{"id":3020,"date":"2024-02-10T12:00:00","date_gmt":"2024-02-10T12:00:00","guid":{"rendered":"https:\/\/www.relyonit.co.uk\/?p=3020"},"modified":"2024-01-09T19:17:29","modified_gmt":"2024-01-09T19:17:29","slug":"need-to-show-the-tangible-value-of-cybersecurity-heres-how","status":"publish","type":"post","link":"https:\/\/www.relyonit.co.uk\/need-to-show-the-tangible-value-of-cybersecurity-heres-how\/","title":{"rendered":"Need to Show the Tangible Value of Cybersecurity? Here’s How"},"content":{"rendered":"

You cannot overstate the importance of cybersecurity. Especially in an era dominated by digital advancements. Businesses and organizations are increasingly reliant on technology to drive operations. This makes them more susceptible to cyber threats.<\/p>

66% of small businesses are concerned about cybersecurity risk.<\/a> Forty-seven percent lack the understanding to protect themselves. This leaves them vulnerable to the high cost of an attack.<\/p>

Conveying the tangible value of cybersecurity initiatives to decision-makers can be challenging. The need for protection is clear, but executives want hard data to back up spending.<\/p>

We\u2019ll explore strategies to effectively show the concrete benefits of cybersecurity measures. These can help you make the case for stronger measures at your company. As well as help you understand how your investments return value.<\/p>

How to Show the Monetary Benefits of Cybersecurity Measures<\/h2>

Why does demonstrating the monetary value of digital security measures pose a challenge? The benefits of cybersecurity are often indirect and preventive in nature. This differs from tangible assets with direct revenue-generating capabilities.<\/p>

Investments in robust cybersecurity protocols and technologies are akin to insurance policies. They aim to mitigate potential risks rather than generate immediate financial returns. Quantifying the exact monetary value of avoided breaches or data loss can be elusive. These potential costs are hypothetical. They’re also contingent on the success of the cybersecurity measures in place.<\/p>

Additionally, success is often measured by incidents that do not occur. This complicates efforts to attribute a clear monetary value. As a result, companies grapple with finding certain metrics. Ones that effectively communicate this economic impact.<\/p>

Below are several ways to translate successful cybersecurity measures into tangible value.<\/p>

1. Quantifying Risk Reduction<\/h3>

What’s one of the most compelling ways to showcase the value of cybersecurity? It’s by quantifying the risk reduction. Companies design cybersecurity initiatives to mitigate potential threats. By analyzing historical data and threat intelligence, organizations can provide concrete evidence. Evidence of how these measures have reduced the likelihood and impact of incidents.<\/p>

2. Measuring Incident Response Time<\/h3>

The ability to respond swiftly to a cyber incident is crucial in minimizing damage. Metrics that highlight incident response time can serve as a key indicator. They can illustrate the effectiveness of cybersecurity efforts.<\/p>

It\u2019s also possible to estimate downtime costs. And then correlate those to a reduction in the time it takes to detect and respond to a security incident. This demonstrates potential savings based on faster response.<\/p>

The average cost of downtime according to Pingdom<\/a> is as follows:<\/p>