How to Get Executives to Invest in the Right Security Management Technologies
In a recent industry poll, nearly two thirds of security leaders surveyed cited insufficient budget to invest in the right security management technologies. Asked to consider why: more than half of those polled cited lack of executive support. Why are security leaders being kept out of the loop in an era of escalating security challenges?
Why executives don’t prioritize security management technologies and programs
Well, the simple reason is CEOs don’t see security deputies as stewards of their overarching business goals. In fact, executives often view security management programs and associated resources, such as security management software, as costs to the business.
What can security leaders do, especially now, as major economies careen into recession? It’s all about dollars and cents.
Executives will be looking for places to cut. And so, security leaders will have to make the argument why their programs shouldn’t be on the chopping block.
How to go about it?
Changing the C-suite mindset on security management technologies
Security leaders will have to start by aligning the priorities of the security function with the wider goals of the organization. To do so, they will have to marshal metrics that will help prove the ROI of the security investments in the same lens as investments in larger business goals – metrics such as the following:
- Time savings
- Cost savings
- Improved time to detection
- Improved time to response
- Improved compliance
- Reduced security risk
- Reduced reputational risk
To do so, security leaders must put a price tag on security breaches – whether cyber, physical, or a combination of the two. They must then be able to tie the cost of such a breach with the security solutions in place (or proposed) to address the threat and reduce future risk.
That, of course, includes security management solutions that help mitigate compliance risk. What are we talking about?
If you haven’t noticed, more and more jurisdictions are implementing rigid data privacy arrangements. The EU’s General Data Protection Regulation (GDPR) and California’s Consumer Privacy Act are two of the best examples, because they govern data privacy for hundreds of millions of people.
These frameworks exact punitive penalties for non-compliance. GDPR infractions, for instance, can result in fines in the hundreds of thousands, even millions.
Nor do the relevant infractions merely include failure to stop data breaches. They also penalize companies for failing to notify affected parties within a specific time frame.
Security management technology capabilities with the best ROI
On this one point, security management software can make the ROI-enhancing difference, as penalties stiffen.
How so? Leveraging powerful, yet easy-to-set-up workflows, user-friendly software controls and automates management processes and standard operating procedures. As a result, everyone, especially key stakeholders, is kept informed across multiple communications mediums.
Analytics and reporting tools also work to ensure that decision-makers have the correct information in the best available format, when they need it. To learn how else these solutions enhance ROI and improve strategic cyber incident management, download our Guide to Improving Cyber Incident Response and Management.