The CIO's Perspective on Managing Security Investments
By Suhit Gupta, Founder & CEO of Sparked Ventures and former CIO of General Atlantic and The Carlyle Group, Solutions.
In today's digital world, data is the true currency and the role of the Chief Information Officer (CIO) has become more critical than ever. As CIOs we are no longer purely technology managers but strategic business partners who leverage technology to drive innovation, improve efficiency, and mitigate risks.
We are responsible for aligning IT strategies with overall business objectives, ensuring seamless integration of technology solutions, and fostering a culture of innovation within the organization. CIOs play a pivotal role in driving digital transformation, enabling data-driven decision-making, and enhancing customer experiences.
I spent over 15 years in senior technology roles, and during my time I found there was one critical gap that many of us in the role have faced – the ability to have clear visibility into the coverage and ROI of our many cybersecurity technology investments. Why is this so significant? Because these investments have a direct impact on the health, resiliency, and efficiency of our organizations. But they also have a direct impact on the business’ bottom line. So our various investments were not only a big topic of discussion with my CISO but also with the CFO.
CIOs need to understand the coverage and ROI of their organization's security tool investments for several key reasons, among them:
Complying with regulation requirements
Many organizations are subject to regulatory requirements that require them to implement specific security measures. When CIOs have a clear picture of the available security tools and how they can be used to comply with these requirements, they can help their organizations avoid fines and penalties. For example, if an organization is subject to the Payment Card Industry Data Security Standard (PCI DSS), the CIO will need to ensure that the organization has the necessary security tools in place to protect customer credit card data.
Making informed decisions about future security investments
Having clarity as to which tools are providing the most value, where there may be redundancy, and which areas are still lacking coverage, enables CIOs to prioritize their spending and make more strategic decisions about where to invest in the future. This can ensure that the organization is getting the most out of its security investments and that it is protected from the latest threats.
Justifying the cost of security tools to stakeholders
When CIOs can effectively demonstrate the ROI of their security investments, they can more easily justify the cost to executive stakeholders. This can help secure additional funding for security initiatives and ensure that the organization is adequately protected. By providing stakeholders with data on the cost savings and risk reduction that security tools have provided, CIOs can make a strong case for continued investment in security.
When I saw Onyxia Cyber’s Security Stack Map for the first time, I was delighted. Finally, a way for security leaders to gauge the effectiveness and ROI of their security investments – all at a glance.
I appreciate that the Security Stack Map makes it very clear, visually, to understand where there are redundancies and gaps in security tool coverage and how the security stack aligns with an organization’s compliance frameworks. Moreover, the Budget View provides an intuitive heatmap that details cost areas and highlights where stack investments currently exist, making it easier to make informed decisions about resource allocation.
Beyond this, I’m excited that Onyxia’s Cybersecurity Management Platform promotes a data-driven, evidence-based approach to managing the security program and furthermore, that the team is exploring the use of AI to help us as security leaders forecast program performance and the impact of our technological investments.
As CIOs, our ability to navigate the complexities of emerging technologies and anticipate future trends is essential for businesses to thrive in the digital age. To ensure this, we need complete visibility into the coverage of our security tools and the ROI of the technologies we invest in. I’m proud to join Onyxia Cyber as an advisor and support the team’s mission to connect the cybersecurity team to the business, increasing organizational efficiency and cyber resilience.
