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.

ECRM_as_a_Value_Creator_The_Evidence_Is_Getting_Stronger_vFINAL

Last updated:
October 2026

Database

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.

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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.

View the university record

Source Name: Computers & Security

Source Type: Peer-reviewed study

Source Year: 2026

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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

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Innovation

Enable new ideas, new products and greater agility.

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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

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Resilience

Build adaptability and withstand disruption.

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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

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Capital & Transactions

Increase enterprise value and reduce transaction risk.

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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

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Enterprise & Stakeholder

Create broader value for all stakeholders.

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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.

Read current CMMC guidance

Source Name: Acquisition.gov and Department CIO

Source Type: Official procurement policy and guidance

Source Year: Status checked 13 October 2026

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New Audiobook

The same insights.
Now in audiobook.

Enterprise Cyber Risk Management as a Value Creator is now available in audiobook format. Hear Bob Chaput’s insights on how cybersecurity can do more than protect value, it can help create it.

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ECRM Audio Book

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.