Businesses are using 10-15% of their IT budgets on cybersecurity and for good reason. As ADAPTURE’s Chief Strategy Officer, Robert Pastor, said, “Once you have a major breach, you can forget about your budget.”
Cyberattacks reached an all-time high in 2021 and are only expected to rise. While a healthy cybersecurity budget is necessary to combat threats, a strategic approach is also necessary to ensure that your organization is using its budget to ensure the best possible protection.
Cybersecurity is an ongoing project, and no one template matches every organization. An effective cybersecurity budget is one tailored to your organization and its needs. Below are some trends in cybersecurity planning and budgeting.
An effective cybersecurity budget is tailored to your organization.
Know your network.
The first step is to admit when you have a problem. Know your network and its potential weak spots. Once you know what you have to work with, you can better form a plan to protect it. Question whether the measures your organization has in place meet your current needs. If they don’t, it may be time to consider a refresh or a new plan.
Protect sensitive assets.
In addition to any network weaknesses, the data that your company stores can inform your cybersecurity plan. Ask yourself what a cyberattacker would want from your business. It could be assets, connections, or customer data. If you know what a cyberattacker would want and how they would go about getting it, then you know a potential weak spot that should be doubly protected.
Spending your cybersecurity budget effectively.
Cybersecurity typically comprises 10-15% of IT budgets. According to a survey performed by CSO this money is then spent in 4 major areas.
- Location-Independent Services
- Supporting the Evolution of the Security Organization
- Evolving Technology
CSO’s data suggests that typically, on-premises infrastructure and hardware claims 20%, the largest percentage of the security budget. It is followed by skilled staff at 19%. Software follows shortly behind at 16%. Other categories include cloud-based security solutions and monitoring services, consulting services, security awareness training, contracted evaluation services, and external incident response services.
According to IDG, 62% of organizations are outsourcing cybersecurity services. This gives them access to capabilities they could not perform by themselves and can also bridge the talent gap in their own IT department. Outsourcing can provide resources, skills, and technology that your organization may not have on its own, making it a feasible and cost-effective solution to your cybersecurity.
Protecting your data with ADAPTURE and Abacode.
ADAPTURE partners with Abacode, a leader in unified cybersecurity and compliance services, to give you a simple, effective way to predict and prevent cyberthreats.
Abacode has evolved beyond traditional managed security services by unifying protection, remediation, and compliance. It delivers a dramatic improvement in cyber resilience and the strength to defend against modern cyberattacks.