Blog It's Time to Shift Your Mindset on Cybersecurity Investment
Prioritizing cybersecurity contributes to long-term business success and resilience.
By Insight Editor / 7 Aug 2024 / Topics: IT modernization Cybersecurity Security services
This blog was co-authored by Dmitry Tochilovsky, sr. cybersecurity architect, and Teresa Cortez, sr. product manager.
Investing in technologies like IoT devices, warehouse robots, or hardware is a no-brainer for many organizations. These technologies streamline operations and drive business insights — demonstrating visible, measurable value shortly after they are implemented. However, when it comes to investing in cybersecurity solutions, the return on investment might not appear as clear.
Why is cybersecurity ROI unclear to businesses?
Cybersecurity solutions are preventative in nature. When a cybersecurity tool prevents a breach, the value of that defense is often not tangible because the security crisis didn’t actually happen. Other reasons could be lack of resources or technical debt.
Whatever the reason may be, investing in cybersecurity is often not a budget decision that gets a standing ovation or majority vote. Keep reading to find out why it should be.
Rethinking cybersecurity as a business strategy
Your organization’s priorities are dynamic. What was top priority last year might not be top priority this year, and what’s top priority now might not be top priority a few months from now. But there is one priority that should always stay close to the top of the list: innovation. In today’s market, driving innovation using technology is critical to remaining competitive.
When you’re thinking about innovating with technology, you need to also be thinking about securing that technology. A significant complexity introduced by any new technology brought into your environment is an expanded attack surface, which increases the risk of a cybersecurity breach. And with the global average cost of a data breach reaching $4.88M in 2024, it’s safe to say that cybersecurity is a necessary business investment in today’s threatscape.
Top benefits of investing in cybersecurity
1. Catalyze growth. There are many security solutions, like Security Incident and Event Management (SIEM) and Security Orchestration, Automation, and Response (SOAR), which enable businesses to grow efficiently and securely. Security solutions for the modern workplace allow organizations to securely onboard new employees — from provisioning devices to managing permissions for business applications to establishing policies that audit suspicious user activity.
2. Improve productivity. Managing a growing number of technology assets is no easy task. However, technology teams can utilize security solutions to automate technology asset discovery and configuration, as well as streamline governance through solutions like Continuous Threat Exposure Management (CTEM) that work to identify vulnerabilities and automate remediation. Not only can these solutions help organizations reduce the risk of a security breach, but they can also lessen the burden on internal resources.
3. Minimize impact. Unfortunately, no system is completely resistant to cybersecurity attacks. This means organizations need to prioritize where they spend both their time and money when it comes to cybersecurity. Solutions that support Risk-Based Vulnerability Management (RBVM) empower organizations to manage their most critical vulnerabilities using a strategic, prioritized approach. This allows organizations to reduce their number of known vulnerabilities, minimizing the potential impact of a breach.
Where to start: 3 steps you can take to boost cybersecurity
Remember: Improving your organization’s cybersecurity posture is a journey — not a one-and-done investment. Looking to improve cybersecurity at your organization but not sure where to start? Here’s what we recommend:
- Configure a Data Loss Prevention (DLP) policy that minimizes actions such as downloading or sharing documents with automated sensitivity-labels to help prevent an accidental breach.
- Enhance end-user training with simulated phishing emails or mandated quarterly training that can help safeguard your organization against a phishing attack.
- Implement an identity solution that utilizes Multi-Factor Authentication (MFA), which can prevent the majority of stolen credential and account compromise attacks.
Whatever you do, don’t delay investing in cybersecurity. Establishing a robust cybersecurity program will better position your organization to securely take advantage of new technologies and stay ahead of competitors.
To learn more about cybersecurity solutions that can streamline security management and reduce risk, check out this ebook:
Beyond The Critical: Redefining Vulnerability Management
In this guide, we break down modern approaches to cover your bases and reduce risk.
