After years of heavy spending on security, boards and executives are increasingly concerned about the ROI of their cybersecurity budgets. This may be due in part to problems in communication between upper-level management and security professionals. Senior leaders aren’t always clear on how cybersecurity investments today can prevent cyberattacks in the future. At the same time, security leaders are often negligent in demonstrating how cybersecurity budgets align with business goals.
One reason for this disconnect between is a lack of quantitative, objective cyber security metrics that are easy to understand. Many metrics are too detailed to comprehend, too vague to matter, or lacking in meaningful context.
BitSight can help. BitSight Security Ratings provide a data-driven, dynamic measurement of the cybersecurity performance of an organization and its vendors. Armed with daily BitSight ratings, security managers can facilitate data-driven conversations about security and risk with boards and executives while effectively justifying their cybersecurity budgets.
As security managers face increasing scrutiny and shrinking budgets, these five strategies can help to justify the cybersecurity budgets they need to optimize cybersecurity planning to align to the broader goals of the business.
To demonstrate ROI, security leaders need tools that deliver greater visibility into risk in their digital ecosystem. By identifying areas of highest or disproportionate risk, teams can prioritize security spending and introduce cyber risk reduction programs that will deliver fast and noticeable impact.
Too often, security professionals provide senior leadership with metrics that aren’t correlated with business outcomes. By leveraging metrics that have a direct relationship to positive or negative outcomes, security teams can show that their work has potential to help the business grow, scale, and increase profitability. Metrics that correlate to the risk of data breaches are especially effective, as senior leadership is painfully aware of the potential cost of cyberattacks.
By benchmarking the performance of their organization against peers and competitors, security managers can prioritize security efforts to achieve the highest impact while meeting or surpassing industry benchmarks.
More employees are working remotely or from home today, significantly increasing the company’s attack surface and introducing new vulnerabilities. According to research, residential IPs account for more than 90% of all observed malware infections and compromised systems. Security managers can justify cybersecurity budgets by improving cyber risk management in remote operating and work from home environments.
Vendors and partners are often the weak link in a company’s security chain. Yet managing third-party risk can be labor-intensive and costly. With tools that significantly reduce the time and expense of onboarding, risk managers can promote business enablement while cost-effectively evaluating and mitigating risk.
BitSight offers the most widely adopted Security Ratings solution in the industry. With BitSight’s suite of cybersecurity and risk management technologies, companies can solve their most complex cyber risk challenges.
BitSight Security Ratings are the foundation for all BitSight solutions. Providing a dynamic, data-driven measurement of an organization’s security performance, BitSight ratings provide greater security visibility and enable security managers to proactively identify, quantify, and manage cyber security risk throughout their ecosystem.
Unlike existing security tools that conduct periodic scans or rely on subjective cyber risk assessments, BitSight Security Ratings continuously measure security performance based on evidence of compromised systems, security diligence, user behavior, and data breaches. BitSight Security Ratings are generated daily through the analysis of externally observable data in an outside-in approach that requires no information from the rated entity. With BitSight ratings, organizations can monitor third- and fourth-party risk, make data-driven risk decisions with greater speed and effectiveness, and engage stakeholders in data-driven conversations about risk and security.
BitSight’s technology provides the quantitative, objective, and continuous metrics that security leaders need to justify their cybersecurity budget. BitSight solutions include:
BitSight has been transforming the way companies manage cybersecurity and risk since 2011. As the most widely adopted security rating service in the world, BitSight continuously monitors large pools of objective and independently verified data to deliver actionable security ratings, cyber risk metrics, and security benchmarks.
More than 2,100+ customers, including some of the world’s largest organizations, rely on BitSight to provide a clearer picture of their security posture. BitSight is the choice of 25% of Fortune 500 companies, 20% of the world’s countries, and 7 of the top 10 largest cyber insurers. BitSight is also used by 4 of the top 5 investment banks and all 4 of the Big 4 accounting firms.
While budgetary decisions vary from company to company, there’s a trend away from the constantly growing cybersecurity budgets that were common in the past decade. For some companies, this trend is in response to economic conditions. For others, it may be a reflection of senior leadership’s lack of understanding of how investments in cybersecurity technology today can prevent attacks tomorrow.
To ensure optimal ROI on cybersecurity budgets, security leaders require metrics and reporting that can identify the most significant areas of risk and the largest gaps in security controls. Armed with this information, security teams can direct budgets toward the priorities that will have the highest impact on security performance and risk management.
Security posture describes a company’s efforts to manage risk and defend against cyber threats. Security posture is the sum of an organization’s strategies, plans, controls, defenses, and reporting designed to prevent, respond to, and recover from cyberattacks.