Innovator Spotlight: Cyberseconomics

In today’s rapidly evolving digital landscape, fear, uncertainty, and doubt have become the dominant emotions for many organizations grappling with cybersecurity. The constant reports of data breaches, ransomware attacks, and complex regulatory requirements leave many business leaders feeling overwhelmed and uncertain about how to protect their business and digital assets.

The sheer cacophony of the cyber threat space and the cyber solution space often distracts or paralyzes companies, causing them to over-invest in some security resources, and under invest in others, causing inconsistencies and critical gaps in their defenses. This climate of FUD has created a desperate need for clarity, leading to the creation of Cyberseconomics.

“There is no direct correlation between spending on cybersecurity (as a proportion of total IT spending) and success of a company’s cybersecurity program.” — McKinsey & Company

“After years of quarterly reporting on cybersecurity to boards, Boards are asking for improved reporting on the value of cybersecurity programs and an understanding of what the security program has achieved after years of significant investment.

• Pressure from boards for improved, ongoing reporting on ROI
• Greater focus on the cost optimization and problems with inflexible programs
• Over-reliance on negative themes (scare statistics, inflated risk exposures and impending disasters) as the basis for security investment”— Gartner

Cyberseconomics was founded on the principle of cutting through the noise and bringing actionable, economic-driven strategies to cybersecurity decision-making.

Unlike many solutions in the industry that pile on fear as a motivator for buying more security products, Cyberseconomics shifts the narrative by focusing on value-driven risk management.

“The reality is that the CISO, the C-Suite, and the Board are all in tough spots. CISO reporting is too technical and missing context, making it difficult for the C-Suite and Board to see if the security journey leads to a reasonable protection destination. I founded Cyberseconomics to make it clear and easy for the C-Suite and Board to choose protection destinations, and for the CISO to lead the journey to get there.”

– Douglas Ferguson, CEO & Founder, Cyberseconomics

What sets Cyberseconomics apart is its ability to demystify complex cybersecurity data and translate it into business-friendly insights. By using advanced analytics and real-world economic models, their solution presents a clear picture of an organization’s risk posture. This approach takes the guesswork out of cybersecurity, empowering businesses to approach cyber threats with confidence rather than fear.

Instead of being driven by fear of the unknown, companies can use Cyberseconomics to understand the tangible impact of threats on their bottom line and allocate resources in a way that makes sense for their unique risk profile.

Furthermore, Cyberseconomics fosters collaboration between technical teams and business leaders. Often, there is a disconnect between those who understand the intricacies of cybersecurity and those who manage the budget, and those who hold fiduciary duty to protect against cyber threats.

By framing cybersecurity in economic terms, Cyberseconomics bridges this gap, enabling productive conversations that focus on business outcomes rather than technical jargon. This alignment ensures that cybersecurity strategies are not only robust but also cost-effective, addressing both the FUD in the C-suite and the operational concerns in IT departments.

“We needed to communicate our security journey and destination to executives in terms they understand – and we could all get behind.  Cyberseconomics HQBE was the only platform we found that truly enables this”.

– Lee Whatford, CISO, Domino’s Pizza Group UK&I

In conclusion, Cyberseconomics offers a refreshing alternative to the fear-driven marketing that dominates the cybersecurity industry. By providing businesses with the tools to understand and quantify their cyber risks, they empower decision-makers to prioritize their investments strategically. If you’re ready to stop making security decisions based on fear and start making them based on sound economic principles, now is the time to explore how Cyberseconomics can transform your approach to cybersecurity. Take a serious look at Cyberseconomics if you need to take control of your organization’s cyber risk and be able to turn your uncertainty into confidence.

About the Author

Pete Green, vCISO, Cybersecurity Consultant and Reporter for Cyber Defense Magazine. Pete Green has over 20 years of experience in Information Technology related fields and is an accomplished practitioner of Information Security. He has held a variety of security operations positions including LAN / WLAN Engineer, Threat Analyst / Engineer, Security Project Manager, Security Architect, Cloud Security Architect, Principal Security Consultant, Manager / Director of IT, CTO, CEO, and Virtual CISO. Pete has worked with clients in a wide variety of industries including federal, state and local government, financial services, healthcare, food services, manufacturing, technology, transportation, and hospitality.

Pete holds a Master of Computer Information Systems in Information Security from Boston University, an NSA / DHS National Center of Academic Excellence in Information Assurance / Cyber Defense (CAE IA / CD), and a Master of Business Administration in Informatics.

Pete can be reached online at [email protected], @petegreen, https://linkedin.com/in/petegreen and through https://www.cyberdefensemagazine.com.