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Cybercrime -- What would you do with an extra $7 million?

‎11-21-2013 07:11 AM - edited ‎09-16-2015 04:21 PM

As the person responsible for your organisation’s security, convincing executives to part with valuable investment money can be hard. But what if you could change the conversation from a “Risk mitigation” debate to a “What they could to with an extra $7M to invest?” discussion?

 

For those of you who read my blogs, you may have detected that many of them have an underlying theme relating investments to business value. I have to confess that when it comes to security, quantifying the business case can be hard. In my blog “Build your business case for enterprise security,” I suggested that security could be treated as a hygiene factor and that a business case could be built around “what if something bad happens.” This is fine, but you can also be challenged with the argument “Well, if something bad doesn’t happen, the money is wasted.” But this should not be a theoretical discussion. Cybercrime is happening and it is accelerating.

 

The recent report from the Ponemon Institute: 2013 Cost of Cyber Crime Study Global Report, indicates a 20% increase in successful cyber-attacks over the last year. The costs of dealing with the aftermath of those attacks rose by 30%.

 

For me, the most interesting part of the report was the quantification of the costs associated with cleaning up after successful attacks. On average, the annual cost for cleaning up after attacks is around $7.2M per year.

 

So, rethink your business case in these terms: What could your organisation do with an extra $7.2M?  Here are some possibilities:

  • Healthcare: 600 more hip replacements
  • Government: 100 more policemen or policewomen
  • Education: 300 more student enrollments

 

Visit HP Enterprise Security to see how HP can help you combat cybercrime.

 

Related links:

 

About the author

 

Gary White, Managing Consultant, Business Transformation and Value Management, Hewlett Packard Company

Gary is a Managing Consultant and thought leader for Hewlett Packard’s EMEA Industry Transformation Consulting practice. He has 30 years of operational and consulting experience in the application of Value Management and Management of Change. Gary has worked in a variety of industries including Defense, Healthcare, Department of Work and Pensions, Transport, Criminal Justice, Manufacturing and Energy.

 

Contact Gary on: Twitter and LinkedIn

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