ENGAGEMENT
The security team at a large financial services company struggled to effectively communicate its value and necessity to business leaders and thus consistently failed to secure the necessary funding. Recognizing the need for change, the company engaged DayBlink Consulting to help build a framework, template, and capability for creating robust business cases that could justify their investment requests.
PROBLEM
The Information Security team had a strong technical foundation, with deep expertise in identifying and mitigating security risks. It struggled, however, with translating their technical needs into business language that would resonate with senior executives and financial decision-makers. The team’s investment proposals were often rejected or scaled back because they lacked a clear articulation of the business value, risk reduction and return on investment (ROI) associated with the proposed security initiatives. As a result, critical security projects were delayed or underfunded, increasing the company’s exposure to cyber threats and compliance risks.
The challenge was twofold. First, the security team lacked a standardized approach to building business cases, leading to inconsistent and often incomplete justifications for their investment requests. Second, the team members were unfamiliar with key business concepts such as cost-benefit analysis, risk quantification and financial modeling – essential requirements for constructing persuasive business cases. Without these skills, the team found it difficult to demonstrate how their proposed initiatives aligned with the company’s broader business objectives, further diminishing the likelihood of securing funding.
SOLUTION
DayBlink Consulting thoroughly assessed the team’s current processes for requesting investment and the typical reasons for their proposals’ rejection. We identified the critical elements missing from the business cases, including: clear risk assessments, cost-benefit analyses and alignment with the company’s strategic goals.
The first phase of the solution involved developing a comprehensive framework and template for creating business cases tailored to the needs of the Information Security team. This framework included standardized sections for outlining the scope of the initiative, detailing the specific risks being addressed, and quantifying the potential impact of not investing in the proposed solution. The template also incorporated guidance on how to perform the relevant financial analyses, including ROI calculations and total cost of ownership (TCO) assessments.
We then provided targeted training to the security team, focusing on the skills needed to build effective business cases. This training covered essential business concepts such as financial modeling, risk quantification, and the strategic alignment of projects with business objectives. We conducted workshops where team members could apply what they had learned, using real-world scenarios to develop and present business cases.
To ensure the sustainability of these improvements, we worked with the security leadership to integrate the new business case framework into the team’s standard operating procedures. This included establishing a review process where senior security leaders would evaluate and refine business cases before they were presented to executives, ensuring that all proposals were robust and well-prepared.
RESULT
DayBlink Consulting’s engagement resulted in a significant transformation in the way the Information Security team approached investment requests. With the new business case framework and template in place, the team was able to create well-structured and compelling proposals that clearly articulated the business value of their initiatives. The standardized approach ensured that all critical elements were addressed, reducing the likelihood of key points being overlooked.
The integration of the business case framework into the team’s standard procedures ensured that these improvements were maintained over time. The review process helped to continually refine and improve business cases, increasing their effectiveness and the likelihood of securing investment.
Overall, the engagement led to a marked increase in the success rate of the security team’s investment requests. The team was able to secure funding for several critical initiatives that had previously been stalled due to insufficient justification. This not only improved the company’s security posture but also enhanced the team’s credibility with senior leadership, positioning them as a key partner in the company’s strategic decision-making process.