How Much is Enough? How to Build a Targeted and Sustainable Cybersecurity Budget.
Ensuring cybersecurity investments align with the business goals is a key element of success, however, managing the two simultaneously can be extremely challenging. Kev Eley, Vice President of Sales, Europe at LogRhythm, explores what the right amount of cybersecurity is in order to mitigate priority risks. Kev also offers his best practice advice for achieving a targeted security budget for growth.
Historically, the fear of cyber threats put organisations and their security operations teams on defence. So much so, that they still strive to design security plans that try to protect every part of their infrastructure. With the overwhelming number of systems for organisations to protect and the growing cyber threat landscape, the ‘more is better’ model, although logical at the beginning of the cybersecurity battle, is simply no longer sustainable.
According to Statista, spending on global Digital Transformation is projected to reach US$1.8 trillion by the end of 2022 and by 2025, it’s forecast to reach US$2.8 trillion. Today’s IT environments are continuously expanding as organisations adopt new technologies while also running existing legacy systems. On top of this, more organisations are now exploring the option of adding Internet of Things (IoT) capabilities to their operations.
Unless organisations are armed with a huge cybersecurity budget and unlimited resources to manage all applications, keeping up with the continual and accelerating change in the technology environment won’t work. Organisations need to readjust the ways they are distributing their cybersecurity budgets to realise greater efficiencies.