Cybersecurity has evolved a key concern for enterprises, directly influencing revenue growth and business continuity. According to Gartner, CFOs need to be comfortable handling cybersecurity investments that provide secure performance and results to business stakeholders.
CFOs constantly struggle to prioritize cybersecurity spending while ensuring other financial responsibilities.
The session, “CFO: Manage the Business Value of Cybersecurity Investments,” at the Gartner CFO & Finance Executive Conference Gartner, Inc. advises CFOs to prioritize cybersecurity investments that provide defensible performance and outcomes to stakeholders.
Paul Proctor, Distinguished Vice President Analyst at Gartner, said, “There is no such thing as perfect protection; No matter how much an organization spends, it can still get hacked the next day. The real question is whether finance leaders can defend their cybersecurity choices to key stakeholders.”
Data breaches can significantly impact trust and financial stability. Executives need to develop a cybersecurity posture for shareholders, regulators, employees, customers, and partners in the event of an incident. The best way to do this is to treat cybersecurity as a business investment.
CFOs are encouraged to use outcome-driven metrics and business value criteria to determine the business value of cybersecurity and the importance of protection level criteria in developing a cybersecurity standard. This approach allows CFOs to make informed investments that balance protection with business needs while managing CISO budget demands.
As the business grows, CISOs, CFOs, and other executives must continually analyze appropriate cybersecurity risk levels.
Organizations must make mindful decisions about their action to protect themselves from cyber threats. Operational value delivery and target protection level are vital for executives to ensure defensible cybersecurity strategies.
Paul Proctor also said, “The organization must make conscious decisions regarding what it will do, and more importantly, what it will not do to protect itself. “Residual risk must be accounted for, and as the business grows, CISOs, CFOs, and other executives must continually reassess how much risk is appropriate.”
CFOs must adopt a strategic, defensible approach to cybersecurity, ensuring it aligns with overall business goals and delivers tangible value.
Also Read: Gartner Reveals Top 8 Cybersecurity Predictions for 2024
