What are the best ways to demonstrate cybersecurity finance knowledge for a promotion?

I think experience is the best way to demonstrate this. Especially if you are looking for a promotion at the organization you are at, ask your direct manager at this End of Year review cycle how you can take on more responsibility. It may be managing your pillar/departments budget or vendor negotiations, working with procurement, or even creating metrics around how the work you and your team is saving X amount of hours/dollars for the business. Whatever it is, start the conversation as we go into 2024. Be accountable for what you are responsible for now, and ask for more responsibilities going forward so that in 2025, there is no reason not to give you that promotion!

Technical credibility and expert domain knowledge is essential and can be gained on the job or accelerated via structured learning and generally forms early in your career. The ascent into higher management and leadership for cyber cyber professionals is about forging enduring and last relationships, providing assurance and navigating uncertainty. All of which takes time to build and continuously finesse.

"Fake it til you make it" and/or "go assess yourself" are not good strategies.. Instead, I propose to familiarize yourself with the finance firm to whom you will demonstrate your knowledge. Then ask ChatGPT a series of questions correlating cybersecurity skills to their financial repetoire. Then, if you can, use your networking to reach out to willing members of the company and see if they'll partake in focused conversation against the ChatGPT results.

None of the major certification tracks will prepare you for more than the most basic financial conversations. You must go above and beyond to learn the language and the conventions of accounting and finance to be able to speak the language of your CFO or other top-line financial leaders. Learning not just how line items are categorized, but also how various funding streams are applied, will prepare you to defend your needs and build a successful roadmap to finance your cybersecurity program.

Reach out to someone within your organization with a strong financial understanding. Politely request that they provide training on topics such as reading financial statements and understanding key financial factors critical to (the/your) business. From there, you can build on this foundation, as there are numerous resources available on cybersecurity finance. Start using this knowledge - it will be visible.

Build out an 18 month rolling schedule of projects. Meet with cfo monthly to ask about business changes, emerging/emergency needs, and show your progress If your progress is lagging behind projections, meet with cfo weekly to provide them insights and ask for help (if needed) Work with cfo to build short, meaningful reports they can share with the Board

As a CISO, simplifying technical terms for non-experts is key, highlighting how cybersecurity safeguards not only data but also business continuity and reputation. Showcase your impact on cybersecurity finance, such as optimizing security budgets and reducing cyber risks, to demonstrate real investment returns. Emphasize cybersecurity's role in risk management and compliance, focusing on translating technical risks into business terms. Stress your strategic role in developing cybersecurity policies and the need for ongoing adaptation to evolving threats. This approach integrates cybersecurity with business goals, affirming its essential role in the organization's success.

When starting out, develop your rough draft reporting/policy templates outside of the company, import them, and customize. As time goes on, you'll iteratively improve on them and by the time it matters for your getting a job (Director and above), you'll have a polished product.

A notable example I can recall here is in the cyber risk area, specifically when conducting quantitative risk assessments using a framework like FAIR. This methodology allows for the translation of cybersecurity risks into financial language. For instance, it enables the demonstration of the return on investment (ROI) when implementing a particular cybersecurity solution. Such clear financial articulation can significantly alter the perception of the cybersecurity function at the board level, shifting it from being seen merely as a cost center to a contributor to profit margin expansion.

Highlighting your contributions in cybersecurity finance through a well-crafted portfolio is an excellent strategy. This portfolio can include detailed reports, project outlines, and presentations that showcase your skills in analyzing and communicating the value of cybersecurity investments. Emphasizing your role in strategic planning, budget optimization, and decision-making processes, such as effectively reducing cyber risk or enhancing return on security investment, further demonstrates your impact. This approach not only showcases your technical acumen but also your strategic thinking and problem-solving abilities in the realm of cybersecurity finance.

Networking in cybersecurity "finance" goes beyond our immediate field. As a CISO, I advocate connecting with diverse professionals like legal counsels, CHROs, audit executives, business owners, and CFOs. These relationships are invaluable; they not only broaden perspectives but also amplify our brand. When these leaders understand and value our input, it enhances our reach and impact. Let's bridge these gaps and create a holistic security culture together.

