How to Impart a Tangible Value to Cybersecurity

Here at IT Support LA, we can sound like a broken record when it comes to network security, but there’s an excellent reason to harp on it. In this era dominated by digital advancements, nothing is more important. Businesses and organizations are increasingly reliant on technology to drive operations, making them more susceptible to cyber threats.

According to Fundera, 66% of small businesses are concerned about cybersecurity risk. One might ask, ”What’s going on with the other 34%?” Of the companies that have concerns, 47% lack the understanding to protect themselves. This leaves them vulnerable to the high cost of an attack.

The tangible value of excellent Cybersecurity is not hard to convey, but convincing decision-makers to take on the necessary initiatives can be challenging. The need for protection is clear, but executives want hard data to back up spending.

Let’s explore some strategies that will effectively show the concrete benefits of strong network security measures. These can help you make the case for stronger measures at your company and help you understand how your investments return value.

Monetary Benefits

Demonstrating the monetary value of digital security measures does pose a challenge, but it shouldn’t. The benefits of good defenses are often indirect and preventive in nature, which makes them hard to see. This differs from tangible assets with direct revenue-generating capabilities.

Making investments in robust digital security protocols and technologies is similar to buying insurance policies, although security is preventative, whereas insurance is reactive. Insurance can cover you after a disastrous event, but security can keep a disastrous event from happening. They both aim to mitigate potential risks rather than generate immediate financial returns.

Quantifying the exact monetary value of avoided breaches or data loss can be elusive – because they didn’t happen. These potential costs are hypothetical. They're also contingent on the success of the digital defense mechanisms in place.

How do you measure success based on incidents that do not occur? This complicates efforts to attribute a clear monetary value. As a result, companies grapple with finding metrics that effectively communicate this economic impact.

Here are several ways to translate successful cybersecurity measures into tangible value.

1. Quantify Risk Reduction

What's one of the most compelling ways to showcase the value of network security? It's by quantifying the risk reduction. Companies design security initiatives to mitigate potential threats, so analyzing historical data and threat intelligence can provide concrete evidence of how these measures have reduced the likelihood and impact of incidents.

2. Measure your Incident Response Time

Responding swiftly to a cyber incident is crucial in minimizing damage. Metrics that highlight incident response time can serve as a key indicator. They can illustrate the effectiveness of cybersecurity efforts.

It’s not difficult to estimate downtime costs and 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.

The average cost of downtime according to Pingdom is as follows:

Up to $427 per minute (Small Business)

Up to $16,000 per minute (Large Business)

3. Financial Impact Analysis

Security breaches 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

4. Monitor your Compliances

Most industries have regulatory requirements for data protection and network security. On top of industry-specific regulations, here in California, we have the California Consumer Privacy Act (CCPA). Compliance with these regulations avoids legal consequences and demonstrates a commitment to safeguarding sensitive information. It is in your best interest to track and report on compliance metrics. This can be another tangible way to exhibit the value of security initiatives.

5. Adopt Ongoing Security Awareness Training

Human error remains the single most significant factor in network breaches, figuring in to over 90% of attacks. Use metrics related to the effectiveness of employee training programs in all areas, but especially in Security Awareness Training. This can shed light on how well the company has prepared its workforce. Prepared it to recognize and respond to potential threats. A well-trained workforce contributes directly to the company’s digital security defenses.

6. Security Awareness Metrics

Beyond training effectiveness, there are security awareness metrics. These gauge how well employees understand and adhere to existing security policies. Use metrics such as the number of reported phishing attempts, password changes, and adherence to security protocols. These metrics provide insights into the human element involved in protecting your data and network.

7. Technology ROI

Calculating the Return On Investment (ROI) when it comes to advanced security technologies is a common practice. Showcasing the return on investment (ROI) can be a powerful way to show value. Use metrics that assess the effectiveness of security technologies. Specifically, in preventing or mitigating incidents, such as the number of blocked threats. This can highlight very tangible benefits.

8. Data Protection Metrics

If your company handles sensitive data, metrics related to data protection are paramount. This includes monitoring the number of data breaches prevented, data loss incidents, and the efficacy of encryption measures. Showing a strong track record in protecting sensitive information adds tangible value to security initiatives.

9. Vendor Risk Management Metrics

Does your company rely on third-party vendors for various services? These relationships are not without risk, so assessing and managing those risks associated with your vendors is crucial. Metrics related to vendor risk management showcase a comprehensive approach to network security, like the number of security assessments conducted or improvements in vendor security postures.