ECRM as a Value Creator — The Evidence Is Getting Stronger
Current academic and commercial research continues to test how cybersecurity practices can support business results. This Hub examines what those findings mean for enterprise cyber risk management.
Last updated:
October 2026
OUR EVIDENCE STANDARD
We highlight credible research and real-world examples from academic, industry and government sources. Each item includes key results, source details and, where available, a methodological note.
Customer & Market
Increase trust, unlock revenue growth, and improve customer outcomes.
Load More →
Customer & Market Value
E04
Cybersecurity maturity is linked to customer relationships
A study of firms in Flanders, Belgium, links cybersecurity maturity with attracting and retaining customers who value cybersecurity. It does not establish a sales increase or retention percentage that other organizations can assume.
Prominent Result
Stronger ability to attract and retain customers who care about cybersecurity
Findings
The study examined 1,573 public and private firms using a random stratified sample. Greater cybersecurity maturity was associated with stronger cyber resilience and the ability to attract and retain cybersecurity-sensitive customers.
Qualifications
The study concerns specific firms, measures, and a regional setting. Its customer findings are not audited sales growth or a measured retention uplift applicable worldwide. No numerical sales or retention effect is presented here.
ECRM relevance
ECRM can help sales leaders and business owners identify which cybersecurity commitments matter to their customers. Track buying and renewal decisions to judge the benefit in your own organization.
Sources
Standaert, Thomas, Tom Evens, and Petra Andries. Cybersecurity maturity of Flemish firms: drivers and consequences. Computers & Security, 165, 104868, 2026.
Ghent University Bibliography. Publication record for the same article, confirming authors and bibliographic details.
Source Name: Computers & Security
Source Type: Peer-reviewed study
Source Year: 2026
Customer & Market Value, Featured Evidence
E01
Security assurance can help earn customer business
Picarro says independent checks of its security practices helped it meet a customer’s requirements and close an enterprise deal. The outcome is company-reported; independent security assurance does not verify the deal value.
Prominent Result
$10–$30 million enterprise deal reported by Picarro.
Findings
The case links a European enterprise deal to ISO 27001 certification and a SOC 2 Type 2 report. These give customers independent evidence about security practices. Picarro reports the deal value shown above.
Qualifications
The reported amount is contract value, not annual revenue, profit, or return on ECRM spending. The financial outcome and its attribution come from Picarro and have not been independently verified. SOC 2 is a report, not a certification.
ECRM relevance
ECRM can help leaders identify the security requirements that affect customer buying decisions and decide how to meet them.
Sources
Constellation Research. Picarro, Inc. 2026 SuperNova Awards case, Digital Safety, Governance, Privacy, and Cybersecurity finalist. See “The results,” “Metrics,” and “Shining Moment.”
Source Name: Constellation Research
Source Type: Company-reported case
Source Year: 2026
Related Articles
Innovation
Enable new ideas, new products and greater agility.
Load More →
Innovation Value, ECRM as a Value Creator, Featured Evidence
E02
Security can support faster software delivery
Carrefour reports faster software delivery after bringing development, security, and operations together. The improvements came from a broader transformation; the vendor-published case does not isolate cybersecurity’s contribution.
Prominent Result
50% shorter request-to-production time reported by Carrefour
Findings
For teams that release software regularly, including e-commerce, the time from a business request to software going live was cut in half. Releases moved from monthly to daily. The case also reports about 25% fewer production incidents and more than $350,000 in annual security-tooling savings.
Qualifications
The changes included tool consolidation, automation, and new processes as well as security. Do not attribute every improvement to cybersecurity alone, generalize the time improvement to every Carrefour team, or treat release frequency as a revenue measure.
ECRM relevance
ECRM can bring risk decisions into software projects early, helping business owners pursue innovation while managing the associated risks.
Sources
GitLab. How Carrefour Cut Time to Market in Half with GitLab. Undated customer case. See “Turning software improvements into retail-ready results.”
Source Name: GitLab
Source Type: Vendor-published customer case
Source Year: Undated
Related Articles
Resilience
Build adaptability and withstand disruption.
Load More →
Resilience Value
E05
Response exercises are linked to fewer material cyber events
Marsh links regular tabletop exercises and breach-response drills with a lower likelihood of a material cyber event. This is an observational comparison; it does not prove that exercises alone caused the difference.
