The need for cybersecurity has been evident since the advent of the Internet. Securing electronic communications and transmissions of data were once the remit of IT leaders and later solely of the Chief Information Officer (CIO). Today, threats and real attacks to the confidentiality, integrity and availability of an organisation’s assets, people and IT can have material financial, reputational, and even existential impact. 

Today’s business leaders must understand that robust cybersecurity policies and practices are the underpinning key factors to a successful and effective digital transformation. Regulators expect businesses to manage all types of risk effectively and to prove that they do. Customers and employees expect businesses to safeguard their information. Data breaches are costly and resilience planning is crucial. Organisations that invest in vulnerability identification and subsequently improve their defences can measurably reduce the impact of cyberattacks and achieve business outcomes while maintaining the good reputation of being a secure and trustworthy business partner and employer. 

Cyber security as a competitive advantage – a shift in perspective is required 

In spite of this, 68% of cyber security leaders have concerns over their budget. Senior stakeholder buy-in to increase security spend is often difficult to gain, when a ROI isn’t actively generated.  

While profit can’t necessarily be measured, investment now will save money in the long run. Research shows that the global average cost of a data breach is $4.5mn. Therefore, a robust security system also gains the confidence of investors and other stakeholders and enhances the reputation of a business, through demonstrable commitment to security of IP, employee data, financials, and third-party confidential information.  

The result? A more trusted environment for customers, investors, employees and partners.  

Now that’s a return on investment!