Three Budget Management Strategies for CISOs

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CISOs
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Early in 2020, most enterprises intended to boost their spending on cybersecurity. Companies prioritized strengthening their security posture as one of their top strategic goals due to escalating privacy legislation and mounting threats, including ransomware attacks, which continue to garner a lot of media attention.

Teams working in cybersecurity rarely have “easy” days. On the one hand, they are dealing with the potential worries associated with a recession, particularly tech start-ups. On the flip side, despite the fact that there is more hostile cyber activity than ever, including state-sponsored attacks on US corporations, organizations of all sizes are confronting a substantial cybersecurity skills gap along with budget constraints.

Here are a few ways that CISOs and security operations directors can employ cutting-edge, connected technology, strategic budgeting, and improved internal security training to manage risk while leading more productive teams effectively.

Use collaborative tools where possible

Companies need to find tools that complement one another better. Siloed products invariably result in visibility gaps and disconnected alerts that team members who are alert and fatigued disregard.

By utilizing a single cybersecurity platform, CISOs can maximize their investment by having their endpoint, email, cloud, network, and mobile security technologies share information in real-time and provide SOC teams with complete visibility into all of their cyber assets and vulnerabilities.

A true platform is a “better together” proposition that goes beyond a volume discount play. Instead, it is a “better together” technology that improves telemetry, reporting, and response over what would be possible with a collection of standalone point products.

Also Read: Strategies to Manage Vulnerabilities and Mitigate Them Effectively

Expand the cybersecurity team internally

The top CISOs are developing their own potential by mentoring interns or staff members from various departments of the organization, much as how a major league baseball team develops young talent through its farm league system. Security Operations Center (SOC) analysts frequently go from one area of the IT department to cybersecurity, and these days the search need not even be connected to the CIO group.

Economically speaking, this is a creative way to staff the SOC for a fair price. In fact, because of the skills gap, businesses might not even be able to recruit from the outside. A program for internal development also increases retention and loyalty. The initial training expenditure will pay off when the young team develops into cybersecurity experts and leaves poor habits behind.

Be strategic and hunt for a budget in uncommon locations

The budget is the current big issue in the room. A six-figure wage is necessary for experienced SOC analysts. But given the dearth of persons who fit this description, it is meaningless. But there might be a solution. The IT teams of many companies may have unused funds that CISOs might use for tech implementation, training, and hiring.

Also Read: Cybersecurity Gaps That Cyber Criminals Exploit

Enterprises must hunt for shelfware since procurement teams frequently continue to pay support maintenance fees for products the company no longer utilizes. A CISO might compile a list of contracts that are no longer in use and claim that budget as their own. Not just in security, either.

Searching for volume discounts is another method for determining a budget. For instance, it’s possible that different business units outside of IT purchase their own software licenses from the same vendor. The cost is dispersed across the units and can be eligible for a volume discount. Volume discounts might be renegotiated, and any savings could be put into a budget for cybersecurity. It’s also possible that the business units are paying for products that are already covered by an enterprise license.

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