The cybersecurity budget to secure your business is no joke!
Digital Transformation initiatives, whether they are for new business, new revenue stream, or updated business processes, open your business to a myriad of cybersecurity vulnerabilities across critical business operations. We have all grown numb to the never-ending data breach headlines and the new standard ?cost of doing business,? such as the rigid regulatory and compliance requirements and the increased frequency of related audits. And don?t get me started with our fractured privacy law approach where Global, U.S. Federal and U.S. State laws makes protecting customers and employees? data challenging. As business leaders, it?s tough to know if your cybersecurity budget is correct.
What is in a cybersecurity budget?
Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks; in short, keep your business operations running.
Cybercrime is rewarding - and who would shut down a profitable business? There is no end in sight for cyber-attacks, such as data breaches where your proprietary data is stolen and sold to the highest bidder on the ?dark web?, or the ransomware attacks where an unsuspecting employee opens an email that releases malware on your network and locks you out of YOUR critical business processes like payroll, payment processing, patient data, etc. for a hefty fee. The harsh reality of cybersecurity is that the probability of a cyber-attack on your business is not a question of if but when. As a smart business leader, you need to prepare your business for the inevitable cyber-attack.
A typical cybersecurity budget can include a mix of the following solutions:
Since all budgets need to be justified; what is the right amount to spend on a cybersecurity budget?
Identifying the elusive goldilocks budget.
Cybersecurity budgets are not created equal. Every business is different.
A goldilocks cybersecurity budget takes a risk-based approach to cybersecurity investment. It takes a holistic approach to identify YOUR critical business process and places a dollar value ($$) on YOUR potential financial loss during a business interruption or loss of a vital asset due to a cyber-attack. Prioritize protecting the costliest business processes, assets subject to severe regulatory penalties, and trade secrets.
A cybersecurity budget is not a ?set it and forget it? process. The bad guys, aka ?hackers,? are only getting better with time; it?s their day job and your annoyance as it takes you away from growing the business. As business leaders, you will need to stay vigilant in your efforts to prevent and or mitigate the cybersecurity risk to your business. At a minimum, there should be an annual budget review along with quarterly metrics demonstrating the effectiveness of the cybersecurity budget.
Interested in learning more?
Let's schedule a meeting to discuss your company's cybersecurity budget needs.