Cybersecurity isn’t just an IT problem—it’s everyone’s business. Yet, for many financial decision-makers, the mere mention of “cybersecurity investments” can trigger eye rolls faster than a hacker can breach a weak password. But it doesn’t have to be this way. In fact, with the right approach, it’s possible to secure buy-in from even the most skeptical stakeholders and reap numerous benefits as a result.
In this article, we’ll explore five effective strategies designed to transform cybersecurity from a siloed IT concern into a shared organizational priority and a true team effort by securing buy-in from important decision-makers.
1. Explain That Complacency Is (Potentially Costly) Neglect
A dangerous misconception is playing out in organizations worldwide. Decision-makers often assume that because they haven’t recently experienced a cybersecurity incident, their defenses must be robust enough to make additional investments unnecessary.
Unfortunately, past performance doesn’t guarantee future protection. Cybercriminals are evolving their tactics at a breakneck pace, and growing IT infrastructures require additional safeguards. This means that inaction isn’t just complacency—it’s neglect.
The consequences of this neglect are felt globally, and the numbers are staggering. By 2031, ransomware alone will cost victims a jaw-dropping $265 billion annually, according to Cybersecurity Ventures. To put that in perspective, it’s about 57 times more than it was in 2015.
These growing costs aren’t just due to an increase in the total number of breaches. The cost per incident is also on the rise. A recent IBM report reveals that the global average cost of a data breach has surged to $4.88 million—a 10% increase from the previous year.
Clearly, the potential cost of not investing in cybersecurity is astronomical, easily dwarfing the upfront expenses of robust protection. This is something all decision-makers need to be made acutely aware of.
2. Show How Cybersecurity Investments Can Lead to Cost Savings
While it’s true that implementing new cybersecurity measures requires an initial investment, it’s a misconception that these initiatives always result in higher overall costs. In fact, smart cybersecurity investments can lead to significant cost savings—not just because they reduce the likelihood of security incidents. Here are some reasons why:
- Consolidation of tools: New, comprehensive cybersecurity platforms often combine multiple functionalities into a single solution. This consolidation can replace several outdated, standalone tools, reducing not only licensing costs but also the time and resources required to manage and maintain multiple systems.
- Improved productivity: Similarly, outdated cybersecurity defenses can be replaced with their modern counterparts to improve employee productivity by, for example, reducing the time spent on cumbersome authentication processes with solutions like single sign-on (SSO) and biometric authentication.
- Automation of processes: Today’s advanced cybersecurity platforms come with powerful automation capabilities capable of handling routine tasks like patch management, threat detection, and incident response with minimal human intervention. By automating these processes, organizations can significantly reduce the man-hours required for cybersecurity management.
- Lower insurance premiums: As cyber threats increase, many insurance companies are offering cyber insurance policies. Organizations that can demonstrate robust cybersecurity measures often qualify for lower premiums on these policies.
- Reduced downtime: Given that downtime can cost thousands of dollars per minute for some businesses, the ability to quickly detect, respond to, and recover from threats can result in massive cost savings.
In the grand scheme of things, cybersecurity isn’t just about defense—it’s an investment in your business’s efficiency, reputation, and long-term financial health. By viewing cybersecurity through this lens, decision-makers can see beyond the initial costs and recognize the substantial returns that come with a well-protected digital infrastructure.
3. Emphasize Your Cybersecurity Obligations to Stakeholders
Besides being an important internal concern, cybersecurity is also a vital component of any organization’s relationship with stakeholders.
Consider your customers, for instance. They trust you with their personal and financial information, expecting it to be handled with the utmost care and security. A single data breach can easily erode this trust and cause your customers to take their business elsewhere.
Likewise, investors and donors also have a stake in your cybersecurity posture. They want assurance that their investments or donations are being protected and used wisely. A strong cybersecurity strategy demonstrates responsible management and can even enhance your organization’s value proposition.
Framing cybersecurity as a fundamental obligation to your stakeholders can shift the conversation from a purely cost-based discussion to one centered on trust, responsibility, and long-term sustainability.
4. Focus on the Opportunities Cybersecurity Compliance Can Create
Many industries have specific regulations that organizations must adhere to, and compliance with these standards can be a significant competitive advantage. Here are three examples:
- HIPAA (Health Insurance Portability and Accountability Act): HIPAA sets the standard for protecting sensitive patient data in the healthcare industry. Non-compliance with HIPAA can exclude your organization from lucrative contracts with healthcare providers, insurance companies, and other entities in the healthcare ecosystem.
- PCI DSS (Payment Card Industry Data Security Standard): PCI DSS is a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. Failing to comply with the latest version of the set of standards, PCI DSS 4.0, can result in fines or even the loss of ability to process credit card payments.
- CMMC 2.0 (Cybersecurity Maturity Model Certification): CMMC 2.0 is a framework developed by the U.S. Department of Defense (DoD) to strengthen the cybersecurity posture of the Defense Industrial Base (DIB). Without CMMC certification, companies are ineligible to bid on certain DoD contracts.
Best of all, many organizations that take cybersecurity seriously and already see it as an important team effort often find they already comply with many of these requirements and must only pass formal certification.
5. Highlight Success Stories and High-Profile Failures
Nothing speaks louder than real-world success. Sharing concrete examples of organizations that have successfully implemented robust cybersecurity measures can be a powerful motivator for skeptical decision-makers.
Writer’s note: If you have your own success story that you would like to share, you could add it here.
In the same way, high-profile cybersecurity failures can serve as stark reminders of what’s at stake. A good example that happened this year is the Ticketmaster breach, which took place in May and resulted in the leak of over 560 million customer records, making it one of the largest data breaches in history.
Conclusion
Transforming cybersecurity from an IT burden into a shared organizational priority is fundamentally about changing mindsets. By highlighting the risks of complacency, demonstrating cost savings, emphasizing stakeholder obligations, showcasing compliance opportunities, and sharing real-world examples, you can build a compelling case for cybersecurity investment.