Chat with us, powered by LiveChat


Cyber Security Budget: From Lowest to Highest

budget for cyber security
11.19.19
Lisa Taylor

Besides terrorist threats and other global crimes against humanity, there is cybercrime. Cybercrimes are those crimes related to computers and computer networks. This crime never existed until computer technology showed up. However, it has grown to become a threat to strong institutions such as multinational corporations and security-conscious governments.

One way to make sure your organization is covered is through a cybersecurity budget. The fear for most individuals in these corporations is whether it is worth the risk budgeting on cybersecurity. Countries like the US has a $15 billion cybersecurity budget in the fiscal year 2019. This is enough reason to know why it is crucial to have a cybersecurity budget.

Why You Need a Cybersecurity Budget

cybersecurity budgets

Credit: CoNetrix

There are many reasons for a cybersecurity budget for your enterprise. Some of the reasons are as below.

Prevention

While many might underestimate the importance of cybersecurity budgets, the expected expenditure on cybersecurity in 2019 is at $125 billion. There is a need to take the necessary measures to avoid the vulnerabilities cybercrime exposes your enterprise to in their happening.

Insurance

The threat might be significant for your company, but cyber insurance cushions you from its financial implications. This could mean resuming business on time even after a considerable cybersecurity setback.

More details on cybersecurity are in the global cybersecurity index of 2018/2019. The big question remains, how much is enough for a cybersecurity budget. You might also need to consider reasonable cybersecurity solutions like colocationamerica.com.

How Much Is Enough for a Cybersecurity Budget?

cyber security budget 2019

Credit: CSO

One thing is for sure the cost of cybersecurity is not cheap. There are, however, questions you need to ask yourself in the process of setting something aside for cybersecurity.

Your Risk Appetite

The reason there is cybercrime is due to the need to have access to the systems of an enterprise. If your company has made its systems quite available to the public, then there is a lesser risk. The assumption is that there is nothing much in there to hide.

On the other side, one might say it is not fun to hack into a network that is already available to many. A vicious hacker will, however, see opportunity in such availability. Ask yourself whether you have the heart for the risk that comes with making your system available to the public.

Value of Cybersecurity Spending

Although your company makes a lot from its enterprise, there is a need to cut costs. Despite the much a company might set aside for anything like cybersecurity, there is a need for value. A reasonable budget needs to earn you an impressive cyber resilience and capabilities.

This is irrespective of the highness and lowness of the budget.

How Much Could You Secure on a Cheap, Medium, or High Budget?

Research by IBM shows that 13.7 percent of your IT budget should go to cybersecurity. The study further adds that only 14 percent of companies spend over 10 percent of the budget on cybersecurity. That said, you need to be a way of how much a cheap, medium, or high budget can help you secure.

A Cheap Budget

If you are looking to spend less, then a cost comes with that. Some of the things you will do include: 

  • Regular communication: Cybercrime is very volatile and fast-growing. The best way to deal with it and still spend less is to keep yourself up to date with cybercrime and cybersecurity trends. What follows is sharing the same with employees. This means they are on alert whenever it happens and can alert the IT department to do a quick fix reducing the damage. 
  • Screen the people you work with always: Most vulnerabilities could result from people you have worked with. Knowing them in depth before getting to business is essential. Moreover, ensure that you use a trusted internet service provider or data solutions provider like colocationamerica.com.

A Medium Budget

You might increase your cybersecurity budget and end up with a medium budget. The idea is that you want to improve your cyber strength organically. Two things could result from this. One is security awareness.

Given that you have been casual about the way you have tackled in the past, you and your team might need some training on cybersecurity. You could also get the insider threat program. Having understood about cybersecurity, you can now assess threats to your site and improve system capabilities to deal with such issues. The result is that your cyber strength increases beyond 75 percent.

A High Budget

Once you have tested the capabilities of a medium budget, you can say you are secure. This, however, changes if you expand your website to offer more services making your system vulnerable again. This means a lot of information is shared among them, identity, and payment information. A high budget opens you up to multiple security options for your site.

Hiring the Best

With enough set-aside, you not only need the services of cybersecurity service providers, but you also hire your own. In-house cybersecurity teams can help come up with a framework for curbing cyber threats.

Adopting Risk-Based and Data-Driven Security Practices

Taking a big step in handling cybersecurity issues is vital in fighting cybercrime. Low and medium budget limits the furthest points you are ready to go to secure your site. A high budget means you can try these practices until you arrive at the most effective ones.

Good Cybersecurity Technology

This means you will have a way of scanning and dealing with the cyber threats yourself. You might need techs such as penetration testing tools like Metasploit, vulnerability scanners like Nmap (Network Mapper), and response tools such as Security information and event management (SIEM).

There is a lot about cybersecurity you need to know. With every day, developing trends, having an understanding of its patterns and concepts is essential. This YouTube video is another way you could learn about cybersecurity. 

Leave a Reply

<>