Information is power. It is also a source of profit, whether it’s customer data, intellectual property or financial information. Protecting this revenue stream should be priority one for the C-suite. And it is – for the CSO, CISO, CIO or other security-minded executives. For CEOs, CFOs and others with financial responsibilities, the case for investing in cybersecurity is not so clear-cut.
In fact, it’s quite the reverse. Any cost not directly impacting productivity or improving margins is considered an area for reduced spending in order to improve profitability. All too often, however, C-suite executives are willing to cut corners in their cybersecurity infrastructure to save a few quick dollars, only to suffer the consequences of a data breach or other network issue down the road. The short-term cost savings from skimping on infrastructure, staff or other resources, or not performing a risk assessment, are replaced with a long-term impact on earnings.