We Must Do Better: Empowering Company Leadership with Cybersecurity for SMBs and SMEs
Cybersecurity has emerged as a critical factor that can make or break businesses. Surprisingly, a recent study reveals that over 50% of IT security decision makers in small and medium-sized businesses (SMBs and SMEs) fail to prioritize cybersecurity, considering it only a box-ticking exercise for compliance. However, it's time to recognize that cybersecurity is not just about meeting regulations—it is a key differentiator that ensures a resilient and secure business environment. This article aims to shed light on the importance of cybersecurity and highlight how aligning it with business goals can unlock a world of opportunities for SMBs and SMEs.
The Misalignment and Negative Consequences:
A survey conducted by Delinea, a privileged access management provider, found that 61% of security decision makers in SMBs and SMEs believe that their company's leadership overlooks the significance of cybersecurity in driving business success. Only 39% feel that their board of directors and C-suite truly grasp the role of cybersecurity as a business enabler. This misalignment between cybersecurity and the wider business goals carries severe consequences.
The survey findings underscore the negative impact of this misalignment. An alarming 89% of respondents reported experiencing adverse consequences resulting from the disconnect between cybersecurity and business objectives. Shockingly, more than 26% confessed to an increased number of successful cyberattacks within their organizations. Moreover, misaligned goals contributed to delays in investments (35%), hindered strategic decision-making (34%), and led to unnecessary spending (27%). The disconnect even created stress for 31% of the security teams. Against the backdrop of global economic uncertainty, 48% of respondents highlighted the growing difficulty of aligning cybersecurity with broader business goals.
Shifting Mindsets and Emphasizing Business Value:
Executives must view cybersecurity not merely as a compliance requirement or protective measure, but as a value-driven strategy. To achieve better alignment, cybersecurity leaders must develop their business skillsets. While technical expertise is crucial, the survey respondents identified skills such as communication, collaboration, business acumen, and people management as equally important.
Making the Business Case and Enhancing Communication:
The survey revealed that nearly one-third of respondents felt a gap in their own skillset when it comes to making a compelling business case for cybersecurity to the board and C-suite. This highlights the importance of effective communication, clearly articulating the business value of cybersecurity initiatives. SMB and SME leaders must effectively convey how cybersecurity aligns with overall goals and objectives, demonstrating its tangible impact on the organization's success.
Empowering Leadership and Reporting Structure:
Interestingly, 27% of IT security decision makers believe that the most senior cybersecurity leaders, such as the Chief Information Security Officer (CISO), should report directly to the CEO. This reporting structure ensures the best alignment of cybersecurity with the overall goals of the business, influencing decision-making processes and strategies. It emphasizes the need for cybersecurity to have a prominent seat at the table, enabling effective alignment and collaboration.
The Essential Alignment of Cybersecurity and Business Goals:
Aligning cybersecurity with business goals is essential for success. The survey clearly highlights the negative consequences that arise when objectives are not in sync. It is vital to foster common agreement across business functions and establish meaningful metrics that not only measure security activity but also demonstrate its impact on business outcomes.
As SMB and SME leaders, it is time to recognize the immense potential of cybersecurity as a powerful differentiator. By prioritizing cybersecurity and aligning it with broader business goals, we can create a resilient and secure business environment that sets us apart.
How we help
To help SMBs and SMEs overcome the challenges highlighted in the survey, Octellient’s Propulsion offers the expertise of a virtual Chief Information Security Officer (vCISO). Our vCISO serves as your strategic partner, bridging the gap between cybersecurity and business objectives. With our in-depth knowledge of information/cyber security and business acumen, we can help align cybersecurity initiatives with the broader goals of the organization. We possess the technical expertise necessary to implement robust security measures while also focusing on effective communication, collaboration, and people management skills. By engaging Octellient, SMBs and SMEs can leverage our expertise to develop a compelling business case for cybersecurity, enhance communication with key stakeholders, empower leadership, and establish the essential alignment between cyber security and business goals. This partnership unlocks the power of security, ensuring a resilient and secure business environment that drives success and sets you organization apart from the competition.