Planning your cybersecurity budget t is an important step for any business. Establishing your budget can help you determine new investments while ensuring you have enough money to keep your network and IT infrastructure well-maintained. Discussing all of your options ahead of time can help you make the best decisions to ensure your business is well-prepared.
How To Create a Successful Cybersecurity Budget Request
Creating a successful cybersecurity budget request depends on your ability to demonstrate that you’re using your existing tools in the most efficient way possible. Here’s how:
- Use incident response tools to optimize the use of your security tools. If you can show that you’ve been able to reduce alert fatigue by prioritizing incidents based on the value they provide and their prevalence in past threats, executives will be more likely to invest in additional cybersecurity solutions.
- Focus analysts’ time on real threats. Using threat intelligence feeds and other real-time information sources helps ensure that analysts aren’t wasting time on low-value threats while also allowing them to prioritize high-value ones quickly and accurately
How To Get the Leadership Team to Approve Your Cybersecurity Budget Request
Cyber-attacks are growing in frequency and sophistication, but far too many organizations still under-investing in cybersecurity. This is because the risks of cyber breaches aren’t always apparent to executives. That’s why it’s important for IT professionals to use data and metrics when making their case for increased investment in security measures.
Here are six tips for getting your cybersecurity budget approved.
Demonstrate the ROI of your budget request.
It’s important to demonstrate that your cybersecurity investment is directly tied to a measurable business outcome, whether it’s increasing sales or reducing costs. For example, if you’re asking for money to buy a new firewall and implement new protocols, include information about how this will help you meet compliance standards and/or reduce liability costs down the road because you will have more secure systems in place. In addition, highlight how these improvements will lead directly to growth.
Understand how much risk there is without investing
Because executives care about revenue and profit margin rather than specifics like security measures (at least initially), showing them where investments would protect their company from loss should be easy enough
Reflecting the direct needs of the company
Make sure that each request reflects specific needs within the organization; For example, if you’re asking for money to purchase new technology to improve security in your company’s network infrastructure, explain how this will help protect customer data from outside threats. This way, you’ll be able to demonstrate how security investments directly benefit customers, investors, and employees.
Never speak in technical terms to senior management
When talking to senior management, it is vital that you use words and phrases they can easily understand. They are not tech-savvy, so using technical terms will only confuse them. If a security breach occurs, use examples of how this could affect business. For example, if customer data is stolen, you could potentially have to deal with lawsuits, bad press, and lost revenue from angry customers who stop using your products or services.
SHOW the return on investment rather than TELLING
Justify your cybersecurity budget in terms of its impact on the company’s bottom line.
This means showing how much each breach costs, as well as what it would cost to avoid breaches altogether by investing in cybersecurity solutions and services.
Once you get the funding, follow the plan you outlined
Once you get the funding, follow the plan you outlined. This will ensure that you will complete all phases of your security program on time and within budget.
- Do not deviate from the plan.
- Provide feedback on your progress as part of an ongoing process of continuous improvement.
How to increase your cybersecurity budget
Improve the cybersecurity culture.
If your organization has an established and mature cybersecurity culture, it’s likely that there is already a process in place to allocate new funds according to existing needs. However, if you don’t have this infrastructure in place yet, now is the time to start building it!
Add cybersecurity to the budget of other department projects.
This technique can be applied when you have approvals from both IT and project management teams involved in a project that requires funding from an external source (e.g., contractors). This method will also help build relationships between IT and other departments since they’re working together on something important for the business as a whole—and this collaboration will help increase support for future requests around security spending.
HR departments are often in charge of allocating budgets for employee training and development. If you have an opportunity to work with HR on a project that requires funds from the general budget, consider proposing your security training program as part of the solution. This will create a win-win situation where both parties get what they need: funding for cybersecurity initiatives and support for other company goals.
Partner With Managed IT services provider
Managed IT security services can help you save money and time. With Cyber Sainik on board, you don’t have to worry about hiring new staff members or upgrading software yourself. This ensures that your systems are always up-to-date and meet compliance standards.