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The main concern of a business executive is a company’s profitability. Every day corporate executives make decisions where to invest company money by comparing the costs and benefits, seeking to understand their return on investment (ROI). Finding ways to keep cost down while getting the most out of your protection against cybersecurity breaches is a struggle for most businesses. To make matters worse, some organizations are setting up complex systems and defense mechanisms that can make ROI unquantifiable. Extol Cloud Security Solution
Bottom line, good security means no financial, brand and image loss to a business. On the other hand, the financial impact of a successful breach can be deadly to a corporation. Potential cyber breaches and their consequences justify the upfront and ongoing expense required to prevent its occurrence. Businesses of all sizes and every industry get breached. The question is, how do businesses calculate and measure how much security is enough security? The good news is that with the right strategy, calculation and communication, understanding the ROI on your cybersecurity plan is entirely possible.
First, there are costs involved in the overall implementation of a cybersecurity plan, such as monitoring systems and incident response software. These expenses can be easily measured.
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Secondly, recognizing and showing the benefits that can help strengthen a case for enhanced incident management can be very helpful. Far too often, cybersecurity measures focus squarely on prevention, when in reality it’s the remediation that can truly quantify the return. In reality, it is not the attack that is costly; but rather the expense involved in identifying, isolating, and resolving the issue before it has a chance to cause any damage.
The majority of large corporations today find out that attacks are usually coming from their bank or a third party vendor. Using outside sources to detect breaches takes a greater amount of time than having products you can use in-house. Cybersecurity breaches happen in mere minutes. The gap between a compromise and detection is alarming, to say the least, and that’s without taking into account the amount of time it takes to recover. Most of the mean time to resolution (MTTR) is spent determining the actual problem, and the remainder is spent fixing the damages and resolving the problem. IT Security Solution from Extol
With the right technology and tools, there can be significant savings in MTTR alone. Keeping in mind that the type and severity of incidents will vary, it is essential to rank the incidents by resolution time and cost. The costs associated with support personnel may also vary based on level and skillset. Once you conduct an initial assessment and use the formula of Annual Cost of Incidents X Reduced Time to Resolution (%) = Annual Savings you can potentially save about 50-75 percent with your tools.
Currently, IT executives understand the importance of investing in cybersecurity; the problem occurs when they need to convince other executives and corporate leadership.
An important element of ensuring that all your tools are operating to maximum capacity is to get a Security Orchestration Automation Response (SOAR) product. This will help you create playbooks, which in turn help you assess what tools you will need and be ready whenever an attack is to follow.
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Source: IncidentResponse.comIT Security Solution from Extol