13 Mar Ransomware Cyber Security: How to convince your board to invest in it
The importance of cybersecurity is directly related to the expenses generated by violations suffered by an organization.
These expenditures are intended to repair the damages incurred and revolve around US $ 1.24 million annually on a national scale.
Even with the existence of a certain amount of money for cybersecurity, their IT leaders consider that the amount invested today is not enough. Mainly in small and medium enterprises where the value of investments are low.
Many questions can be asked by your organization’s board of directors when you ask for other cybersecurity investments. But how do you approach ideas that can clarify the importance of your investment?
Continue reading this post. We’ll help you convince your board about the importance of cybersecurity investments so your business is fully operational.
How to persuade your board to invest in cybersecurity
Here are some practical steps you can take to persuade your board to invest in cybersecurity.
If you think this is an impossible task, at the end of the reading, you will think differently. Stay tuned.
What is the relevance of cybersecurity to our company?
This is a very common question, especially in small and medium-sized organizations. And this is justified by the fact that these companies carry out a substantial part of their work offline.
So there are some barriers that you might face in clarifying the importance of cyber security for the business that your business works with.
The first point in your favour is: any company dealing with personal data should invest in cybersecurity to ensure that such stored data is secure.
And that investment is even more necessary to meet especially the requirements of new legislation already passed in the Senate, which will come into force in 2020.
According to the new rules of the General Data Protection Act (LGPD), any information that can identify a person will be considered as personal data.
Therefore, your company’s customer data such as name, location and IP address must be protected due to the existing value and determined now by law.
Having such a weighty argument, you can start your convincing approach by relying on two of the biggest fears in a board:
- Financial problems;
- Loss of reputation.
Explain to the management team the fines and penalties that the company may face if it discovers the lack of adequate protection against data breaches.
These fines may reach R $ 50 million or at a value corresponding to 2% of their annual revenues. These are values that no board would like to spend, mainly due to a management failure.
And, in addition, show them the risk of economic and financial losses to which they will be subject, besides the possibility of prejudice of the reputation with consequent loss of clients.
A myth in cybersecurity
In analyzing the costs involved in cybersecurity purchases, your board will not be considering the costs of employing or training someone to implement them.
Therefore, you should also alert them to these costs required in the implementation of cyber security systems.
If it is considered an excessive expense, you can suggest outsourcing all of the company’s cybersecurity needs. This decision makes your company save on labour costs.
In this way, the company will also have the appropriate experience and knowledge from a team of trusted experts, as Fast Data Recovery can offer.
Lack of knowledge about risks
Therefore, they do not perceive the threat and consequences to which the company is subject.
In this case, you can quickly increase your chances of securing new investments by developing reports, detailing the level of risk, potential threats, and proposing solutions.
Thus, periodically, you can submit updates to show the progress made with the new cybersecurity purchases.
“I take the risk and I spend the money in case of an incident”
Hearing this from any member of your company’s board can be very frustrating when you are responsible for cybersecurity.
Many organizations believe they are immune to security breaches. So why should they invest in cybersecurity?
And in case something happens, the board thinks it will certainly cost less to deal with an emergency incident and to recover from what was lost than to invest in cybersecurity systems and teams.
For this situation, you simply explain to your directors the financial and economic losses that the company may suffer if a security breach occurs.
Such violations can cause the organization’s e-mail platform or databases to stop working, causing an almost total loss of productivity.
And this without taking into account the damage caused by theft of data stored by the company, huge fines, loss of customers and business, caused by smear image.
Try to base your argument on projected losses, if that happens, by comparing them with the investment costs required for cybersecurity.
And remember to always warn them that the technical possibilities for recovery of an incident can be limited and the invaluable damage. Soon it will be clear which is the best option.
But where should I start investing in cybersecurity?
You may not know the answer to this question right away, and for a variety of reasons.
Whether you are not aware of the security maturity of your business or because you can not extract reports that demonstrate the level of risk to which the business is exposed.
The ideal, therefore, is to consider hiring a specialized cybersecurity consultancy. This will evaluate your systems, level of maturity and raise the information necessary for you to base your argument.
This support from a consulting company, such as Fast Data Recovery, will support all the cybersecurity projects you have in mind, working with better viability for your company.
Seeing how important and essential is the initial investment in a specialist consulting firm, you will be better prepared to help your board and board better understand what cybersecurity is.
And to learn more about cyber security, be sure to follow Fast Data Recovery and keep an eye on our content.
Also, feel free to contact us to discuss your options