Stay secure without breaking the bank. Adapt to changing threats and needs. Learn how to keep your cybersecurity budget flexible. While megalithic corporations may have deep pockets with teams solely dedicated to digital protection, that just isn’t a reality for most small-to-medium businesses. That means every dollar counts, and a well-planned budget is essential.
One of the biggest mistakes you can make is to lock in a cybersecurity budget and not keep it flexible.
1. Take a hard look at your assets
A big part of your cybersecurity budget will go toward protecting your assets from threats. But before you can figure out what needs to be protected, you’ll need to understand what’s at risk. Threat, vulnerability and impact are three related terms often used interchangeably in the security industry, but they each have specific meanings that make them distinct from one another.
In the most basic sense, an asset is anything of value that your organization has that must be protected from harm. This could include people, property or information – tangible items like your office’s door and windows, or intangible items such as your reputation or proprietary information. In the digital realm, this includes all of the technology your data lives on, from computers to smart devices to networks and even cloud services. It also includes the software that protects it, such as data encryption and other protective mechanisms.
While you may not know exactly what assets are in your organization, you likely have a good idea of what’s most important. In order to determine which assets need protection, it’s essential to start with a thorough asset inventory that identifies each item and the impact a threat or vulnerability could have on it. This process may also help identify gaps in your existing security controls and point to areas where additional resources need to be allocated.
Vulnerabilities are flaws in your security systems, processes or internal controls that can be exploited by a threat to undermine the integrity or availability of assets. These can be intentional – like a cybercriminal accessing your customer database to steal information – or unintentional, such as an employee mistakenly clicking on a malicious link or hardware that fails due to age or a natural disaster.
While vulnerabilities are not a new phenomenon, they’re increasingly becoming a major cause of business disruption. Increasingly, executives are taking notice and making cybersecurity a priority, especially for high-value assets and data. This shift in attitude has resulted in an increased emphasis on security tools that provide context-rich insight to better prioritize and remediate vulnerable assets.
2. Make a list of vulnerabilities
The internet has made it easier to connect with customers, but it also has opened your business up to cyber attacks. Hackers steal customer personal and financial information to sell or use as ransom ware, hijack computers and networks to hold them hostage or disrupt company operations. Taking your cybersecurity seriously can protect your business from the financial, reputational and compliance costs of a data breach and ensure that you meet industry standards.
It’s important to create a list of all the assets your business has, including hardware and software, network infrastructure, communications systems, databases and websites. Once you’ve compiled this list, work with your team to determine the value of each asset and what threats could impact it. These threats may include intrusion (interception, impersonation or malware), ransomware, social engineering and brute force attacks, third-party risk and vendor vulnerabilities, information security test and evaluation procedures and penetration testing.
Your team will then be able to use this list and its associated risks to develop a mitigation plan. The plan should identify the threat level, such as high, medium or low, and the cost of mitigation based on that risk level. For example, a threat level of high might require your team to put in place specific security policies or deploy special software to prevent an attack. A medium threat might be less severe, and a low threat might just mean staying up to date with vendor patches.
Remember that even a one in fifty-year occurrence of a cyberattack can still be expensive to recover from. That’s why it’s important to be flexible with your budget and prioritize investments according to what matters most to your business.
Insufficient cybersecurity spending is a problem for most businesses, with the greatest shortfalls found in retail, distribution and transport companies and in healthcare, banking and finance. Almost half of companies say they can’t invest as much in new cybersecurity innovations and improvements to existing systems due to inadequate budgets. That’s why you need a managed security service provider that offers flexible protections to match your budget, rather than a one-size-fits-all approach that leaves you paying a pittance for inferior protection or a king’s ransom for services you don’t need.
3. Reassess your risk level
Performing a risk assessment should be an ongoing process. It is important to update the assessment regularly, especially as assets are added or deleted. The risk level of each asset should also be reassessed, as this will help to determine what controls are needed to protect it. A common method for determining an asset’s level of importance is to consider its monetary value, legal standing and impact on the company as a whole.
Once the risk level of each asset has been established, you should then compare this with your overall corporate risk appetite to determine where new cybersecurity efforts are required. This will help you to determine how much to spend on each asset and to create a balanced, efficient budget.
As you work through this process, it’s a good idea to document the findings of your risk assessment. This can serve as a valuable tool when it comes to demonstrating the value of security investments to your organization’s leadership and upper management.
One way to do this is by creating a risk matrix, which will display risks in different categories based on their likelihood and impact. For example, high risks may be represented by red, while low risks are shown in yellow or green. A risk matrix will help you to prioritize your risks, so that you can focus on those with the highest impact and probability of occurring, while still taking steps to minimize those with a lower likelihood.
The best way to make sure that your cybersecurity budget stays flexible is by working with a managed security service provider who can provide you with the flexibility that you need. Many of these services will allow you to pay a small monthly fee for protections that are tailored to your specific needs, rather than offering a one-size-fits-all approach that leaves you paying either a pittance or a king’s ransom for something that you simply don’t need.
It is essential that your cybersecurity budget remains flexible, as the threat landscape is always changing. As your risk levels increase, so will the cost of reducing those risks. However, if you take the time to assess your current security situation, find ways to reduce costs and make the necessary investments to keep your systems secure, your data safe, and your employees protected.
4. Take a look at your people
Many cybersecurity budgets are limited, which can create challenges when it comes to hiring. But, don’t let that deter you from hiring the best possible talent for the job. Look for people who want to be a part of the team and have a passion for security. It’s also important to hire people who can be proactive, as opposed to reactive, and take initiative in addressing threats. They should be willing to work with the sales team to provide a tailwind for marketing, help with the technical aspects of securing a product or service and even offer certifications that demonstrate their depth of knowledge to customers.
The best way to make the most of your cybersecurity budget is to look for ways to get more value from current technology investments before making new purchases. For example, if you already have a strong access control, malware protection and network monitoring solution, consider deploying those capabilities within a managed security services platform to address many of the most common identity, governance and compliance (GRC) use cases. This can lower costs, speed up time to value and deliver a more comprehensive and integrated set of capabilities versus using point solutions.
Another key to maximizing cybersecurity spend is to focus on the capabilities that are most critical for your business. For example, if your organisation is vulnerable to phishing attacks, you should prioritize enabling visibility and reducing exposure by investing in technologies that can prevent those types of attacks and/or train employees how to recognize the threats.
Finally, don’t discount a lack of formal education as a deal-breaker when evaluating candidates. The best cybersecurity professionals have a combination of formal education and real-world experience in their backgrounds. This includes working with the military or government, gaining security certifications, serving in a volunteer capacity or participating on an internal or external board of directors. These experiences give them a well-rounded perspective on the challenges and opportunities in the industry and are key differentiators from their peers. They are able to bring that unique perspective to the table and use it as an advantage when evaluating potential partners and solutions.
