New tool helps enterprises measure the effectiveness of their security spending
Spending more money on cybersecurity tools doesn't necessarily mean you're less likely to suffer from a cyberattack. Until now though it's been hard to tell whether what you do spend is actually delivering a good return on investment.
Safe Security is today launching a new Return on Security Investment (ROSI) calculator that enables CISOs and CFOs to quantify the reduction in risk for each dollar invested in cybersecurity.
"Corporate spending on cybersecurity is expected to grow nearly 12 percent per year for the next five years while the cost of cybercrime will cost organizations up to $10 trillion by 2025. Organizations are finally understanding that spending more money on cybersecurity controls does not mean they are less likely to suffer from a cyber attack," says Michael Coden, cybersecurity advisor to Safe Security and multiple global corporate boards. "The industry requires a new way to maximize the impact of cyber investments, and Safe Security's ROSI Calculator is an innovative tool to address this need. Taking a Loss Distribution Approach, a method used for hundreds of years by financial institutions to calculate risk, Safe Security is enabling organizations to establish an accurate cyber budget with reportable ROI."
The ROSI calculator provides accurate and timely risk calculations by using AI-enabled Bayesian networks, aggregating cybersecurity data from IT systems in real-time, and looking at internal cyber resiliency measures.
Using the calculator organizations gain the ability to compare and prioritize different cyber initiatives based on specific financial risk reduction factors, and prepare for business risk discussions with the board, the CFO or the CEO. The calculator also creates a way to compare defense, mitigation, response and recovery controls against cyber insurance policies, covering the entire lifecycle of cybersecurity offerings.
"Safe Security's mission is to help CISOs, C-suite, and Boards use their cyber budgets to increase business value," says Saket Modi, co-founder and CEO of Safe Security. "Our customers have been able to focus their cyber investment dollars on the most critical priorities by leveraging Safe Security’s platform and ROSI Calculator to quantify and maximize the reduction of their cyber risk. This capability has provided a level of clarity in board reporting around cybersecurity risk and budgets not previously possible."
You can find out more on the Safe Security site.