Cybersecurity Ventures predicts that cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015.
The prediction is especially alarming because organizations of all sizes are seemingly spending more and more on security each year, trying to improve their cybersecurity defenses by implementing a growing range of cybersecurity solutions, including vulnerability scanners, anti-phishing training, proactive monitoring, patch management, data protection, mobile and cloud security, and others.
Why is it that these investments aren’t paying off? Because many organizations are not measuring the performance of their security programs. According to a Forrester survey commissioned by BitSight, which surveyed 207 security decision-makers with responsibility for risk, compliance, and/or communications with boards of directors, 37% of organizations have yet to introduce formal security performance metrics.
Without any concrete data, CISOs are unable to effectively focus security investments and resources and make the quick strategic decisions that are necessary for thriving in the increasingly complex threat landscape.
“CISOs must begin to manage their department through a business-focused lens. They are increasingly on the hook to answer questions like: How does security align with and support overall business objectives? What goals should be set? And how should we measure and report on progress toward those goals?” the survey states.
In other words, it’s time for CISOs to realize that they can’t manage what they can’t measure, and that’s where cybersecurity performance management comes in. Its goal is straightforward: evaluate and oversee the effectiveness of security programs.
Good cybersecurity performance management can reveal where security programs are succeeding and where they fall short of the mark. The Forrester survey found that improved security measurement can greatly enhance company financial performance and reduce risk. It also helps security professionals build effective business cases, resulting in a 10% or greater increase in security budget year over year. Good cybersecurity performance management has a positive effect on perceived security, and 82% of decision-makers surveyed by Forrester agreed that the way customers and partners perceive security is increasingly important to the way their firm makes decisions.
The problem is that cybersecurity performance management can be tricky because the typical performance management indicators, such as cost and revenue, don’t apply. What’s more, new threats and solutions to combat them are emerging every single day, and not every organization has the resources to keep up with the constantly changing threat landscape.
Organizations that currently don’t have the ability to fulfill the level of security their customers or partners require and, at the same time, feel intimidated by cybersecurity performance management should outsource it to a reliable managed security service provider like Vology.
Vology understands the importance of cybersecurity performance management and knows how to avoid the many pitfalls that await those who decide to manage security like a business. With a risk-based and outcome-driven approach that includes detailed planning, continuous monitoring, and forecasting, Vology offers a proven recipe that can be instantly applied to improve the cybersecurity posture of organizations large and small.