Relying on the Proven Tactics and Topics to Obtain Cybersecurity Budget Increases

The period of hypergrowth for cybersecurity budgets is decidedly over - which is not a surprise to anyone in the industry, who, in the past few years, has felt the surmounting pressure to 'do more with less.'

This market reality was confirmed in @IANs annual report, which found that, after surveying 755 CISOs working in organizations across sectors and revenue bands, in 2024, the cybersecurity budget growth rate was only 8% - roughly half of what it was in 2021 and 2022.

Even more interesting, however, are the insights that the IANS report uncovered regarding what does drive budget growth, even amid this volatile economy.

The findings revealed that the most significant factor contributing to budget expansion — increasing them by an average of 28% — were cyber incidents and breaches.

You can read the full report here: https://www.iansresearch.com/resources/ians-security-budget-benchmark-report.?

The likelihood of cyber events or events, coupled with the potential financial impacts, is some of the most tangible information CISOs can offer their non-technical colleagues (i.e., board members and executives responsible for budget allocation) - and, therefore, the most valuable.

With the monetary metrics, stakeholders intrinsically understand what may happen to the business if the respective cyber risk is not addressed. They become fully aware of the potential consequences of their decisions.

When CISOs and cybersecurity leaders communicate in terms that resonate with decision-makers, they can cut through much of the noise and politics often found in boardroom-level discussions.

This broader language also equips them to present a compelling argument that directly ties cyber risk management to the achievement of business outcomes, changing the all-too-prevalent misconception that cybersecurity is a resource drain.

In the end, if expanding the cyber budget is the goal, even during a period of budget uncertainty, it's clear that framing the conversation around the financial impact of cybersecurity incidents isn't just useful - it's the most successful tactic.?

Securing an adequate budget helps to ensure the organization's long-term resilience in a landscape where cyber risks are becoming more costly by the day.

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How has communicating the potential cost of cyber incidents helped you achieve your boardroom-level goals??

#CRQ #cyberriskquantification #cyberriskmanagement #cyberresilience