As we have entered the new year, all of us are busy planning our IT budgets for the year.
Have you discovered how to plan your cybersecurity budget for 2019? If not, then let’s investigate some facts and figures as to why cybersecurity should remain the highest priority in creating your IT budget.
It is not a matter of if you will be hacked, but when? In the security industry, we all see a significant advancement every year in technology. However, the attackers are getting access to similar technologies and are launching even more sophisticated attacks. We all deal with a constant battle of protecting enterprises from cyber threats which require:
Designing a cybersecurity framework.
Allocating sufficient budget.
Identifying the right tools and best cybersecurity partner.
As IT security budgets are fast growing, let’s throw some light on the budgets across the globe.
The fastest growing IT security budgets are from Asia-Pacific with 15% dominated by India and China. On average, the United States is rising by 5.1%. Over the last 5 years, there has been an incredible rise in the security budget makes it very clear that the larger the organization, the greater the spending on security. According to a recent survey, businesses are now spending a higher percentage of their IT budgets on security. An average of 11% is being spent by larger organizations of their IT budget on security, whereas the smaller businesses spend nearly 15% on security.
Reasons Behind Increasing Spend on Cybersecurity
Cyber-attacks are being more threatening, frequent, and prevalent than ever before.
Consumer spending on information security is impossible to track.
The security climate these days is such that enterprises fear becoming victims of the next major cyber-attack or cyber extortion.
There is clearly no doubt that the year 2018 was exciting and defining in the cyber world. Over the past few years, there were huge investments made by enterprises in new detection and visibility tech as compared to prevention technologies. A lot of discoveries and improvements are progressing to ensure that it meets up with the ever-increasing demand in the field of cybersecurity. Expenditures on cybercrime are increasing dramatically with their cost associated with the crimes. It will always be beneficial to analyze your company’s security needs with a top to bottom risk assessment each year so that you can evaluate your existing security and learn from it what else is needed to secure your IT systems further. When evaluating your cybersecurity budget, be sure to note the following:
Make sure to thoroughly assess the risks, business assets, and resources which are valuable and potentially l at risk within the organization.
When evaluating business goals, align the security budget as well.
Effective investment in cybersecurity must include a corporate culture in which employees value security.
Some questions to consider while budgeting cybersecurity.
What is the goal?
What are your current security capabilities?
Does current technology fit your current workflows and operations?
What are the new applications, devices, and technologies being adopted by the company this year?
Companies should have a clear roadmap on securing their digital assets and allocate budgets accordingly. Below are a few recommendations about strategic cybersecurity budgeting to help you optimize your security spending for maximum return on investment.
Know what you are trying to protect and why
Outline your risk appetite.
Align your cybersecurity budget with potential posses.
Stay up to date on promising security technologies.
Measure the effectiveness of your security strategy.
While budgeting cybersecurity, the biggest mistake one can make is to blindly throw money at your security teams and simply expect better results. This is certainly not a good idea, as there are organizations who have spent large amounts on cybersecurity and still bad risk postures, which ultimately still leaves their data at risk. On the other hand, there have been organizations who have not spent a penny but have very good risk postures. The bottom line is: it is all about your level of readiness. When we talk about “readiness” it is not about how much you spend on controls, but how good your controls are at defending your organization. Once you get an understanding of the correlation between your readiness and what you are spending, then you can have deeper discussions on budgeting and performance ratios.
What will 2019 bring into the cybersecurity market?
An increase in crime, espionage, and sabotage by rogue nation-states.
An increased level of importance for Cybersecurity in the boardroom
More supply chain attacks
A better thought out, enterprise approach to cybersecurity
Increasing IoT challenges.
More protection against malware.
Improved cybersecurity regulation.
An expansion of reporting of data breaches
An emphasis placed on the users and their risks
An establishment of cyber-warfare rules by nations.
Standardization of multi-factor authentication for all the online transactions.
Dynamic, broader, and harder to detect attacks.
Security automation will take control of simpler tasks.
Attackers will increasingly capture data in transit.
GDPR will drive increased legislative and regulatory activity.