Facing the risk-to-resource conundrum head on
Attacks are up, costs are up, the number of bad actors is rising— the risk industry is at an inflection point. When companies can plan and respond with agility (and receive the investment needed to do so), serious success follows on their heels. But securing investment in a financially constricted market is difficult.
There are 3 main hurdles standing between you and a more robust cyber risk management program that aligns with your company’s economic and operational goals:
Hurdle #1) A Lack of Technical Know-how
Workforce reductions and turnover have created knowledge gaps — particularly within smaller organizations and at a senior level within larger businesses.
The Solution: Lean on the people in your organization (including those who fall outside of your department) who have the necessary skills. Embed them in your program from the very beginning, saving on the costs of training new hires and minimizing the need to ask for more open roles.
Hurdle # 2) A Limited GRC Budget
Our business activities are dictated by the bottom line — especially in today’s environment, where the global economy continues to contract, layoffs and budget cuts are prevalent, and supply chain volatility is at an all-time high.
Knowing that investment in cyber security initiatives is usually viewed as costs rather than improvements —and that resources are tight across departments — it’s never been more important for risk professionals to connect their goals with the bottom line of their company.