CISOs worldwide are already planning to implement strategies for cybersecurity across the world. Whether it is implementing zero trust architecture or stricter monitoring of third-party risks, whatever they plan to get done for their organization they need to convince the C-suit/the top management for cybersecurity budget.

CISOs struggle with challenges that make it difficult for them to ensure cybersecurity. to convince CEOs and stakeholders of the prioritization of cybersecurity. It is one of the reasons why cybersecurity budgets fail to keep up with the evolving cyber threats.

Let us have a look at some of the challenges that CISOs face along with some effective ways through which CISOs can prove ROI on IT security investments.

What are the common challenges that CISOs face

A CISO faces several challenges while navigating cybersecurity for an organization. Here are some of the challenges faced by CISOs:

• Communicating C-suit about the prioritization of cybersecurity
• Increasing sophistication and frequency of cyber threats
• Tight budgets for cybersecurity
• Growing cybersecurity talent shortage
• Adherence to cybersecurity regulations

One question most CISOs face by CEOs and other C-suite is whether their cybersecurity budget will fetch a return worth the investment. What makes CEOs doubt is that many vendors offer siloed operations, limited visibility and unexpected/high maintenance costs and increased risk exposure in the name of cybersecurity.

Therefore, CISOs need to come up with better strategies that help them demonstrate that greater investments in cybersecurity solutions and expertise not only would help them address their cyber risks but also help them address compliance risks.

Strategies that CISOs can follow to increase organizational-buy-in

The following are some of the strategies that CISOs can follow to convince CEOs better and increase organizational buy-in:

1. Showcase that cybersecurity is essential for smooth business operation

Cybersecurity ensures smooth business operations. Without effective cybersecurity measures, businesses could face disruption in operations and loss of their data.

For example, if a building doesn’t have fire safety measures like smoke detectors, it could be hugely impacted by a minor fire incident.

Security automation also enables businesses with a smooth digital transformation journey. Without appropriate security controls, quicker digital transformation won’t be possible. A business can shift to digital infrastructure with the confidence that its data will be secured with the appropriate controls.

2. Show how rising cyber threats can impact business

Any company can suffer from a cyber att ack, whether it is a small or medium-sized company or a Fortune 500 company with thousands of employees. Therefore, to convince the C-suite, it is essential to take real-world examples of ransomware attacks and data breaches and showcase how cyber attacks impact business operations and data and cause significant damage to reputation. Share relevant threat data from the industry to explain how cybersecurity investments should be proactive and not reactive expenditures in response to threats.

3. Demonstrate how it defines long term brand reputation

Once the news of the data breach has made it to the headlines, it is going to be a permanent mark on the brand’s reputation that would not only be highly challenging to repair but also affect future customers and partners. For example, a data breach on a payment facility services provider can significantly impact its reputation. More people would lose trust in its capability to offer secure payment facilities. Show how by securing data and operations you would ensure the security of brand reputation among customers, partners, and other stakeholders.

4. Highlight the consequences of non-compliance

Demonstrate that customers and partners are more concerned about non-compliance with cybersecurity regulations like GDPR and PCI-DSS than compliance certifications like ISO. Most regulatory cybersecurity requirements include measures and best practices that ensure cybersecurity hygiene. Adherence to these requirements makes up for a smooth compliance audit, saving the company millions in fines/penalties due to non-compliance. Having effective cybersecurity in place also ensures eligibility for cyber insurance. Many insurance companies want evidence of security before granting a policy.

If you are a business owner or a CISO looking for a budget-friendly way to secure your infrastructure 24×7 with AI and HI (Human Intelligence) powered compliance-centric cybersecurity, then SharkStriker can help you achieve that.

Our managed services are delivered via our unified security platform STRIEGO which is purpose-built to address compliance gaps, break silos, and give you visibility and control to stay ahead of threats and be compliant.

Learn more about our managed services or our security platform.