April 01, 2023
Internet is the most powerful, fastest and the most efficient medium of data transfer and for all kinds of communication. Even banking and major transactions are done through internet today. Users can manage their accounts on their own with no agent or intermediary involved in between, neither there is hassle of going to physical banks, stores etc. and privacy is ensured.
Indeed, information security is one of the critical concerns for businesses today, due to increased use of internet. It emphasizes on the security issues related to the personal, confidential and sensitive data. These crucial data should not fall into the wrong hands, criminals or hackers who can misuse it causing disasters.
Right strategies for information security can mitigate the risks and keep threats away. But the question is- how to decide whether a particular set of security activities will be good in the terms of adding business value. Articulating the business value of information security is a challenging task but it's important to understand the effectiveness, efficiency and benefits of the security plans. Security strategies should clearly demonstrate the business value so that men, money and the materials do not go into vain.
Below are few parameters against which the business value of information security can be measured, that will help in deciding on the right investment
Meeting the Security goals
The first and foremost way of articulating the business value of the information security plan is to check whether it is capable of delivering the expected results i.e. meet the security goals. The security goals may be competitive advantage, value-addition, financial gains, simplicity, trust-value. There should be right security plan and activities within a set budget for the same.
The information security plans must be reliable. It should be implemented successfully, sustaining the process and performance along with regular improvements.
There should be a risk assessment feature through which probable risk factors can be identified. Accordingly measures should be taken to mitigate information risks and to ensure zero security-error.