14 Jul Preparing a cybersecurity budget for 2024

The essentials of forming a foundational cybersecurity budget

The importance of building a comprehensive cybersecurity strategy cannot be overstated. In 2023 and onward, developing technology and software will create a variety of solutions and threats. The implementation of ChatGPT-like models, for instance, creates a landscape of both efficiency and risk. Cybersecurity is no longer the responsibility of experts and instead a sitewide effort. Familiarity with risk events and cybersecurity nomenclature are growing expectations in any industry. But beyond that, enterprise management and business leaders need to build responsive budgets covering the essentials of cybersecurity.

But creating a cybersecurity budget is challenging. It needs input from relevant experts while taking stock of the businesses’ current security posture. Larger enterprises have more advantages because of their size, whereas SMBs and smaller organizations struggle with reduced capital. Therefore, finding meaningful solutions that are mindful of financial limitations is key for balance and security.

What threat considerations are there for cybersecurity budgets?

Threats have changed over the years. While some of the “old fashioned” stick around – like phishing attacks – we’re entering unprecedented territory with what malicious actors can do and the resources at their disposal. For example, RaaS (ransomware as a service) is a popular dark web marketplace for threat actors, allowing them to purchase ransomware-capable assets and baked-in target lists. They do not require expert knowledge to deploy these attacks, despite the complexity and severity of ransomware.

In recent years, the expansion of remote working resources has upscaled the level of threat-facing entry points too. These nodes are harder to control and observe, creating a plethora of additional risks that organizations must account for. Such examples fall under the umbrella of cybersecurity budgets, and why it’s so crucial to manage them.

Efficient cybersecurity spending and how to plan for it

An erroneous strategy is to adopt the policy of “throw money at the problem.” Larger organizations with capital to spare believe the dangerous mythos that “investment = solution.” Regarding cybersecurity and IT, that isn’t the case. Time and time again it is worth repeating: human error can undo security installations, regardless of its financial investment. Furthermore, size is not a deterrent. If you house valuable data, expect to be a target.

But that isn’t necessarily bad news. Investment in smart resources is important, yes. But even limited budgets can maintain a strong cybersecurity posture when focused correctly. Wise investment of capital in the right resources combined with an educated workforce mitigates risk, whereas dumping tens of thousands on complex software suites yields middling results. Money spent in the right places is a far better plan of action.

And that’s the secret: planning. To begin constructing a sound, efficient cybersecurity budget, you need to understand several metrics.

• The current needs of your cybersecurity infrastructure – BDR, staff, cloud options
• Analyzing your current budget
• Pulling data from the number of attacks your business observes, framing them in tiers of severity and their associated costs (if relevant)
• Available experts and likelihood of attracting and retaining new talent

If you are not clear on these observable metrics, you should conduct a framework assessment. Or, use assessment guidelines to build a cybersecurity budget foundation. A recommended guide is the NIST Cybersecurity Framework user resource.

Your IT leads and management can then make cohesive decisions. Built from the insight gained, you’ll have a clearer idea of what support assets to onboard, within a reasonable budget.

From there, your goals for cybersecurity solutions – regardless of budget – should focus on agility, response, and transparency. You need an observable network with minimal “blind spots,” one that can detect and respond to threats as they emerge.

What does a healthy cybersecurity program look like?

Your program needs to account for the resources, hardware, and software used. If your network is internal, meaning it uses no remote resources and segments the network, your posture should focus on those elements. What access level do staff members have? Do they sign on with multi-factor authentication and do they use zero-trust policies? Those are the questions you want to pose when assessing the health of your cybersecurity posture.

Investing in resources that definitively help your enterprise is also crucial. For example, onboarding a cloud resource can be valuable for SMBs because it has scaling cost-responsive architecture. In other words, an enterprise can utilize as little or as much when required. Adopting policies educating workers is also a sign of a healthy cybersecurity program.

Account for local and global events

Another aspect of budget preparation in 2023 is observing local and global events. Whether geopolitical or crisis-oriented, what occurs around the world – or in your own backyard – can sway the behavior of threat actors and cybersecurity. For example, during the COVID pandemic, hackers readily abused misinformation related to vaccines and financial relief to prey on vulnerable targets.

Furthermore, trends incorporate technology and regulatory concerns. How technology develops can shift the nature of cybersecurity. Legislative requirements will alter how a business must handle consumer and client data and establish reporting requirements in a post-breach environment. Following trends keeps your SMB in line with good practices and dodges regulatory penalties.

Getting third-party help

Budget preparation is no easy task. So, it’s effective to reach out for third-party assistance. Bytagig is an established IT MSP with cybersecurity budget assistance.

Contact us today to learn more.