SecOps teams need to have an optimum cybersecurity budget allocation to improve the enterprise security posture to build resilience against sophisticated attacks.
The cybercriminal market is becoming more sophisticated, as there is the easy availability of cybercrime as a service. Cyber attackers today have advanced tools and skillsets which they can hire to accomplish a full-blown attack with ease. Enterprises are increasing their cybersecurity budget to modernize their tech stack to prevent their IT infrastructure from various cyber threats.
According to recent research by Grand View Research, the market size of cybersecurity was approximately USD 184.93 billion in 2021. The research also highlights that the market size will grow at a CAGR rate of 12.0% during the forecast period from 2022 to 2030.
With the surge in the number of sophisticated and increase in the enterprise’s security expenditure, businesses need to optimize their spending to ensure fool-proof security.
CISOs should consider developing a cybersecurity posture that makes the most out of the security budgets.
Here are a few ways that the SecOps team can consider optimizing cybersecurity expenditure:
Look at security from a 360-degree perspective.
Robust cybersecurity postures are a perfect amalgamation of skilled resources, tools, and efficient workflows. CISOs should consider developing a robust strategy that takes into account all the above considerations. The workforce needs to know the enterprise security tech stack and how to use it; because if the resources do not know how to use the tools, all the investments are down the drain. Moreover, businesses need to spot the talent gaps in the SecOps team compared to the current cyber threats to hire talent with relevant skills to overcome the gap. Looking at cybersecurity through a comprehensive view will help the CISOs efficiently allocate sufficient security budgets based on the magnitude of the risks and threats.
Identify all the potential threats and design a robust mitigation plan
It is crucial for enterprises to evaluate the entire business workflow to spot all the potential vulnerabilities that they are exposed to. Moreover, they also need to understand the risk stage to implement relevant mitigation strategies. SecOps teams need to implement advanced cyber threat detection and mitigation tools to minimize the IT infrastructure vulnerabilities. Enterprises need to concentrate on constantly monitoring potential cyber threats that influence operational workflow and optimize the cybersecurity expenditure there to avoid cash flow disruptions.
CISOs should consider developing an enterprise security tech stack that is agile and concentrates on offering more business value. Once the SecOps team identifies and mitigates the potential cyber threats and vulnerabilities, they need to set effective recovery policies. Now is the time when the CISO needs to start stringently optimizing the security budgets for long-term cyber resilience. Businesses can optimize the expenditure on security by embracing automation and empowering the existing workforce. The last phase of cybersecurity cost optimization is the renewal stage, wherein companies can spot the current flaws and upgrade the tech stack to overcome the flaws.
Allocate cybersecurity budgets based on the magnitude of the risk
It can be challenging to predict scenarios and evaluate the magnitude of the risks to make decisions beforehand. SecOps teams can consider allocating a security budget based on the value added by each unit to the overall business outcomes. CISOs can look at the revenue, business value, employee size, and potential cyber risk exposed by them. It is an effective way to allocate budgets based on the severity and minimize the risk to IT infrastructure. Cybersecurity teams should have a holistic view of the entire security tech stack to find opportunities to optimize cybersecurity expenditure.
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