The numbers don’t lie: the average cost of a successful data breach in the United States is $9.44 million
according to a 2022 IBM report. Cyberattacks increased by 38% in 2022 and hackers targeted healthcare
organizations more frequently than any other industry in that year, according to Check Point Research.
To protect your organization from the financial and reputational fallouts of a successful cyberattack, it’s
crucial to invest in cybersecurity services. However, convincing your board to make a sufficient
investment in cyber technology may be challenging.
Don’t wait until disaster strikes to talk to your board. Here’s a step-by-step plan to help your board
understand the value of investing in cybersecurity.
Step 1: Understand the Board’s & Concerns
Board members are in the business of making money. They might balk at a budget that includes
significant cybersecurity costs.
Most board members are also not IT experts – or even familiar with cybersecurity. They may hesitate to
invest in cyber technology because they want to limit the budget and because of their lack of knowledge
on the topic. A Diligent Institute 2023 survey found that less than 9% of an average board has technical
expertise. Proactively educating the board is essential so that they can make informed cybersecurity
decisions.
Before you can educate board members or approach them with a formal budget request, you need to
understand their concerns. Research your board members to determine their level of knowledge of
cybersecurity issues. Try to find out what issues are on their agenda and how investing in cybersecurity
can help.
Discover more about our cybersecurity consulting services.
Step 2: Demonstrate the Importance of Cybersecurity
Did you know?
- In 2022, it took an average of about 9 months to identify and contain a breach.
- Almost half (46%) of all data breaches impact businesses with less than 1,000 employees.
- 45% of data breaches happen in the cloud.
Cybercriminals attack organizations of every size, from small businesses to large organizations. Small
businesses are more frequent targets because cybercriminals know they do not have the same budget as
large enterprises. Still, large enterprises are often victims. Colonial Pipeline paid $4.4 million to hackers in
2021, and although some of that payment was recovered, the company felt the damage in lost time and
to their reputation.
Your board presentation should include examples of businesses – ideally businesses in your industry or
the Texas region – and how much a cyberattack cost them. Not only is there the potential to lose millions
in a ransom, but a successful attack also costs time. Perhaps most significantly, it damages your
reputation. Can your customers trust you after their data has been leaked?
Step 3: Prepare a Convincing Proposal
Cybersecurity consulting services can help you protect customer data, your network, and your digital
assets. Keep these tips in mind for presenting your argument to the board.
Demonstrate the Potential ROI
The board’s primary concern is the budget. Explain just how expensive a cyberattack on your
organization could be.
- Include information about how much a business like yours, whether it’s in your industry or similar
in size and scope, has lost in a cyberattack. - Explain which data you collect is at risk and identify how much it would cost to protect it. Discuss
the reputational fallout of a customer data breach. - Demonstrate the potential cost savings over time by investing in cybersecurity services
now. The longer a breach goes undetected, the more expensive it will be. The average savings of
containing a data breach in 200 days or less is $1.12 million, according to IBM.
Investing in cybersecurity now could save your organization hundreds of thousands of dollars down the
line.
Invite an Expert
Your board members are experts in their own fields – not in cybersecurity. While your board members
don’t need to be cybersecurity experts, they do need to be informed so they can make the best decisions
for your business.
Cybersecurity consulting simplifies the board education process. According to the Diligent Institute 2023
survey:
- 59% of companies are now bringing in consultants or external experts to educate the board.
- 47% of boards set up formal director education programs specifically for cybersecurity issues.
Because of the complex and changing nature of cybersecurity, expert help is often necessary. Plan to
invite an expert like Affiliated Communications and our partners to participate in your board presentation.
Be informed: What is ransomware and why you should care?
Recommend a Plan of Action
Board members may have concerns about the budget or the timeline you propose. Come prepared with
more than one option but defend the best position for your business.
Make suggestions for actionable steps the board can take toward investing in cyber technology. Propose
a cybersecurity partner, timeline and budget. Cybersecurity consulting services can help you design a
comprehensive proposal that addresses your business’s cybersecurity needs and your board’s concerns.
Win Over Your Board with Cybersecurity Consulting from Affiliated
As cyberattacks become more sophisticated and frequent, and as more employees work remotely, there’s
more at stake than ever before. Don’t wait until disaster strikes to start talking to your board about
cybersecurity.
Cybersecurity consulting can help you protect your business data and network. Affiliated Communications
partners with the best cybersecurity providers in Texas to keep organizations like yours protected. We
secure your business while reducing your pain points.
When you’re ready to invest in cybersecurity, take the first step towards peace of mind and book a free,
no-obligation consultation with us.
