Negotiating the security budget: how to convince management in the face of the growing challenges posed by cyber attacks

by Romain Alberca

In an increasingly digitized and connected environment, cyber attacks represent a growing threat to businesses of all sizes. As Chief Information Security Officer (CISO), securing an adequate budget to strengthen corporate security is a major challenge. Management can often be reluctant to allocate additional resources to security, as they find it difficult to see the direct return on investment of such measures. This article explores the main challenges CISOs face when negotiating the security budget, and suggests strategies to help them convince people of the crucial importance of security investment.

Summary

1. Convincing of the imminent need for safety
2. Justify the budget increase in view of the increase in cyber attacks
3. Convincing arguments for investing in safety
4. Demonstrate the financial risks involved in the event of a successful attack
5. The financial consequences of a cyber attack on a company
6. Assessing the return on security investment
7. CNIL regulations and sanctions

One of the major challenges for CISOs is to convince management that cyber attacks are not a question of "if", but of "when". Rather than simply warning of the risks, CISOs need to make a strong case for the increasing likelihood of being targeted by attacks. They can point out that even small structures can be exploited by cyber attackers to reach larger targets.

With cyber-attacks on the rise, CISOs need to emphasize that increasing the security budget is imperative to meet these growing threats. They can provide data on the increase in cyber attacks in the company's specific sector of activity, and highlight the specific risks to which the company is exposed.

CISOs can address the issue of return on investment by educating financial decision-makers about risk culture. Rather than scaremongering, they can use concrete examples and figures to illustrate the potential costs of cyber attacks, including significant legal fines. They can also highlight the need to ensure the trust of customers and business partners by demonstrating that the company takes security seriously.

CISOs can demonstrate the financial risk incurred in the event of a successful attack, based on case studies of similar companies affected by cyber attacks. They can quantify the potential losses and impacts on the company's business in the event of a data breach. A good knowledge of business strategy and customers can also help to highlight the consequences of a cyber attack.

The financial consequences of a cyber attack can be disastrous for a company. In addition to recovery costs and fines, a company can lose the trust of its customers, suffer reputational damage and lose market share. Effective communication with the finance department will help raise awareness of these potential consequences.

To assess ROSI, CISOs can use a variety of methods, including comparing the costs of security measures with the potential financial losses in the event of a successful attack. They can also rely on risk analyses such as the EBIOS Risk Manager method to assess and present risks in a convincing way.

CISOs must also take CNIL regulations and sanctions into account when negotiating the security budget. Compliance with data protection laws is essential, as fines for non-compliance can be substantial, sometimes reaching up to 4% of a company's global sales. This significant financial penalty underlines the importance of compliance, and highlights the importance of protecting a company's reputation and preserving its credibility in the face of a potential data breach.

Convincing management of the importance of investing in security is a challenge for CISOs. By presenting solid arguments and using methods such as EBIOS risk analysis, they can demonstrate the financial consequences of a cyber attack and the effectiveness of security measures to justify the allocated budget. Raising awareness of legal and regulatory implications and establishing effective communication are essential practices in ensuring robust and resilient IT security for the business.