Smart Strategies for Streamlining Your Cybersecurity Budgets in FY 2023-24
By Geetha RPublished On April 11, 2023
Cybersecurity is an essential aspect of any organization’s operations, and neglecting it can result in significant consequences such as data breaches, financial loss, and damage to the reputation of your organization. Protecting our data and digital assets is essential in today’s world. Investing in cybersecurity is not an expense, it’s a necessary measure to safeguard our business and customers so, plan your cybersecurity budgets in FY 2023-24.
Implementing effective cybersecurity measures can be expensive, especially for small and medium-sized businesses. As you plan your budgets for FY 2023-24, it’s essential to find smart strategies to streamline your cybersecurity budgets while maintaining optimal protection. In this blog, we’ll explore some smart strategies to help you streamline your cybersecurity budgets in FY 2023-24.
How to Cut Down Your Cybersecurity Budget:
1. Prioritize Your Security Needs
Before you start cutting your cybersecurity budget, it’s crucial to prioritize your security needs. Identify the most critical assets and information that need protection and focus on investing in measures that are most effective in safeguarding these assets. This approach will help you maximize your cybersecurity spending and ensure that you’re adequately protecting your most valuable assets.
“The study found that security is the top-priority investment area for organizations. Among government respondents, 60% currently implement security capabilities for cloud-native or serverless or plan to do so in the coming year.”- Security Intelligence
2. Conduct a Comprehensive Security Audit
To understand your organization’s cybersecurity needs better, conduct a comprehensive security audit. This audit will help you identify areas where you’re currently spending too much money and areas where you’re not spending enough. Based on the results of the audit, you can create a cybersecurity roadmap that focuses on the most critical areas that require investment.
“India saw over 1,700 cyber attacks a week in last 6 Months, double the global average.”- Check Point Software Technologies
3. Invest in Automation and Artificial Intelligence (AI)
Investing in automation and AI can significantly streamline your cybersecurity budget. Automating routine tasks such as patch management, user access management, and vulnerability scanning can help reduce your IT team’s workload, allowing them to focus on more strategic initiatives. AI-powered cybersecurity tools can also help detect and respond to security threats more quickly and effectively, reducing the need for manual intervention.
“The global AI market is booming. It will reach 190.61 billion dollars by 2025, at a compound annual growth rate of 36.62 percent.” – MarketsAndMarkets
4. Consider Outsourcing Some Security Functions
Outsourcing some security functions can help reduce costs while still maintaining a high level of security. Cybersecurity enterprises can offer specialized expertise and technology that may not be available in-house, reducing the need for expensive in-house security personnel and technology. This approach can also provide 24/7 security monitoring and incident response, ensuring that your organization is always protected.
“Global cybersecurity company Kaspersky’s survey reported that 80% of “top-tier managers” in Indian companies admitted that miscommunication with the IT security team led to at least one cybersecurity incident.”
5. Implement a Risk-Based Security Approach
A risk-based security approach focuses on investing in security measures based on the level of risk to your organization. This approach helps prioritize security investments based on potential threats and the criticality of the assets being protected. This approach can help reduce unnecessary spending on low-risk assets and ensure that your security budget is spent most effectively.
“The rising tide of cyberattacks and the expected global cybercrime costs growth reported by Cybersecurity Ventures, reaching $10.5 trillion annually by 2025, is also a driver for organizations to invest in cybersecurity.”
Secure Your Client Data and Infrastructure While Optimizing Your Budget
WeSecureApp, a cybersecurity services provider ensures the safety and security of their client’s data and infrastructure. Optimize your current budget by
Prioritizing the most critical assets and investing in cybersecurity measures that are most effective in securing them.
Conduct regular security assessments and vulnerability scans to identify potential weaknesses in your systems and prioritize remediation efforts.
Investing in employee training and awareness programs to reduce the risk of human error leading to security incidents.
Consolidating your cybersecurity tools and services to reduce costs and improve efficiency.
The cost of a cybersecurity breach can be significantly more than the cost of preventative measures. It is essential to take cybersecurity seriously and invest in appropriate measures to protect your organization. In recent years, security has become a top-priority investment area for many organizations. With the increasing number of cyber-attacks and data breaches, businesses are realizing the importance of securing their systems and data.
Is your business prepared for a cyber attack? Make sure you have a solid cybersecurity budget in place. Our delivery head can help you plan for the unexpected.