Three Ways CISOs can Reduce Costs without Breaking Budgets

13
cyber security framework

CISOs are finding it challenging to keep up with the cyber security framework with tighter budgets in the current uncertain times.

A sustainable cyber security framework is not only expensive to build, but also challenging to maintain. Enterprises spend an average of $2.86 million per year on their in-house security operations center (SOC), according to the research by Ponemon Institute.

Over half of those costs are allocated to labor, and only a few respondents believed their SOC was highly effective at identifying attacks and responding to incidents.

Here are three ways CISOs can overcome the current crisis and plan an effective cyber security strategy with limited budgets.

  1. Avoid duplication of cyber security tools

Companies need to realize that overuse of different cybersecurity tools may not necessarily mean they are safe from threats. In fact, the Cyber Resilient Organization Report by IBM Security and the Ponemon Institute’s found that an average enterprise deploys 45 different security technologies and solutions.

Enterprises that are using over 50 different tools are less able to detect and respond to attacks as compared to those using fewer tools, found the report. Having multiple security solutions within a cyber-security framework leads to unnecessary complications and demands more employee involvement in training leading to a challenging situation.

Organizations need to ensure they do not spend a significant portion of their budgets on multiple products with similar abilities.

Read More: Security Compliance – Why firms find Compliance Requirements Perplexing

  1. Stick to Single-Vendor Solution

Firms need to focus on making it easier for security analysts to be more efficient and reduce any training requirements, as it will benefit to keep the budget in check. Over the past couple of years, companies have been seeking different vendors to get the best solutions for specific tasks. However, this puts analysts with additional work of monitoring multiple dashboards and getting training as well as certifications for a range of tools.

Having a single vendor also keeps budgets in line with minimum purchase or subscription costs. Organizations should focus only on essential tools that can maximize the performance efficiency of the current security team. Hence, it is vital to streamline the security operations program that will result in higher cost savings.

  1. Use automation strategically

  • Automation can save significant time for security analysts only if it is implemented wisely. With the best-automated solutions, workflows will be streamlined and analysts will get more time to use their talent for better business RoI.

Read More: Cybersecurity teams opt for smart work over hard work

  • Security Orchestration, Automation and Response (SOAR) platforms are time and labor-intensive to deploy, which has an impact on the budget. Managing a SOAR platform requires analysts to interact with multiple consoles within their cyber security framework.
  • Automating smaller and specific tasks like gathering contextual data to speed up the incident investigation is helpful, especially for companies with relatively less evolved security programs. Companies should look for tools that can add automation-based capabilities to the existing cybersecurity framework.

Final Thoughts

One of the areas CISOs can manage budgets is by reducing labor costs to control expenses. However, decreasing staffing can have a negative effect on the effectiveness of security operations programs. Also, at present, the cybersecurity trend is towards vendor acquisition and solution consolidation. Hence, it is the right time to ensure minimizing spending on a wide range of products.