Cyberattacks constantly hit healthcare organizations — disrupting patient care, draining budgets, and testing leadership at every level. Yet many mid-sized health systems still lack a dedicated Chief Information Security Officer (CISO), leaving CFOs to fill the gap.

If you’re a CFO saddled with making security decisions on top of your day job, you’re likely bringing your financial acumen to the problem. Want to know what “good security” actually costs, and what’s worth paying for? Read on.

 

The Real Cost of “Not Enough Security”

Underinvesting in cybersecurity incurs untold costs later. According to IBM’s 2025 Cost of a Data Breach Report, breaches targeting healthcare organizations cost an average of $7.42 million per incident — the highest of any sector for the 12th consecutive year.¹ Healthcare breaches also take the longest to identify and contain, averaging 279 days, which is more than five weeks longer than the global average.

Beyond direct financial losses, there are hidden costs:

• Regulatory penalties for HIPAA violations and compliance failures.
• Insurance complications as insurers tighten requirements post-incident.
• Disrupted billing and claims submissions along with delays in payment processing.
• Reputational damage, especially when patient trust erodes after a breach.

For CFOs, the real risk is underestimating what a breach truly costs. Every hour of downtime, every delayed claim, and every lost record adds up to more cost than a proactive security investment.

 

What Does “Good Security” Look Like in Healthcare?

Good security in healthcare requires dozens of moving parts to align, but keep a few components top of mind to maintain a baseline of protection that meets regulatory expectations before you work toward a mature security program:

• Identity and access management: Control who can access your organization’s sensitive systems and verify users through multifactor authentication.
• Endpoint protection: Safeguard network-connected laptops, desktops, and mobile devices from malware and ransomware.
• Continuous monitoring and incident response: Deploy tools to detect unusual activity quickly and have a plan for rapid containment and recovery.
• Staff training and phishing prevention: Equip your employees to recognize and stop cybersecurity attacks before they impact your operations.
• Vendor and third-party oversight: Check that every external partner meets your organization’s security standards.

 

Breaking Down the Costs

Keep in mind that security isn’t a one-time purchase — it’s an operating model. CFOs can approach budgeting through a basic framework such as the following:

Foundational Controls

Foundational controls like multifactor authentication, endpoint protection, patch management, and network security create a solid baseline that stops most common attacks before they escalate. Allocating nearly half of your security budget here can help you address the most damaging threats first.

Visibility and Monitoring

Ongoing visibility is critical to reducing both the cost and duration of security incidents. A 24/7 security operations center (SOC) — supported by advanced log management and threat detection tools — enables early identification of anomalies and faster containment. Managed monitoring services also provide enterprise-grade protection to organizations with limited staff without having to hire or pay for these capabilities in-house.

People and Process

Ensure your security measures are implemented consistently across every department by funding employee awareness training, governance structures, and policy development. These initiatives also make compliance audits smoother by demonstrating accountability and readiness.

Incident Response Readiness

Set aside part of your budget for response readiness, including playbooks, regular backup, and recovery testing. Investing in these can help your teams shorten downtime and protect data integrity if an incident occurs.

 

How to Spend Wisely Without a CISO

Businesses without an in-house security leader can turn to a virtual CISO for security leadership on a contract basis. Virtual CISOs deliver guidance on planning, budgeting, compliance management, and more in a fractional capacity to help you:

• Prioritize the controls that deliver the highest risk reduction per dollar.
• Avoid vendor sprawl by consolidating redundant tools and contracts.
• Leverage managed services for around-the-clock protection when internal hiring isn’t feasible.

CFOs evaluating virtual CISO providers should look for a partner who offers transparent pricing and customizes security solutions to fit your organization. (Say no to the square-peg-round-hole approach.) The best virtual CISOs provide contract flexibility, integrate with your existing IT operations, and maintain audit-ready documentation that simplifies compliance reviews.

 

Partner With GuideIT for Confident Security Leadership

CFOs don’t need to overspend to be secure. Good security is achievable — and affordable — when it’s structured and tailored to your specific needs.

GuideIT has 30+ years of experience helping healthcare organizations strike that balance. Our Virtual CISO services provide expert security leadership that covers planning, budgeting, policy governance, and compliance management on a flexible, contract basis. We offer hands-on guidance for road-mapping, decision-making, and more to help CFOs and executives align security investments with measurable outcomes.

Learn more about GuideIT’s security services and reach out to us right here.

• ¹ https://www.ibm.com/reports/data-breach