Reasons You Should Allocate Funds For Your Cybersecurity Budget

Cybersecurity Budget For 2021

Last year turned everything upside down for most industries and the cybersecurity industry is no exception to this. From the confines of your office to working remotely in a matter of weeks, the transition is so sudden that most businesses are still struggling to cope up with the changes.

Darren Deslatte, vulnerability operations leader at Entrust Solutions highlighted a great point, “IT has traditionally been built around the stability of office operations, the shift to remote work has both opened organizations to new digital threats and slowed response time to digital emergencies.

This pandemic induced recession has forced businesses to rethink their cybersecurity budgets and prioritize their spending. CISOs will have to understand what is really important for their business and allocate their funds accordingly to make the most of their cybersecurity budget. 

In this article, you will learn about six things your business should allocate money for in your cybersecurity budget

Secure The Edge

With most businesses already embracing the work-from-home trend, the attack surface has grown exponentially. Cybersecurity leaders will now have to go to the edge of the enterprise in order to validate every endpoint and access attempt. It is even more important than before to secure the edges. 

Secure Access Service Edge (SASE) is a new technology that is gaining a lot of attention and will soon become a priority for CISOs. It ensures secure access through the ID of users or devices by merging security and networking features together and brings them to the edge.

Before this pandemic has hit, Gartner predicted that 40% of enterprises will adopt this technology by 2024. This pandemic has accelerated the wider adoption of Secure Access Service Edge (SASE) and we might see most businesses adopt it. 

DevSecOps

The transition from office to home means that you will have to change priorities. This will also lead to the creation of new services, applications, and use cases. Since most of them will be cloud-based, it will create new security challenges. When your main focus is on pushing apps quickly to the cloud, security usually gets ignored.

That is where CIOs will have to consider investing in improving their DevOps process and tools. Steve Dotson, CISO of Acoustic said, “Security teams and DevSecOps teams continue to shift further left in the SDLC or CI/CD into areas like security checks on infrastructure as code and security testing earlier in the development/build life cycle.

According to him, the more embedded security and compliance processes are with DevSecOps processes, the better it is for the organization as they can easily streamline their security operations. As a security head, your goal should be to put controls in place throughout the app development cycle and make security an integral part of your app development process.

Cybersecurity Resilience

This remote work trend is not going anywhere anytime soon. This means that businesses will invest heavily in tools and software that facilitate and secure remote work. We will see CISOs divert a major chunk of their cybersecurity budgets to the purchase of VPNs, buy VPS, antivirus software, and communication tools. Very few businesses will continue to manage their data centers in-house.

Organizations will lay more emphasis on the training and education of employees. Make sure you evaluate the effectiveness of your cybersecurity training by launching mock attacks and testing the knowledge of your employees with tests and exams.

Consolidation

Did you know that how many security tools an organization use on average? A whopping 45. Yes, you read that right. That is not all. What’s even worse is that only 19 of these tools are frequently used by organizations while 26 were rarely or never used.

With dozens of tools to manage, you can easily see why security leaders are asking for tool consolidation and simplicity. Most CISOs will review their cybersecurity playbook and take a deeper look at their cybersecurity stack and decide what to keep and what to eliminate.

Invest In Multi-Purpose Tools

The ever-widening talent shortfall in the cybersecurity industry combined with tighter cybersecurity budgets have made it tough for businesses to hire cybersecurity professionals. As a cost-effective alternative, CIOs are seeking cybersecurity tools that can be used for multiple purposes. 

Instead of buying separate tools for product analytics and security, they are giving preference to an all in one tool that can do both effectively. This helps them save money by using existing software licenses and save them from paying for new and expensive licenses 

Ed Billis, Co-founder and Chief Technology Officer at Kenna Security and former CSO at Orbitz shares his experience when he said, “As a CISO I would often make a point of inventorying the tools used by our business. While this gives you visibility into all the applications within your environment, it also has the added effect of potential security repurposing.

Data Mapping and Inventory

One of the biggest security challenges with remote work is that your security teams don’t have the same level of visibility into devices accessing company resources through the network. CISO of SAS institute, Brian Wilson suggests, “Before you secure your network, you should know what’s on your network.” He raises an important question, “How do you know your inventory or asset management systems are adequately finding all your assets?

It is important for cybersecurity teams to find new and effective ways to refresh their asset data frequently to aid incident response and efficiently manage the life of projects. Meanwhile, Steve Dotson of Acoustic thinks that security leaders should divert more budget to data mapping and data inventory solutions. This allows them to get better visibility into how data flow through different channels such as micro-services and cloud storage. The demand for such solutions will continue to go up.

How do you plan to invest your cybersecurity budget in the year? Let us know in the comments section below.