As businesses across all industries evolve, once discretionary expenses become operating costs. Insurance coverage, for example, is pretty much ‘a must’ across many industries. The latest may be cybersecurity costs, because protecting your most important currency, information, requires ongoing attention. When looking at your cybersecurity budget, factor in every part of the recipe. What are some items you can bake into your cybersecurity budget that will reduce your overall risk posture?
How to Talk to the C-Suite About Cybersecurity Costs
If you’re smart about how you spend and allocate your information security budget, you can actually turn your cyber-related expenses into competitive advantages. And you’ll make a lot of friends if you can do that. Therefore, as you plan for your coming year’s budget, make sure you are speaking a language the decision makers understand. Remember, it’s not just about bits and bytes, firewalls and routers; it’s also about business speak. Learn to talk about why these cybersecurity costs are worth it to the C-suite:
Cash flow (Can the business financially sustain what you’re asking for?)
Collateral (in case you need to borrow against assets)
Capital (How much do you have in the piggybank that can be used?)
Character (This not only goes for you, but who you’re relying on.)
Conditions (What’s the outlook like?)
Yes, these are the ‘five Cs’ of credit and lending analysis. Effectively, you’re asking management to invest in your cybersecurity training and budget, meaning they’re going to want to see a return on investment. ..