For me, my first Finance classes for CISOs were an eye opener. I had no idea that there were such effective methods for communicating cybersecurity risks in financial terms using methods that were used by business professionals. It felt like learning a new language. This language of Finance allowed me to become a more effective cybersecurity leader by being able to more effectively communicate my value proposition to the business, explain enterprise risk in financial terms, and handle budgets and finance more effectively for my teams.

If you bring Step 2 to Step 3, your networking value goes up significantly.. because it will allow you to know who at the networking events are technical, political, or both. All are valuable resources.

Actively seek opportunities to bridge the gap between cybersecurity and financial teams, e.g., by participating in cross-functional projects where you can better demonstrate and understand the economic implications of cybersecurity decisions. It is also helpful to proactively share knowledge and insights with colleagues from other areas through presentations or meetings to further display your comprehension of cybersecurity and overall finance concepts.

Totally agree, Always the network of communication makes difference while main challenge in budget matter is confidentiality of information which make few members want to talk about personally. Then choose trusted and closed member to gain knowledge and experience.

Updating your resume to emphasize your cybersecurity finance skills and achievements is crucial for career advancement. Use specific keywords and metrics that clearly convey your expertise and value in this area. Including relevant certifications, courses, and awards will further underscore your qualifications. Tailoring your resume for each role you apply for, ensuring it aligns with the specific needs and goals of the organization, is also key. Highlight how your unique cybersecurity finance skills can contribute to the organization's objectives, demonstrating both your technical proficiency and your understanding of the broader business impact.

To enhance your resume, use LinkedIn. Keep them aligned. You and everyone in your team should be updating LinkedIn quarterly. If you really want some wow, start offering recommendations to ppl in your network in areas you've collaborated and that you may look weak/less skilled in. It is one thing to say you have a finance cert, it's another completely to see you recommending the company/person you worked with on financial modeling. Added bonus: Write enough recommendations and people may start even writing you some.

Demonstrate cybersecurity financial knowledge for a promotion by showcasing skills in risk assessment, budget management, ROI analysis, compliance expertise, incident response planning, effective communication with financial stakeholders, continuous learning, and cross-functional collaboration. Use specific examples and quantify achievements where possible.

Don’t worry about it. Just be the best you can be and add AI to your hard and soft skills (specially upping your game on common sense). If you are good enough, the cybersecurity people gap will bring you up to fill the void. Our market needs more people that do there job right, and do it because they care and not because of promotions.

Seek benchmarking data from multiple sources. Know how your cybersecurity spend compares to peers in your industry and how it fits within the ranges of commonly used metrics like cyber spend as a percentage of IT spend or revenue.

-Quantify risk: Translate cyber threats into dollar terms (breach costs, lost revenue, reputation damage) for executive buy-in. -Optimize budget: Allocate resources based on risk probability and impact, prioritizing critical assets. -Cost vs benefit analysis: Evaluate security tools and controls, ensuring ROI exceeds investment. -Track return on security: Measure metrics like incident reduction and data protection improvement. -Communicate value: Clearly articulate the financial benefits of robust cybersecurity across the organization. -Adapt and iterate: Regularly review and adjust security spend based on evolving threats and vulnerabilities.

We can only protect what we can afford to protect. You want to move into cyber leadership? Learn how to calculate and articulate the return on investment as well as the return on security. Even if you don't want to be a CISO some day, this is a key skill to master to get your projects funded. Even if you're an analyst 1 on your first day, knowing the budget is still advantageous. It tells you what's REALLY important to the organization, not just what they say is important. Befriend the business manager in your organization. They know where every dime goes.

Get out of your comfort zone. Remember, we don't grow in in our comfort zones. For many of us technical security professionals, topics like Finance, communication, and budgeting probably don't seem to exciting. However, these and related skills will be key to growing into the highest levels of our industry. Get out there and keep growing and keep going.