Everything is a negotiation, according to negotiations consultant, Christopher Voss. While that might be overselling the case, it certainly is true for new cybersecurity initiatives. Even when the case is clear for a new initiative, getting the green light is not.
That’s where good negotiation comes into play. To get funding, security professionals must take off their technology hat and wear a sales cap instead. Selling cybersecurity investment to the executive suite is key, and knowing how to overcome initial objections is a big part of that.
The cybersecurity threat landscape isn’t getting any easier. From AI-driven cybercrime to phishing attacks and the prevalence of personal devices in the workplace, cybersecurity professionals have an increasingly long list of threats to manage.
Protecting corporate data is made harder by a dearth in funding. Yes, 91 percent of companies have increased cybersecurity budgets in 2021, according to IDG research. But IDG also found that new cybersecurity hiring is flat, and many long-range security projects have been sidelined this past year. Security professionals are having to do more with less.
Here’s a startling statistic: 73 percent of businesses experienced a sensitive data leak in the past year, according to Microsoft research.
An almost equally surprising stat is that only 23 percent of businesses extensively use automation for data security, one of the most important ways for warding off data security and compliance issues.
Topics: Data Compliance
There’s a good reason that roughly 68 percent of business leaders feel the cybersecurity risks for their company are increasing, according to recent research by Accenture. They are increasing.
From phishing to incidental data exposure as a result of human error, data breaches are becoming increasingly common among organizations of all types. In the first half of 2020 alone, more than 36 billion corporate records were exposed by mistake, according to RiskBased Security.
First, there is the reputational damage that comes from leaked data. Then there is the cost of cleanup, which typically runs between $3.86 million and $8.64 million. Finally, there are regulatory repercussions from violation of the patchwork of rules that govern financial data, including the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), California Consumer Protection Act (CCPA), and others.
Sensitive data that is insecure is the stuff that keeps security and compliance professionals up at night. And the scary part is that it happens all the time. Roughly 73 percent of businesses admit that they have encountered sensitive data leaks in the past year, according to Microsoft research.