3 Ways To Get Your Finance Department To Invest In Cyber Security
Written by Mark Riddell MONEY – it’s always the driver. Unfortunately, for your business, getting the finance department to invest in cyber security is a major problem. Why? Because it’s ROI negative. The finance team need to see value for money. One of the issues with managed cyber security services is that they are often
Written by Mark Riddell
MONEY – it’s always the driver. Unfortunately, for your business, getting the finance department to invest in cyber security is a major problem. Why? Because it’s ROI negative. The finance team need to see value for money.
One of the issues with managed cyber security services is that they are often preventative measures. Showing ROI on prevention can be really challenging. This is why you don’t have a cyber budget.
Someone once said to me that if you had a pill, that for £1,000, could prevent cancer, most people still wouldn’t buy it. Why not? Because there’s no guarantee that they would ever get cancer in the first place, meaning there’s no perceived ROI. They are not suffering from cancer at that precise moment in time, so they don’t see how the financial outlay will benefit them. No ROI, no investment.
Now, if you had a pill that could cure cancer – you could charge £10,000, and have a queue of customers. This is because people will pay money to solve a problem that is affecting them right now.
In the same way, unless you’re feeling the pain of a cyber attack right now, your finance department just won’t see the need to spend money on cyber security.
So how can you change their mind?
You could try and throw some of the scary stats at them regarding cyber security:
- how 60% of businesses crumble within 6 months of a major data loss,
- how the ICO fines can be up to 4% of your annual turnover (or £20m which ever is higher).
But this method doesn’t work. I’ve tried it for years.
Since finance people like to PROTECT money, you could try the angle that spending money to prevent cyber criminals from stealing and defrauding the business out of money is a great investment. This may be more appealing, yet they still don’t approve your purchases or create a cyber budget…
Here’s 3 reasons why our services and CyberCare VISION dashboards will get your company spending money on cyber security:
- It’s affordable and easy to buy – we package cyber security into easy-to-buy, monthly services. The CapEx is minimal, and just becomes another OpEx. This means the company bank account doesn’t take a big hit at once. It’s easy to manage cashflow and the finance team like this.
- It actually shows your Return On Investment– our VISION dashboards automatically show a real-time ROI. It does this by calculating the money invested in our services against the money save due to specific cyber attacks being prevented.
- It’s risk-free – by providing a 90-Day Money Back Guarantee, we make the purchase of our services risk-free. Within the first 90-Days, if we haven’t demonstrated any ROI, you can simply ask for a refund of all the fees you have paid us to that point.
Need our help to convince your finance team to let you spend money on cyber? Why not give us a call on 01738237001 and we can discover how we can help.