With the proper strategy in place, investing in an insider risk management program can bring back a significant return and offer a lot of value to your organization.
Many businesses and other organizations see their insider risk management programs purely from the standpoint of cost. This is understandable given the unique nature of these programs – they are designed not to generate revenue, but instead to prevent costly incidents from occurring in the first place. Some might not even expect a return on investment on the program owing to that fact. However, it’s important to take a big picture look at the situation and realize that investments in security – and cybersecurity in particular – offer a very real ROI that can be surprising to those who are looking closely. Here’s how you can demonstrate the value of your insider risk management program so you can advocate for it in meetings and discussions with C-suite executives.
Tracking the Number of Insider Incidents
First, you need to have a baseline measurement to judge your program off of, and one of the best ways to do this is to look at the number of insider incidents your organization currently deals with. You’ll primarily be looking at tracking how that number changes over time. However, you should also keep track of the cost of each incident – this will entail the cost of investigating, containing, and remediating each incident. With investments in your program, you should be able to demonstrate two things to prove the value of those investments – first, a decrease in the number of incidents; and second, a decrease in the cost of each incident that does occur.
Tracking Sales Directly Influenced by Security Concerns
For many organizations, a strong security program can play a massive role in securing new contracts and sales – consider the stringent requirements that are set in place for most big government contracts, for example. Your program needs to adapt to the latest in security frameworks and demonstrate that capability to prospective clients down the line. For businesses that operate in industries that are highly regulated, such as the healthcare or financial sectors, not only is it lawful to implement a stringent insider risk management program, but there is also tremendous upside from a client acquisition view as well.
The Costs of Being Reactive vs. Proactive
Being proactive with your insider risk management program is the best way to protect your organization. It beats a reactive approach not just in a security sense, but also in a financial sense, since the measures we take that we consider being proactive cost much less than reactive measures. A comprehensive, holistic insider risk management strategy promotes and allocates resources to proactive efforts such as user training, security programs, user and activity monitoring, and more – lessening the heavy financial burden that reactive measures can place on your organization.
Contact ITMG to Assess Your Current Capabilities and Develop Strategies and Protocols Designed to Help Your Company Mitigate Your Insider Risk
ITMG is an industry leader in helping organizations throughout the United States strengthen their insider risk management programs and secure sensitive data and intellectual property. Our team of bona fide experts has the real-world experience necessary to plan out and create holistic security solutions tailored to the special needs and risks in your industry. Contact ITMG today to learn more about how we can help! You can also visit our Facebook, Twitter, and LinkedIn pages for more updates and insights into the world of insider risk management.