Free Talking - Episode 4
02 September, 2021, by Natasha Free
How can I convince my board to fund cybersecurity?
Listen in to hear Natasha Free answer the question: "How can I convince my board to fund cybersecurity?"
Questioner: In today's episode of Free Talking, Natasha answers the question "How can I convince my board to fund cybersecurity?"
Natasha: I like this question because it's more a business question rather than being tech focussed. I would say, budget for cybersecurity is an absolute must-have. A recent report by Hiscox, the insurer, said that 68% of small businesses have experienced a cyber attack over the last year. Cybersecurity budget is a must-have. I don't think there is any argument about that now.
Natasha: I would say, formulate it in terms of the risk. Every business is going to be different - what is the business appetite for risk? Are you reactive or pro-active?
Natasha: I like to avert risks but sometimes to have to be able to react to risks.
Natasha: Another driver, of course, will be if you are subject to any kind of compliance requirement and will also shape the way you go to get money from the business.
Natasha: One of the key things and one of the only ways that we know will make change happen is to get sponsorship. Somebody who is in the senior executive management who will take responsibility for this and will help you to get the funding you need and help you to see through the changes that you want to make. Change cannot happen, and budgets cannot be secured without a C-Level buy-in.
Natasha: Another way to do this, and I think it is Gartner who have said one of the best approaches is to tie-in with an Identity & Access Management programme. Organisations that have roadmaps are much more likely to get a better return on their investment.
Natasha: Another key thing that is really important at the moment, actually, is what I call the Covid-19 crisis inspired measures. A lot of businesses put sticking plasters over their cybersecurity because they had to get stuff done. Now is the opportunity to secure more funding to put those things right. Take the sticking plasters off! Do it properly!