Cybersecurity is no longer a cost center, but a strategic investment that can deliver significant ROI to organisations of all sizes. In today’s increasingly digital world, businesses are more vulnerable to cyberattacks than ever before. A single successful attack can have devastating financial, reputational, and operational consequences.
The cost of cybercrime is rising
The cost of cybercrime is on the rise, with global losses estimated to reach $10.5 trillion by 2025. This includes the direct costs of data breaches, such as ransom payments, regulatory fines, and customer churn, as well as the indirect costs of reputational damage, operational downtime, and lost productivity.
The ROI of cybersecurity
The ROI of cybersecurity can be difficult to quantify, as it depends on a number of factors, such as the size and industry of the organisation, the types of cyber threats it faces, and the level of cybersecurity investments it makes. However, a number of studies have shown that cybersecurity investments can deliver significant ROI.
For example, a 2023 report by Ponemon Institute found that the average cost of a data breach in the United States is $4.35 million. The report also found that organisations with more mature cybersecurity programs have significantly lower data breach costs.
Another study, by IBM, found that organisations that invest in security awareness training for their employees can reduce their data breach risk by up to 70%.
The importance of a strategic approach to cybersecurity
To maximise the ROI of cybersecurity investments, organisations need to take a strategic approach. This means developing a comprehensive cybersecurity strategy that is aligned with the organisation’s overall business goals and risk appetite.
The cybersecurity strategy should identify the organisation’s most critical assets and the cyber threats it faces. It should also outline the specific cybersecurity controls and technologies that will be implemented to protect these assets.
References from strat houses and research companies
Cybersecurity is a strategic investment that can deliver significant ROI to organisations of all sizes. By taking a strategic approach to cybersecurity, organisations can reduce their risk of cyberattacks and protect their most critical assets.
Additional tips for improving the ROI of cybersecurity investments
NINTH EAST Partners is your Cybersecurity provider of choice. We have worked with 100s of clients in improving their cybersecurity posture from assessing, recommendation, ROI calculations and implementation. Let’s talk today and get started on your cybersecurity journey.