With the use of multiple work platforms and applications, organizations must choose between spending on cybersecurity or being vulnerable to devastating hacking techniques. One common roadblock is that companies don’t budget for the right cybersecurity measures. International Business Times states that “it’s now imperative that companies have cybersecurity in place to stop hackers from interfering with their data.”
It can be difficult to keep your networks and systems safeguarded if your organization's specific cybersecurity needs aren't in the budget, but where do you start? Knowing what to include when planning security spending can help your business safely thrive. Here are three cybersecurity budget considerations for your organization in 2023.
With talk of a recession increasing, many may think that spending on cybersecurity training should be the first to go. Forrester says, “Even before the worsening economic environment, CISOs found it difficult to justify their security awareness and training (SA&T) investment and understand the impact of initiatives beyond how many employees were trained.” However, removing cybersecurity training and other security protocols can cripple your organization by leaving the door wide open for threat actors.
Preventing a cybersecurity breach through proper training and routine testing is less expensive than repairing the damage. Depending on the type of attack, organizations lose over $1 million on average due to cybercrime. Of all the cybersecurity trends for 2023, implementing awareness training and events for your staff is key to preventing a breach.
PwC’s 2023 Global Digital Trust Insights found that two-thirds of CEOs rated cybercrime as their largest threat for 2023. To combat the rise of sophisticated attack types, leaders should view their organization’s security from a different perspective. Understanding which of your networks and data is most attractive and vulnerable to attackers is key to protecting your organization.
For example, if your company handles sensitive data, a threat actor is likely to use malware and ransomware attacks to penetrate your defenses and carry out their despicable plans. Often, this includes stealing your data, encrypting it, and holding it hostage until your company agrees to a ransom payment. If you look at your cybersecurity measures against malware and ransomware attacks from a threat actor’s perspective, you can determine what countermeasures would be most effective to protect your data.
Since an estimated 90% of cyber attacks on organizations utilize social engineering, you’ll want to consider how and where a threat actor could infiltrate your organization through manipulative tactics. Phishing — a type of social engineering — can be a real threat if an employee opens a phishing email with a password reset request or other seemingly innocent content. When the employee takes the bait and clicks on an included link, they could be allowing the threat actor to directly attack your network and internal systems.
When added to your cybersecurity budget, penetration testing can help you to approach your security efforts through the perspective of a threat actor. Since pentests put your cyber security defenses up against a team of white hat hackers, you’ll see what the threat actors would see if they targeted your organization.
Mitnick Security offers multiple types of penetration tests so you can identify vulnerabilities across multiple access points. The ultimate test to understand what threat actors could do should they attack your network and systems is a specialized pentest called a Red Team Engagement. After any Mitnick Security Penetration Testing, you can see what vulnerabilities the pentesters found in your comprehensive Penetration Testing Report.
Since it’s anticipated that organizations will continue to utilize public cloud-based strategies, security protocols may originate both internally and externally. To ensure there are no gaps in security, take advantage of knowledgeable resources such as a Managed Security Service Provider (MSSP). Any MSSP you choose should be adaptable to the evolving cybersecurity landscape.
Bots and other Artificial Intelligence (AI) technologies can be used for the greater good of your organization. However, other bots can be deployed by threat actors during social engineering attacks, even on well-defended third-party applications and platforms. To defend against these new threats, consider adding routine vulnerability scanning, vulnerability assessments, and pentesting as part of your cybersecurity budget breakdown for this year.
As you start analyzing the numbers for your organizational needs this year, remember that including cybersecurity training, vulnerability scans and assessments, and penetration testing within your budget can help protect your organization inside and out.
With annual penetration testing, you can gain helpful insights and an understanding of what steps to take to keep your data secure and the threat actors at bay. Request more information about pentesting with Mitnick Security.