Securing cybersecurity investments requires more than just crunching numbers; it involves building relationships with key stakeholders across the organization. CISOs play a crucial role in engaging with key business leaders to secure critical funding, especially in light of budget constraints.
Despite reports of budget increases from nearly two-thirds of CISOs, the actual increase in funding is only up by 8% on average this year, a significant drop from previous years’ growth rates. This information comes from the IANS 2024 Security Budget Benchmark Summary report. With limited budgets, CISOs must rely on their influence and reputation within the organization to secure sufficient funding for their security initiatives.
Establishing strong relationships with key business leaders is essential for CISOs to achieve their budget goals. Erica Antos, the CISO at TriNetX, emphasizes the importance of building cross-functional partnerships that align with the organization’s overall objectives. Collaboration with adjacent business functions, such as finance, legal, IT, and engineering, can help CISOs align security tools with broader organizational needs.
The reporting line of a CISO can also impact their ability to secure funding and build relationships with key stakeholders. Depending on whether the CISO reports to the CFO, CIO, or CEO, their priorities and communication styles may vary. Antos believes that reporting to certain stakeholders can help CISOs better understand the business side of the organization, leading to more effective alignment of security goals with strategic objectives.
Maintaining a visible profile within the organization and engaging in risk management discussions are essential for CISOs to secure budget approvals. CISOs who demonstrate visibility and credibility with leadership, present program metrics to the board, and frame security discussions around business risk are more likely to achieve their budget goals.
Financial literacy is becoming increasingly important for CISOs as they navigate funding-related relationships within the organization. With organizations facing financial challenges, CISOs must justify their budgets to stakeholders using cyber risk quantification tools to build a robust business case.
In conclusion, building strong cross-functional relationships, understanding the organization’s priorities, and demonstrating financial literacy are crucial for CISOs to secure cybersecurity investments. By fostering key stakeholder relationships and aligning security goals with business objectives, CISOs can effectively navigate budget constraints and ensure the resources needed for their security initiatives.