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ID: 218185

URL: https://www.techrepublic.com/article/how-to-get-the-most-bang-for-your-buck-out-of-your-cybersecurity-budget/

Date: 2021-10-13

How to get the most bang for your buck out of your cybersecurity budget

With a rise in ransomware and other types of cybercrime, organizations realize they must be better prepared to combat the always growing threat of cyberattack. As a result, many companies expect their security budgets to increase in 2022. But rather than simply pour money into a budget, IT and business executives need to analyze their security and determine where those dollars should go. A new report from professional services network PwC offers tips on how to allocate your security spending. Security incident response policy (TechRepublic Premium). PwC's " 2022 Global Digital Trust Insights" report is based on a survey of 3,602 business, technology and security executives (CEOs, corporate directors, CFOs, CISOs, CIOs and C-Suite officers) conducted around the world in July and August 2021. Among the respondents, 69% expect a rise in cybersecurity spending next year, up from 55% last year. Some 26% see spending hikes of 10% or more, three times the percentage from last year. However, the survey results indicate that past investments in security tools and services have so far not fully paid off. Asked about such initiatives as cloud security, security awareness training, endpoint security, managed security services, disaster recovery planning, third-party risk management and zero trust, only a small percentage (less than 20% for each initiative) said that they've seen benefits from implementation. Part of the challenge is that the processes needed to manage and maintain all of the necessary security protections and relationships have become very complicated. In its report, PwC asks the question: "Is the business world now too complex to secure?" In response, 75% of the respondents acknowledged that too much avoidable and unnecessary organizational complexity triggers concerns about managing cyber risks. As a starting point, PwC suggests asking the following questions: To make sure your security budget is focused on the right measures, PwC offers several suggestions in general and for specific roles in your organization. In generalFor the CEOFor the CISOFor the chief operating officer and the supply chain executiveFor the chief revenue officer and chief information security officer Strengthen your organization's IT security defenses by keeping abreast of the latest cybersecurity news, solutions, and best practices. Delivered Tuesdays and Thursdays