The link between cybersecurity and business success?

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In today’s digital age, where businesses heavily rely on technology, we cannot overstate the importance of cybersecurity. A new study by Delinea shows a big problem: cybersecurity efforts don’t align with business goals. 61% of IT security decision-makers believe that their company leadership does not understand the significance of cybersecurity for business success.

The majority of IT security decision-makers feel that their company leadership lacks recognition of the importance of cybersecurity. Many people view this lack of recognition as harmful to achieving business success. This oversight has serious repercussions, with 89% of companies experiencing negative consequences as a result.

A Disconnect with Consequences

The study, which involved more than 2,000 ITSDMs across 23 countries, uncovered a troubling trend. 36% of respondents thought their company’s Board and C-suite executives saw cybersecurity as just a compliance and regulatory requirement. Even more shocking, 17% did not consider cybersecurity a priority at all. Misaligned priorities can cause problems in organizations, like investment delays, slow decision-making, and unnecessary spending.

Identifying the Culprits

While the exact reasons for this disconnect vary from one company to another, the study identified common themes. Investments often experience delays when businesses do not integrate cybersecurity into their core strategy. Strategic decision-making suffers when leaders fail to recognize the critical role cybersecurity plays in business success. Unnecessary spending often results from reactive rather than proactive security measures.

A Path Forward

Delinea’s research helps companies struggling or doing well with this issue gain valuable insights. The key lies in bridging the gap between cybersecurity and business goals. Here are some essential steps:

1. Regular Communication: Establishing regular meetings between IT security teams and executives is vital. These meetings enable everyone to share insights, concerns, and strategies, ensuring alignment with the organization’s cybersecurity goals.

2. Integration of Security: Embedding security professionals into various business operations can yield significant benefits. It promotes a culture of security throughout the organization and enhances the understanding of how cybersecurity contributes to overall success.

3. Compliance and Beyond: Cybersecurity is not just about meeting compliance goals. Executives should understand the strategic benefits it can provide to the organization.

4. Reducing Risk and Costs: The study shows that companies focusing on aligning cybersecurity with business goals have fewer security breaches. This alignment reduces the risk of cyber-attacks and lowers the cost of handling security incidents, which is good for businesses.

Failure to address this misalignment can result in increased vulnerability to cyberattacks, placing businesses at unnecessary risk. In the digital world, cybersecurity is crucial for businesses to succeed and protect against cyberattacks.

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