How to Optimize Your Cyber Security Budget in 2021
As cyber security crime has increased drastically since Covid-19, organizations everywhere are carefully examining their cyber security strategy moving in 2021. However, budgeting can prove rather tricky in uncertain times, leaving organizations uneasy about creating set in stone costs.
That being said, how can organizations prioritize and optimize their cyber security budget this coming year? Let’s dive in.
Identify key factors and focus areas.
There are a variety of factors to take into consideration when planning this budget, including company size, industry, compliance requirements, data collection and storage, etc.
Once you’ve got a handle on these demographics, start identifying the why. What is the purpose of this budget in the first place? Why is it critical to the organization’s overall goals and success? There are five key elements every cyber security budget should work towards optimizing: prevention, detection, identification, response, and recovery. What tools and services will your organization need to be effective in these key areas?
Even if a breach does take place, having proactive systems and tools in place will better prepare you to mitigate and minimize any damage. Here are a few suggestions we have for staying proactive:
- Seek out a NGAV tool. A next generation antivirus tool (NGAV) is a software that was created to bridge the gap left by traditional antivirus. You’ll want to look for one that is capable of upgrading should an attack occur. Investing in an antivirus software should be your first step in protecting your organization from an attack.
- Set an incident response retainer. Having a cash reserve for expert support in the event of an attack could make or break your business. They’ll be able to help you navigate the situation with ease.
- Invest in employee training. If you feel your onboarding and upkeep training aren’t up to par, consider investing in more effective tools. We suggest investing in one that has simulation exercises, so employees can test their knowledge in real time.
Continue to monitor Covid-19 ramifications.
While we encourage you to focus on maintaining and planning projects, organizations should look towards optimizing the remote working environment. Statistics have shown that remote working has caused a major uptick in hacks. Consider investing in Virtual Private Networks (VPNs) to ensure employees are staying safe from home.
Consider implementing an SOC.
Security Operation Center(s), or SOC, is a centralized unit that uses technology to monitor and improve cyber security. It will help piece together information quickly during an investigation and lower the cost of an incident. A huge downfall of attacks is the amount of time it takes to identify and take action. An SOC will minimize that time and provide insight as to how the attack happened.
Utilize vulnerability management to measure performance.
Organizations can better measure performance over time by utilizing a vulnerability management tool. This tool will work to assess processes and procedures that may have resulted in a hack. The tool will use internal and external scans, and the data can then be used to analyze and prioritize vulnerabilities, uncover trends, and determine how to best move forward.
Consider investing in a CSO (if you don’t already have one).
Gaining buy-in for a security budget can be difficult. Having a Chief Information Security Offer (CSO) can help present the budget to the C-Suite more effectively, and help your team best determine where to allocate funds based on current market trends and their own extensive experience.
Looking to outsource your cyber security services? Thinline Technologies can help! Whether your company needs to keep IT service and support costs predictable, avoid unexpected problems, communicate more effectively or make a plan for business continuity, we have a solution for you. Visit our services page for more info and contact us today!