Cyber Security Cost Effectiveness

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Cybersecurity for any organization is one of its crucial aspects which needs to be addressed. The approach of the organizations towards their security mechanism does not help the organization to ensure the safety and also the methodology incorporated by the organization for securing the data and system is questionable as the efficiency of the system less and the cost of operations are at the higher ends (Knowles et al., 2017). The organizations need to understand the importance of an effective cybersecurity plan can not only enhance their security mechanism but also contribute in enhancing their company's revenue by costing the cost margins that have been dedicated for security mechanisms.

The Aspects

The organizations should ensure the three-step mechanism which can significantly enhance their security mechanism and also ensure cost reductions which will make the overall system more effective. The initial step that the origination needs to ensure is the identification of the threat. The focus should be set on the identification of the top risk and the loss of risk scenarios, which should also incorporate the triage function that has the capability for the determination of the risks that are at the highest priority. The risk registers of the modern-day organizations are merely the dumping ground of the factors that the organization is concerned about which is not useful for the organization in any aspect as these aspects often add up to the risk table and make mitigation of risk more complex (Clinton & Barrack 2019). Having many issues listed in the risk matrix of the organization will initiate the triggering of noise that will distract the attention from the main and the crucial aspects.

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The second step that the organizations need to emphasize on incorporates the measurement of the real terms that, for example, the loss exposure that the risk represents. The step is the crucial factor as it corresponds to the overall strategy of the organizations with respect to mitigation and management of the risk factors (Davis, 2019). The organizations should have a strategic approach. The organization should also ensure an effective cost-benefit analysis has been done by the organization that can determine the overall cost-effectiveness of the methodology incorporated for the security and safety mechanism.

The final step that needs to be taken into consideration includes the organizations dealing with cybersecurity should identify the crucial issues which can be dealt with by the organizations at first. The emphasis must be projected on the team which is responsible for the management and mitigation of the risk, and the team needs to behave a critical approach towards the nature of the risk and the issues that the risk addresses (Such et al., 2016). Based on risk basis or ground rules have been set, there shall be the implementation of the risk leader to manage and mitigate the issues.

Conclusion

Decision making in the organization, especially when the decision impact the safety and security of the organization should also be scrutinized which should ensure proper and effective decision have been taken with respect to the management and mitigation of the risk, hurried decision making often gives rise to the factor that has abnormalities. These steps if considered by the organization ensures the cost effectiveness and an effective solution for cybersecurity of the organization.

References

  1. Clinton L. & Barrack S. 2019. Managing Cyber Risk: A Handbook for UK Boards of Directors, in Aig.co.uk, viewed 17 December 2019.
  2. Davis J. 2019. The Challenges and Need for a Cost-Effective Risk Management Program, in HealthITSecurity, viewed 17 December 2019.
  3. Knowles W., Such J.M., Gouglidis A., Misra G. and Rashid A., 2017. All That Litters Is Not Gold: On the Effectiveness of Cyber Security Qualifications. IEEE Computer, 50(12), pp.60-71.
  4. Such J.M., Gouglidis A., Knowles W., Misra G. and Rashid A., 2016. Information Assurance Techniques: Perceived Cost Effectiveness. Computers & Security, 60, pp.117-133.
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Cyber Security Cost Effectiveness. (2022, October 28). Edubirdie. Retrieved May 20, 2024, from https://edubirdie.com/examples/cyber-security-cost-effectiveness/
“Cyber Security Cost Effectiveness.” Edubirdie, 28 Oct. 2022, edubirdie.com/examples/cyber-security-cost-effectiveness/
Cyber Security Cost Effectiveness. [online]. Available at: <https://edubirdie.com/examples/cyber-security-cost-effectiveness/> [Accessed 20 May 2024].
Cyber Security Cost Effectiveness [Internet]. Edubirdie. 2022 Oct 28 [cited 2024 May 20]. Available from: https://edubirdie.com/examples/cyber-security-cost-effectiveness/
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