Cybersecurity is a very important investment for every organization. Unfortunately, it is something that far too many companies take for granted.
Many businesses live in a world of ignorant bliss. They are certain that they will never be the victim of a cyberattack. Their illusions of invincibility are shattered when hackers eventually manage to penetrate their organization. The consequences are frightening.
Three out of five businesses that suffer from a security breach are forced into bankruptcy within six months. These organizations will painfully regret their decision not to better fortify themselves against hackers.
CASBs are among the best lines of defense for most organizations. Nearly 90% of large organizations will be investing in CASB technology within the next year. However, some companies are reluctant to take the plunge.
One of the biggest reasons companies are hesitant to create a CASB system is that they aren’t sure that the ROI will be decent. As with any major capital expenditure, organizations need to try to assess the ROI carefully. They will probably find that a CASB will be worth the investment.
How do SMEs determine the value of CASBs?
Oracle published a white paper on the return on investment of CASB solutions. The white paper made a very salient point. It very clearly stated that the ROI of a CASB won’t be determined until an organization is attacked by cybercriminals.
The time that it takes to determine the value of a CASB can vary tremendously. Some organizations could be attacked within weeks of setting up their CASB. Others might not be targeted by hackers for a couple of years. However, the law of averages suggests that the ROI of any cybersecurity solution will eventually be determined when it has to be put to the test.
Does this mean that organizations should not try to estimate the ROI of a CASB before a cyberattack is orchestrated? Not at all. Decision makers can still try to gauge the payoff of the security solutions and weight them against the initial cost of setting it up and costs of ongoing maintenance.
There are a few factors that they need to keep in mind.
Expected cost of a successful cyberattack
Cyberattacks can cause crippling damage to any organization. Some security breaches cost medium size businesses well over $250,000. The costs of data breaches for larger organization such as Yahoo can easily range in the millions.
The expected cost is going to vary for every business. Various factors can play a role in the cost, including the size of a company, the strength of its online presence and the importance of its online brand. Every organization needs to conservatively estimate the cost of a security breach.
The ROI of a CASB will obviously be higher for companies that would lose more revenue after a cyberattack. They should consider it the most.
Probability of a security breach
Around one in five businesses will suffer from a security breach in any given year. Of course, the probability of a cyberattack is going to vary significantly between businesses. The size of the business, its industry and the extent of its online data will all play a role in helping hackers decide whether or not to target it. The ROI of a CASB will be higher for companies that are more likely to suffer a cyberattack.
Cost of setting up a CASB
Businesses must also consider the cost of setting up a CASB and providing ongoing maintenance. They need to balance these costs both against the costs of other security options and the cost of a security breach.
CASBs Tend to Pay for Themselves, As ROI Estimates Will Show
Businesses need to consider a variety of factors when setting up any cybersecurity solution. They need to know what the ROI of a CASB will be. ROI calculations tend to show that CASBs are well worth the investment. This should help businesses recognize that they are worth it.