Following a year of high-profile data breaches, ransomware attacks, and other cyber-attacks, cybersecurity has surpassed compliance as the most critical legal risk confronting today’s businesses. As a result, the topmost agenda item for many executives for 2022 includes cybersecurity, and cybersecurity investment is expanding across the board.
As the year 2022 begins, many businesses are starting over with a new budget, including for cybersecurity. However, with the increasing number of cyber-attacks and their progressively complex nature, especially when it comes to supply chain attacks and ransomware, even companies with increased cybersecurity budgets for 2022 must make the most of their allocated funds. This will help them ensure that they last the entire year and improve their security.
“Investments continue to stream into cybersecurity” according to PwC’s 2022 Global Digital Trust Insights study, with 69% of respondent firms forecasting an increase in their cyber spending in 2022. Some predict a significant increase in investment, with 26% expecting a 10% increase or more in cyber spending in the following year.
Take a look at the list of items that can help organizations get the most of their cybersecurity budgets in 2022.
Consider the big picture
Human talent, work methods, and the correct tools are all necessary for effective cybersecurity. When businesses spend the money set aside for a cybersecurity project, they should keep all three of these factors in mind. The investment in new technology tools to identify vulnerabilities or prevent attacks will not pay off if the team lacks the necessary skills to operate or manage them, implying that they are not an effective or worthwhile use of any budget. At the same time, adding new members to a cybersecurity team should be done only after assessing how they will impact both the process of securing assets and the use of any technology solutions.
While allocating budget funds to projects, taking into account the talent, processes, and available tools will allow for the organic growth and efficacy of a company’s cybersecurity. With such consistent growth and improvement in performance, future cybersecurity budget allocations will almost certainly increase, which will be necessary to stay up with new threats and types of attacks.
Increase the effectiveness of cybersecurity tools
In the case of cybersecurity, more technologies are not always better, and enterprises require a large number of skilled people to oversee all of them. Using tools that may have overlapping functions, is counterproductive and will make the leadership team uncomfortable. This is why it is critical to maximize the potential of the tools and investigate their possibilities to the fullest extent possible.
Invest in artificial intelligence and analytics
Cyber threats have become more sophisticated in recent years. To crack passwords, find vulnerabilities, and run botnets, hackers use AI-based malware. Traditional cyber-attacks are boosted by the self-learning abilities of AI-based tools. For example, AI-powered malware searches the network in-depth and pries up new entry points for hackers.
Advanced AI-based analytics tools are expensive. However, the cost of detecting intrusions and misuse is justified. These tools detect threats in a matter of seconds and initiate automated responses.
Obtaining management approval is a critical step in developing a realistic and successful cybersecurity budget. It might be difficult for cyber teams to demonstrate a negative — that there is benefit in a significant cyber investment if no money is lost as a result of a cyber catastrophe. Cyber teams have justifiable models to exhibit the possibility and influence of potential cyber-attacks specific to a company’s distinctive and present threat profile. This helps the rest of the C-suite, board, and other stakeholders understand the true value of the true cyber investment required.