Boost Cybersecurity ROI: Invest in a CISO for Business Growth
Despite cybersecurity looking like an expense, it can actually provide businesses with an ROI. The ROI, however, commonly goes unnoticed.
It’s very easy for cybersecurity ROI never to be recorded, as there’s not a direct money-in, money-out transaction.
However, investing in cybersecurity, particularly a CISO (Chief Information Security Officer), can bring some superb returns.
What is a CISO in Business?
CISO is an abbreviation for Chief Information Security Officer, and they’re responsible for the development, implementation, and management of an organisation’s information security program.
How Hiring a CISO Improves Cybersecurity ROI
1. Preventing Costly Downtime
One of the most hidden costs for any business regarding cybersecurity is downtime.
According to GBI, between 2014 and 2019 alone, 50% of organisations experienced unplanned outages. This ended up costing, on average, around $17,000 (almost £13,000) a minute.
Considering a CISO in London costs between £122,000 and £192,760 to employ yearly, it could just take one outage prevention to get an ROI.
In this case, according to the research above, the ROI could be returned in around 9 to 15 minutes.
2. Protecting Customer Data and Reputation
On average, a data breach on customer data costs organisations £3.4 million per breach.
The loss in revenue usually comes from several areas. One large area is a fine from GDPR. This could be 20 million euros (close to £17 million) or 4% of the company’s yearly revenue.
Not only this, but cyberattacks damage a business’s reputation. It’ll hurt reputation so badly that 85% of consumers say they’ll take their business elsewhere if their information isn’t handled safely.
3. Saving Costs with Automation
CISOs can also implement cybersecurity automation. By automating such tasks as incident response and threat detection, CISOs can reduce manual work and lower operational costs.
A recent study by IBM indicates this perfectly. Their latest research suggests that the average savings for businesses using AI and automation in their cybersecurity can be $2.22 million (around £1.6 million)
4. Making Smarter, Data-Driven Decisions
Alongside the above, CISOs can enhance ROI by using data to drive their security decision-making.
They can monitor and analyse security performance, which will help them identify areas for improvement and areas of optimisation – improving security performance and saving money on resources.
5. Ensuring Compliance and Avoiding Fines
Lastly, CISOs ensure compliance, thus avoiding fines. Fines from GDPR, as mentioned above, are pretty significant. This goes for CCPA as well, the US version of GDPR.
If you don’t comply with the rules outlined by these organisations, regardless of what you breach, the fines are huge and can significantly impact business.
Get a Better Cybersecurity ROI with XLCyber
Improving your cybersecurity can end up saving you millions. Don’t wait until a problem arrives. Act now and save money, time, and headaches in the future. Contact XLCyber today, your partners who’ll keep you and your business safe.