5. The financial consequences of a cyber attack on a company:
The financial consequences of a cyber attack can be disastrous for a company. In addition to recovery costs and fines, a company can lose the trust of its customers, suffer reputational damage and lose market share. Effective communication with the finance department will help raise awareness of these potential consequences.
6. Assessing the return on security investment:
To assess ROSI, CISOs can use a variety of methods, including comparing the costs of security measures with the potential financial losses in the event of a successful attack. They can also rely on risk analyses such as the EBIOS Risk Manager method to assess and present risks in a convincing way.
7. CNIL regulations and sanctions:
CISOs must also take CNIL regulations and sanctions into account when negotiating the security budget. Compliance with data protection laws is essential, as fines for non-compliance can be substantial, sometimes reaching up to 4% of a company's global sales. This significant financial penalty underlines the importance of compliance, and highlights the importance of protecting a company's reputation and preserving its credibility in the face of a potential data breach.
Convincing management of the importance of investing in security is a challenge for CISOs. By presenting solid arguments and using methods such as EBIOS risk analysis, they can demonstrate the financial consequences of a cyber attack and the effectiveness of security measures to justify the allocated budget. Raising awareness of legal and regulatory implications and establishing effective communication are essential practices in ensuring robust and resilient IT security for the business.