Do you sometimes feel you’re shelling too much money into your cybersecurity and that the return on investment (ROI) just isn’t worth it — or, worse still, is relatively unknown? It’s not just you. Many CISOs and security leaders worry they’re spending too much on cybersecurity tools and that Selling, General & Administrative Expense (SG&A) overhead is out of control.
It’s okay to invest in new security platforms — as long as they give you the results you are after. But a recent survey shows that companies are spending an average of $18.4 million annually on cybersecurity, yet data breaches still happen.
It begs the question CISOs are so often challenged with, why are you spending so much on security? Let’s look into why your SG&A costs are so high:
1. You’re spending too much on too many cybersecurity tools.
Recent research by IBM shows that an average organization uses as many as 45 different cybersecurity solutions and technologies. The worse part, this same survey shows that organizations that use more tools are less effective in their security. For example, organizations that use over 50 tools reported being 8% less effective in detecting threats and 7% less effective in defensive capabilities than companies using fewer security tools.
Think of all the money you have invested in dozens of cybersecurity tools, many of which are outdated and not delivering the visibility you need into the true threat landscape that you thought you were paying for.
2. The cybersecurity tools you do need don’t play nice with others.
Another problem with having too many tools is the lack of consolidation, interconnectivity, and prioritization of different cybersecurity technologies. Many solutions look promising on their own, but when meant to cooperate with other technologies already in place, some may end up being useless.
Why invest in more tools that negatively impact your ROI? Make sure any investments in your security stack consolidate and coordinate security operations. Here is your chance to remove unnecessary cybersecurity software and instead rely on tools that offer more services for your buck while also integrating with the tools you do need.
3. You’re paying high salaries for experienced and qualified threat detection analysts.
Most cybersecurity solutions produce alerts and reports that need to be analyzed by experienced and qualified IT analysts. Additionally, employing such a professional gets more complicated given the global lack of qualified IT staff.
A Manpower Group survey shows that at least 66% of companies worldwide are having trouble filling the IT roles they need. As of January 2020, the average salary of an analyst is over $102K and continues to grow, meaning that costs associated with headcount will get higher. While some skilled staff is necessary, there are other ways to reduce how many you need.
4. You’re bleeding money into your SOC(s).
The Ponemon Institute reveals that organizations spend about an average of $2.86 million annually on their in-house security operations centers (SOCs). The cost goes up to $4.44 million for organizations that outsource the service.
But many organizations simply can’t do without them. Seventy-three percent of respondents say that SOCs are crucial elements of their cybersecurity strategy, even though almost half are dissatisfied with the effectiveness of their SOC in detecting attacks. Therefore, you must empower your SOCs with the right tools to create smaller, more focused teams to improve your ROI.
Reduce Your Cybersecurity ROI with Automation
Given how many different factors affect your SG&A expenses, it’s no wonder they are so high that you’re keen to reduce your costly cybersecurity overhead! Fortunately, there is a solution that allows your organization to do precisely this. It’s automation.
At Cybraics, we offer a revolutionary platform that delivers the most advanced and automated ML and AI-based behavioral analytics that simplifies operations and dramatically reduces manual costs. It’s a ground-breaking solution that will significantly improve your expenses and the way your organization works.
Learn more about how to improve your ROI and reduce your costs and download your free 5 Ways to Reduce SG&A and Improve Security Through Automation eBook.