As cyberattacks continue to increase in size and complexity, it is likely that your organization’s security budget will have to increase as well. In fact, companies that do not take decisive action to reduce cyber risk could be subject to business loss, potential breaches, lawsuits, regulatory penalties, and loss of reputation and customer trust. It is really no wonder, then, that according to Gartner, the global information security market is predicted to grow to $170.4 billion this year.
Yet since an effective cyber risk strategy often translates into additional costs, moving forward will require presenting a compelling case to your board. Here are the key steps you can take to accomplish this.