Allen Lepke, Managed Services Product
CFOs are increasing budgets and spending more on
Cybersecurity. They are doing so in an effort to
protect against threats and attacks, but also see Cybersecurity as
an investment with an opportunity to innovate and increase
Spending on Cybersecurity becomes more than about spending money
to protect the business and avoid loss. It also becomes about
addressing risk and innovation, which enables growth within an
CFOs are viewing Cybersecurity less as a cost center,
but as a way to generate more revenue.
According to a recent survey by Cisco, when asked how much they
expected their company's Cybersecurity spending to change in the
next 12 months, 41 percent of the CFOs said they expect it
to increase "significantly." Another 46 percent said they
expect it to increase "somewhat. When asked how much the
availability of business benefit metrics would affect their
decision to invest in Cybersecurity, 38 percent of CFOs said they
would be "much more likely to invest." Another 43 percent said they
would be "somewhat more likely to invest."
Small to medium sized businesses continue to become more digital
by connecting people, processes and data. However, this also
increases vulnerability to cyberattacks. Successful hacks disrupt
business, decrease customer confidence and impact an organization's
reputation and brand.
The Ponemon Institute's 2014 Cost of Data Breach Study:
United States puts the average cost for each lost or stolen
record at $201, and the total average 2014 cost paid by
organizations at $5.9 million for each data breach, up from $5.4
million in 2013. These rising costs are attributable to
the loss of customers following the data breach due to the
additional expense required to preserve the organization's brand
Indeed, nearly one-third of CFOs recently surveyed by Cisco said
"enabling business growth" was a major consideration when
considering their level of cybersecurity investment.
It's clear that Cybersecurity is no longer just a matter for an
organization's IT department. It is something that needs to be
owned across the entire organization.
To learn more about Cybersecurity and CHR's Managed IT
Services contact Allen Lepke at email@example.com