios
A lot of security solutions are bought reactively (after an incident occurs), but security leaders need to take a proactive approach. The problem is, it’s more challenging for CxOs and the board to see the value of a solution when they haven’t yet experienced any consequences without it.
As the saying goes, “If it ain’t broke, don’t fix it”.
That’s why security leaders have to preempt push-back to proactive pitches by outlining what the consequences would be if a solution isn’t implemented so that stakeholders can understand both probability and impact.
For example, if you’re trying to get buy-in for an outbound email security solution, focus on the “what-ifs” associated with sending misdirected emails which – by the way- are sent 800 times a year in organizations with 1,000 employees. Ask executives to imagine a situation in which their biggest clients’ most sensitive data lands in the wrong inbox. What would happen?
Make sure you identify clear, probable consequences. That way, the situation seems possible (if not likely) instead of being an exaggerated “worst-case scenario”.
3. Work closely with the security vendor
You know your business. Security vendors know their product. If you combine each of your expertise – and really lean on each other – you’ll have a much better chance of making a compelling case for a particular solution.
Ask the vendor for specific resources (if they don’t exist, ask them to create them!), ask for product training, ask if you can speak with an existing customer. Whatever you need to get buy-in, ask for it. Rest assured, they’ll be happy to help.
4. Collaborate and align with other departments
It takes a village and cybersecurity is a “people problem”. That means you should reach out to colleagues in different departments for advice and other input. Talk to the folks from Risk and Compliance, Legal, HR, Operations, and Finance early on.
Get their opinion on the product’s value. Find out how it might be able to help them with their goals and initiatives. In doing so, you might even be able to pool money from other budgets. Win-win!