Business value of network security
Since the pandemic, top management’s plan has been congested, and many issues have acquired new urgency. However, cybersecurity is too often a financial burden, with complicated technical explanations provided by IT managers falling on deaf ears – or are welcomed but rarely taken into ultimate consideration. So rather than saying some version of “Take a look at the metrics!” you need to say something more specific to reshape the priorities.
WHAT IS IN THIS TOOL?
Business value arguments
Often, even after selecting a particular solution and presenting the rationale to the management, we have to defend the overall need for the tool and the value it brings. Your presentation must provide the context, acknowledge the functionalities, and cover the consequences that might impact the finances in the short and long run. Once you have opened the dialogue about cybersecurity, expect (and be prepared to answer) questions regarding the business value that network access and security solutions bring.
To help you out with managerial discussion, we have prepared a presentation with key arguments that you can easily incorporate into your documents or presentations. We outlined cybersecurity through five lenses – relevance, trust and legitimacy, potential losses, growth barriers, and long-term value – so you can apply the most fitting approaches, either singly or in combination. You can also use these data sets to uncover the risks and potential losses in case of a breach or to show the positive side of cybersecurity. Let’s take a closer look.
Basics
One of the most significant risks, which primarily occurred when the digital transformation of the industry started, is a data leak. More companies use digital technologies to create new – or modify existing – processes, culture, and customer experiences to face emergent market requirements as the massive amount of generated and stored online data is growing. Sensitive information on clients, suppliers, staff, and even website users’ credit card numbers or bank account details gets under the radar of cybercriminals.
The American Express survey noticed the shifting habits of digital buyers and shoppers. Researchers found that 37% of consumers who have made three or more online purchases in the last year tend to abandon an online purchase when unsure about payment security. In addition, 58% of e-commerce research participants state that enhanced security measures have significantly boosted their sales.
Most clients, partners, and consumers prefer purchasing from trusted and reliable companies to dealing with those recovering from a data breach. Regaining consumer trust is a very long and complicated journey.
To sleep or not to sleep
The more hours we spend online daily – buying groceries, chatting on workplace platforms, planning vacations, and logging in from home offices – the more vulnerable we become to cyberattacks.
Statistics show that a third of the companies choose CASB (Cloud Access Security Brokers) to protect themselves against malware and other threats, especially when the growing desire among workers to be able to work from anywhere became a new corporate standard. Unfortunately, organizations and their leaders face a huge challenge in keeping up with hackers: cybercriminals are getting more resourceful, and cyberattacks have lately become a tool against competitors or even cyberwar tactics. Hitting the snooze button on improving cyber security is an unacceptable luxury, even for the most diligent IT managers.
New reality
Making matters worse, requirements for data security tighten day to day, far more so than the companies usually predict. With government push, data governance and security measures became common in annual business reports. Investors hold up their transactions or investment rounds if the company does not have the appropriate cybersecurity policies and standards in place.
Small preventions can have big effects
If you dig deeper, you will see that the core benefit of implementing information security solutions is perfect prevention against vulnerabilities of a distributed workforce. Consider the following findings. There are publicly circulated statistics from IBM that highlight the possible risk. In 2021 the average data breach cost rose from USD 3.86 million to USD 4.24 million, and it’s the highest average total cost in the 17-year history. It consists of:
- Various government penalties
- Downtime
- Reputation damage
- Potential losses from low-security VPN
- Compensations to customers in case of a data leak
Companies that equip themselves with the necessary tools and expertise can keep up with the usual work pace. Without it, every data security breach will freeze operations and multiply the number of wasted hours resolving the accident. Thus, it is essential to find a fitting solution to ensure operational continuity and disruption-free work.
Benefit from robust cybersecurity with NordLayer
Business risks, potential losses, and the value of cybersecurity are what the board needs to hear. Usually, top management strongly supports IT managers who have to deliver this message. E-commerce expectations, increasing amounts of data, potential financial and reputational risks, and tightening government regulations require a fresh look into evolving cybersecurity needs.
Those prepared by identifying the critical assets of the current infrastructure, testing the procedures with employees, and having emergency plans and fallback scenarios on standby – are more likely to see cybersecurity flourish instead of being rebuked by calling it “additional costs.“
If you seek a more detailed preparation, download our ready-to-use materials, and speak to your management effectively – present the immediate need for secure network access and communicate its business value. You also may contact our experts for assistance. We will be glad to accompany you on the smooth journey of cyber security adoption.
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