The end of a year is an ideal time to evaluate one’s overall health and fitness. That is great on a personal level, but it is also a great time to step back and take a look at the health and fitness of your business and set a cyber security budget.
In particular, as you determine your budget for 2019, it’s a good idea to take some time and assess how flexible your cyber security budget is. Does it have enough resilience to support new and unexpected threats? Or is it firmly set in stone?
A limited budget means, you may be disabling your ability to fight network security threats and manage risk against today’s madness of cyber attacks. When you are planning for 2019, we highly encourage you to evaluate whether your network security budget is flexible enough to account for new, emerging, and unpredictable risks as well as, the risk from insider threats.
So before you conclude your security budget for 2019, here are five tips to help you develop a budget realistic and adaptable enough to keep your business safe from threats all year:
1. Get Real About Cyber Security Budget Management
Many companies overlook cyber security because they don’t realize how big a threat it can be externally and internally. It is very troubling knowing how widespread internal security threats have become. The average cost of insider threats has reached $8.76 million.
However, most companies don’t have any cyber security strategy for addressing insider or outsider threats.
2. Understand Your Threat Profile—Down to the Numbers
It’s hard for an organization to come up with a realistic threat budget if it doesn’t know what kind of threats they are most likely to get.
Choosing an IT company with years of experience in your company’s industry is the key to properly budgeting for cyber security threats.
Ideally, a company’s budget should assess for insider threats as well as outside threats. Therefore, organizations should consider both types of threats when determining the cyber security budget.
3. Study What Effective Cyber Security Looks Like
Many cyber security management companies claim that they can help organizations manage insider threats, but this is often not the case.
The right cyber security management company has all the tools necessary to protect your company from inside threats as well as outside threats.
For this reason, it’s a good idea to choose an IT company that will be able to keep your data protected from the inside as well as from the outside.
4. Understand The Cost of Cyber Security
When considering what should go into a cyber security budget, you should consider insider and outside risk potential.
First, ensure that you are covering both employees or contractor negligence threats as well as, credential threat, and criminal/malicious threats.
To decrease liability and data loss in the events of these threats, your budget should cover all of the following:
1. Monitoring and surveillance
2. Insider threat investigation
4. Incident response
6. Ex-post response
5. Account for Unexpected Costs
Most of the high costs that can incur in the event of a security breach come from unexpected payment. While you don’t certainly need to estimate this cost and set it aside, you may want to acknowledge how the costs of prevention would measure against the prices of a breach if one were to occur and make your budgetary decisions with this in mind.