Amid political headwinds and economic uncertainty, businesses are facing a challenging time. The economy is being impacted by high inflation and limited GDP growth, along with disruptions in supply chains due to international conflicts. This has led to a ‘cost of doing business’ crisis where cybersecurity teams are struggling to enhance their security measures.
Security teams are experiencing pushback from decision-makers regarding new investments, leading to budget cuts or delays in spending decisions. Despite facing these challenges, security teams are required to be agile in responding to the evolving threat landscape, digital transformation, regulatory reform, and skills shortages. Cutting costs or avoiding action is not a viable option in such a dynamic environment.
To ensure a sufficient level of security, security leaders must find innovative ways to demonstrate the value of the investment decisions they advocate for. This uphill battle requires a strategic approach to continue safeguarding their organizations from cyber threats.
Security as an Enterprise Risk Management Topic
The failure to protect sensitive digital assets from sophisticated cyber threats can result in severe consequences for organizations. The recent Security Navigator report highlighted a 46% global increase in cyberattack victims in 2023. Organizations often view security as a compliance checkbox rather than a vital component of their enterprise risk management strategy.
It is crucial for organizations to integrate cybersecurity closely with their business objectives, starting from the boardroom. This alignment requires enhanced collaboration between CISOs, security teams, and the broader leadership to ensure a deeper understanding of internal security needs and their role in supporting business goals. Executive meetings should regularly address security as an enterprise risk management topic to emphasize collaboration between the board and security teams.
Always Relate to the Business Strategy
Large enterprises faced 40% of security incidents in the past year, indicating the importance of aligning business and security objectives. Security leaders must prioritize critical risks that are contextually relevant and avoid spreading resources too thin. Failing to focus on security strategy can prevent organizations from adopting new tools and technologies that could provide a competitive advantage.
To address this issue, security teams need to engage more with the business, understanding its challenges, and showcasing how security can support its objectives. Involving security teams from the start of new projects can enable them to demonstrate their value and align security with business initiatives effectively.
Automation to the Rescue
Collaborating with the broader business while maintaining security defenses can be challenging for security teams. Automation can optimize security operations, allowing teams to focus on meaningful tasks and improve security metrics. By reducing incident response times and minimizing risks through automation, security teams can allocate more time to work closely with business leaders to emphasize their role in driving business objectives.
Ultimately, by leveraging automation and strategic collaboration, security teams can transform from being part of the problem to being part of the solution in overcoming the ‘cost of doing business’ crisis. Building stronger ties with business leaders and proactively addressing vulnerabilities can place security in a pivotal role within the organization’s strategic agenda.
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