Prominent Result
13% lower likelihood of a material cyber event among organizations running regular exercises
Findings
Marsh compared organizations’ cybersecurity self-assessments with insurance claims. Organizations regularly conducting tabletop exercises and scenario-based breach-response drills were less likely to experience a material cyber event than those that did not. A tabletop exercise is a guided discussion of a simulated incident.
Qualifications
The 13% is a relative difference between groups, not 13 percentage points, 13% smaller losses, or guaranteed insurance savings. Other practices and organizational differences may matter. The public release does not provide the full methods or a complete definition of a material cyber event. The full report requires a form submission.
ECRM relevance
ECRM can connect exercises to important business services, clear decision responsibilities, and improvements that help the organization prepare for disruption.
Sources
Marsh McLennan. Cyber Risk Intelligence Center report. Public release summarizing Cybersecurity signals: Connecting controls and incident outcomes. 27 August 2025.
Source Name: Marsh McLennan
Source Type: Claims-linked observational analysis
Source Year: 2025
Related Articles
Capital & Transactions
Increase enterprise value and reduce transaction risk.
Load More →
Capital & Transactions Value, Featured Evidence
E03
Cybersecurity disclosures are linked to lower financing costs
A study of U.S. public firms links informative cybersecurity investment disclosures with lower financing costs. The findings concern disclosure supported by actual investment; they do not promise a financing benefit for every organization.
Prominent Result
Lower debt, equity, and overall capital costs associated with investment disclosure
Findings
The researchers examined 1,933 public firms and 16,680 company-year observations from 2006–2018. A company-year is one company’s data for one year. The relationship was stronger when disclosures were more informative and backed by actual cybersecurity investment.
Qualifications
The study evaluates investment disclosures, not a complete ECRM program or a universal spending-to-return relationship. It uses several methods to test the relationship, but is not a randomized experiment. The observations predate 2026 and do not establish the same result for private organizations or a higher acquisition price.
ECRM relevance
ECRM can help leaders explain their risk management and preparedness with evidence that financing partners can assess. Review the information those partners need and support statements with actual practices and results.
Sources
Havakhor, Taha, Mohammad S. Rahman, and Tianjian Zhang. Disclosure of Cybersecurity Investments and the Cost of Capital. Information Systems Research, 37(3), pp. 1782–1804, 2026. Published online 20 April 2026.
Source Name: Information Systems Research
Source Type: Peer-reviewed study
Source Year: 2026
Related Articles
Enterprise & Stakeholder
Create broader value for all stakeholders.
Load More →
Enterprise & Stakeholder Value
E06
Cybersecurity requirements can determine contract eligibility
For covered U.S. defense opportunities, contractors must hold the CMMC status required by the solicitation. Meeting that requirement enables eligibility; it does not guarantee an award or increased revenue.
Prominent Result
Required CMMC status is a condition of award eligibility for covered opportunities
Findings
CMMC means Cybersecurity Maturity Model Certification. DFARS 204.7502 says contracting officers must specify the required level in the solicitation and cannot award to an offeror lacking the required current status. As of 13 October 2026, official guidance states that Phase II implementation is suspended and Phase I self-assessment requirements remain in place.
Qualifications
Apply this example only to covered opportunities and the requirements in the solicitation. Eligibility is not an award or evidence of revenue growth. Do not imply universal third-party certification or present the former November 2026 Phase II transition as an active deadline. The program remains under review.
ECRM relevance
ECRM can help leaders identify cybersecurity conditions that affect market access and prioritize work needed to qualify for business.
Sources
Acquisition.gov. DFARS 204.7502, Policy, paragraph (a), Award eligibility.
Department of War Chief Information Officer. About CMMC. Current implementation and assessment guidance. Checked 13 October 2026.
Related Articles
How cybersecurity data can support healthcare operating performance
How boards can assess the business value of ECRM
Source Name: Acquisition.gov and Department CIO
Source Type: Official procurement policy and guidance
Source Year: Status checked 13 October 2026
Related Articles
Evidence Update
ECRM as a Value Creator — The Evidence Is Getting Stronger
A concise review of the latest academic and commercial research on how cybersecurity influences business outcomes across the five value themes.
Want the complete ECRM framework?
Explore the book or listen to the audiobook to see how the pieces fit together.








