Budgeting for cyber security often goes on either side of the spectrum of spending, some businesses want to contribute the bare minimum and some businesses throw a ridiculous amount at security (often following a breach).
Money vs Security
Spending more money will at a point increase security, however, it is often misaligned with the issues facing a business. Knowing what the flaws are facing the business through rigorous testing or a non-conformance register for example will allow key flaws to be highlighted. Some businesses often increase budgets without generally having a goal or not taking the PPT into account which is people, processes and technology.
General improvements often don’t cost the largest amount of money, having key parts of a secure system such as a strong password policy or access registers are a simple system to implement. Some systems compared to this such as a password vault could lead to more issues as they might not be addressing the core issue of a poor password.
Knowing the issue as stated previously is important however what goes hand in hand with this is addressing the target of the attack. If staff are being targeted via phishing it is important to know what the attack is after, this is where targeted security comes into the picture. Selecting things like software to protect a database or an email scanner to reduce phishing attacks. These systems can be costly and there needs to be a deep analysis on how this meets the needs of the business and the value It adds security-wise.
Budgeting is a key part of security and needs to be reviewed consistently alongside the security of the business. Sources of information around what needs improving is key to allocating the budget correctly.
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