Even after taking a slight dip in 2021, spending on cybersecurity worldwide still adds up to $57.7 billion a year. Securing your digital environment is a wise strategic move. Although there are many tools you can invest in, it can be harder to decide when and how much to spend than which technologies to use. This is where finance professionals can play an integral role in the cybersecurity position of an organization.
Evaluating Cybersecurity Spending
Finance professionals are in a unique position to evaluate if the company is spending enough on cybersecurity or not. When you consider the amount you can save when preventing a cyber attack—up to $1.4 million per attack—it’s critical for decision-makers to avoid under-investing at the expense of security.
For example, if a small business were to settle for basic antivirus protection, paying around $70 for every ten licenses, instead of investing in cybersecurity services, they could be taking a significant risk. With managed security services, businesses can rest assured that their infrastructure is always properly configured, maintained, and monitored to minimize risk against a cyberattack.
By weighing the cost of a potential attack against the cost of cybersecurity services, financial professionals can make educated decisions about an investment in cybersecurity.
Quantify Your Business Risk
Finance professionals can add a layer of monetary value to the risk observed within the organization. While CIOs may be evaluating the situation in terms of low, medium, or high risk, finance professionals can equate that risk to dollars. And it’s important to quantify the cyber risks your organization faces because it can make it easier to understand any changes needed in your cybersecurity infrastructure.
For example, if core systems are running without the necessary backups or redundant systems, the risk that exposes your organization could be substantial. By quantifying this kind of exposure, a financial professional can make it easier for decision-makers to decide which kinds of protections to invest in.
Limit Risk Exposure and Improve Risk Management
Cybersecurity is all about limiting your risk and improving overall risk management for your organization. By asking questions about the cybersecurity framework from the mindset of risk management, you’ll have a stronger cybersecurity plan.
For instance, a finance expert has a deep understanding of what it costs to acquire, support, and maintain vital elements of an organization’s digital infrastructure. Using this info, they can ask questions such as:
- If this system, which costs X, were to go down for Y amount of time, what would be the systematic fallout?
- It looks like the company is spending X on internal risk management. Could this money be better spent on a managed service?
- The average breach to a company in our industry costs X dollars per hour. What are we willing to invest in preventing this?
Financial professionals have a unique view of the flow of funds through an organization. They can use this knowledge to bolster the company’s cyber protections. To learn how TPx makes this easier, reach out to us today!