Even maintaining current budgets can be hard as companies look for cost savings in non-revenue-generating areas. But you don’t have to wait for a cyber attack to occur to prove that you need to invest in cybersecurity.
Instead, CISOs can demonstrate the ROI of their current spend, and potentially convince other leaders to increase budgets, by using cyber risk quantification (CRQ).
In particular, using a CRQ methodology that provides detailed insights into the financial impact of cyber risk, and which displays how different cybersecurity actions can result in different financial outcomes, can show whether your cybersecurity spend is effective.
Why Use CRQ to Prove ROI?
CISOs might find themselves in positions like wanting to invest in new security controls or cybersecurity programs that could help prevent incidents like a data breach, or needing to justify annual staffing costs. But trying to convince someone who lacks much cybersecurity knowledge can be hard, unless you speak in terms that they resonate with.
In many cases, that means talking about risk management and business impact, e.g., “This type of cyber event could cost us up to $1…
