cost/benefit analysis evaluates the financial and operational advantages of a security initiative against its costs, helping build a strong business case.
Foundation for Business Cases:
Provides clarity on the financial return, operational improvements, and risk reductions offered by the initiative.
Key Elements:
Quantitative: Monetary costs and potential savings from risk mitigation.
Qualitative: Non-financial benefits like improved reputation or compliance.
Decision Support:
Enables stakeholders to understand the trade-offs, ROI, and overall value, making it a cornerstone for justifying investments.
Additional Factors:
Budget forecasts, vendor proposals, and management considerations complement but do not replace a cost/benefit analysis.
Strategic Justification: Outlines the importance of cost/benefit analysis in presenting security initiatives to decision-makers.
Resource Allocation: Helps prioritize projects with maximum return and risk reduction.
EC-Council CISO References:
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