It is almost always less expensive to prevent a cyberattack than to repair the damage after one occurs. Still, many enterprises compile cybersecurity budgets with critical omissions that can leave the organization vulnerable to significant financial damage.
Every organization, regardless of its size or focus, should create a rational, accurate cybersecurity budget. “Budgets bring an element of reality and practicality to just about everything,” says Humayun Zafar, a professor of information security and assurance at Georgia’s Kennesaw State University.
Zafar notes that despite enterprises’ best efforts at protecting systems and resources, cybersecurity incidents continue to grow rapidly. “Budgets cannot rise at a level that’s comparable to the rate at which these threats are happening, let alone evolving,” he warns. It’s therefore imperative that organizations invest intelligently in cybersecurity. “Everything cannot be secured, so prioritization is key,” Zafar says.
Here’s are seven key cybersecurity budget items that planners often overlook or fail to realistically address.
