With recession fears mounting pressure on budgets, CISOs must convince boards and management teams that cyber resilience can help improve bottom lines. According to Forrester.
Corporate boards and management still view cybersecurity as a cost center, and as companies make cuts, it is more likely that critical investments will be scaled back or eliminated.
But CISOs should insist that cyber resilience helps create customer trust and loyalty. Cuts to security budgets are responsible for exposing the company to regulatory scrutiny, higher insurance premiums and the risk of losing customers to rivals.
Forrester Senior Analyst Jess Burn said in an email:
The concerns raised in the report, this year’s security and risk planning guide, echo many other indicators that cybersecurity budgets are under scrutiny.
of Neuster International Security Council A report released last week found that less than half of companies surveyed around the world say they have sufficient budget allocated to support their cybersecurity needs.
early this month, PwC releases report Nearly half of global CEOs indicate they plan to increase investments in cybersecurity and data privacy, adapt supply chains or expand their geographic footprint.
“That said, CISOs are looking to become better investment-level managers by optimizing their technology footprint and leveraging automation to do more with less.” said Joe Nocera, PwC Partner Leader, Cyber, Risk and Regulatory Marketing, in an email.