As we set sights on 2021, it’s time to start planning for future needs. Without a doubt, cybersecurity is among the top priorities for senior executives because the threats we see today — phishing, ransomware, and malware attacks will continue in 2021 and beyond.Â
Amid large-scale remote environments, cybersecurity has taken on a new dimension — the attack surface has grown exponentially, and sobering statistics about data breaches continue to grab the headlines.Â
Despite the buzz and heightened awareness about cyber risks, getting buy-in and budgetary approvals from the corporate board is a big challenge. Chief information security officers (CISOs) often struggle to move high-priority projects forward. Often that budget is determined by those who may be unaware of exactly what is needed to provide the required security for the organization.
But largely, the problem is that information security requires massive investments and is resource-intensive, and it isn’t easy to show an ROI for security investments.
Building a compelling case is key to securing cybersecurity budgets to bolster security capabilities and combat cybercrime. Here’s how to show the impact of a thought-out cybersecurity strategy in the terms the leadership understands — the ROI.  Â
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Check out seven tips for winning information security budgets. Â
1. Shift the Thinking By Showing Financial Impact
Every organization is different and so are the organization’s security needs. Hence, it is up to the CISO themselves to determine the right security path to take. When discussing budgetary requirements with those who hold the purse strings, be aware that they may not know the difference between a switch and a hub.Â
Consequently, when a piece of equipment or software is requested, and a quick search pulls up what seems to be a similar but cheaper product, you can bet the organization’s bottom dollar will go on that.Â
So, there is a need to justify why the more expensive equipment or software is needed. Just comparing the price and technical specifications is not enough. How will this item be used, and in what situations? Does it provide a more efficient workflow or replace more expensive practices? Explain what this item offers to benefit the organization in ways that the other similar items do not.
2. Make a Strong Case for Cyber Insurance
Having an appropriate security investment is also insurance for the organisation which protects its bottom line. Let’s take a case scenario that is bound to happen sooner or later. The organization is hacked by malicious entities, and damage was done. Now, if the organization’s security budget is sufficient and used properly, then insurance claims for the company damage will be a lot easier to approve. If the equipment and software are old and out of date, then the insurance company can claim that due care was not shown and reject any insurance claims.Â
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3. Demonstrate How Security Boosts Business Value
One thing senior management loves is statistics. Statistics are used to monitor the organization’s financial health and predict how the organization will perform in the prospective future. Building up a statistical case is beneficial to give a greater understanding of just how important the organization’s security budget is.Â
For example, a graph or table could be created showing the increasing number of unauthorized entry attempts. Prepare charts to show how the different types of malicious actions have changed over time, and draw comparisons on the amount of damage those different vectors can potentially create if they were to succeed. This also has the added advantage that the information is presented in a straightforward format which does not need detailed technical knowledge to get the message across.
4.Talk in Terms of Obsolescence
New attack vectors are being discovered every day and are being used by malicious entities to infiltrate organizations. Whereas other departments and equipment can have usable lifespans of decades, security equipment and the software has a shelf life. This means that a plan to upgrade the relevant equipment and software needs to be discussed with the financial controllers. Remind business decision-makers (BDM)Â that out-of-date hardware and software means organizational security is as good as compromised. CISOs should convince BDMs that in order to protect corporate assets, funds must be allocated for upgrading and updating equipment and software.
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5. Prioritizing Compliance
In today’s pandemic-disrupted landscape, no organization wants to shell out regulatory fines just because they aren’t compliant with current regulations and standards. Besides ISO 27000 and GDPR, there are multiple standards and regulations which must be complied with if an organization wants to operate worldwide.Â
Most of these standards and regulations are updated on a yearly basis to keep up with the changing security landscape. Hence, equipment and software which was compliant a year or so ago may not be compliant any more. By using equipment and software which is no longer compliant, not only is the organisation at greater risk so are the customers providing business for the organisation. It is in the organisations best interests to be up to date in its compliance duties and an appropriate budget should be allocated for this.
6. Have Others Talk for You
To bolster your case, get an external organization to perform a security audit and present their findings and recommendations to the business decision-makers. Not only can these external security audits provide validation of the CISO’s own reports, but they may also even find issues unknown by the CISO due to the fact the external organization is on the outside looking in.
7. Use What-If Scenarios
Finally, those in control may not understand how proper security practices will affect an organization. In this case, it can be a teachable moment to educate them on the value of security and why it is needed by providing case studies of what happens when a security breach occurs. These case studies can then be compared with the organization’s own situation to give cause and effect applications, therefore convincing the decision-makers of the need to provide an adequate budget for the organization to invest in.
Do you believe information security should get a greater share in IT budgets? Let us know on LinkedInOpens a new window , TwitterOpens a new window , or FacebookOpens a new window . We would love to hear from you!