In recent years we have witnessed several technological advances and with that society has evolved around these transformations, in this course technology has become an indispensable element in companies.
Despite the fact that organizations invest a lot in these advancements, they end up not having the same concerns about cybersecurity. It is necessary to understand that in the same movement that technologies evolve, scams and cyberattacks grow at the same speed.
Therefore, it is essential to ensure the protection of your institution's important data and information, for this to happen it is necessary to define a budget and have a stipulated value for the actions.
After all, relying on luck or not planning these measures is a big mistake that can end up costing you more or, even worse, tarnish your company's name in the market.
Learn what cybersecurity measures can combat cyber threats, raise awareness among your employees, prevent problems, and mitigate risks.
Want to know what steps you need to take to set an effective cybersecurity budget? Keep reading this text and learn how to protect your organization from cyber riches.
Why invest in cybersecurity?
Before defining actions for a cybersecurity budget, it is important that you understand why cybersecurity is a fundamental pillar for your institution.
Know that cyberattacks are a reality all over the world, according to data from Fortinet, a cybersecurity solutions company, shows that attacks in Brazil grew 94% in the last year.
This is an alarming number and demonstrates how companies do not give due importance to this topic.
It is necessary to understand that as organizations are places of great access, they need a robust and effective cybersecurity plan that is composed of some effective measures.
When institutions give due importance to information security, and value that this is an action that needs to be in their budget, they are able to protect all data, create a culture of awareness and thus protect themselves from attacks.
After all, a cyberattack generates a series of losses such as:
Blockage of some internal system;
Halt in sales;
Shutdown of the production line;
Leakage of confidential information;
Intellectual property leakage.
All these actions are detrimental to the company and can put any enterprise at risk, so it is essential that cybersecurity measures are a priority and are present in the institution's budget.
A fact that is not always a reality, as most companies believe that they are safe and therefore do not invest in cybersecurity, which is a big mistake.
Think that you don't have control over all the information that is shared among your employees, nor what website or link they are clicking on.
That way, your company may be facing an attack at this point, and you won't know until it's too late. That's why prevention is the best choice.
How do I create a budget?
Now that you understand that cybersecurity should be a priority for your company, let's talk a little about how you can create a budget for these actions.
First of all, it is important that you understand that there is no fixed or defined value for all companies, after all, each institution has a reality, a number of employees and an action in the market.
According to studies by Deloitte and Financial Services Information Sharing and Analysis, banks and other financial services institutions spend an average of 6% to 14% of their IT budget on cybersecurity.
This is because these companies tend to be one of the most targeted areas in scams, so they usually invest more in security to protect their customers' data.
But as mentioned, there is no right answer or value to be defined, for the construction of a cybersecurity budget, know that there are some factors that influence these decisions.
Here are some steps to help you in this mission.
1. Take an inventory
Before starting to think about values, it is important to know the company, so the team can create an overview of the situation and have the information they need to set the budget.
You need to know about your assets, think about the laws and regulations of the industry that may affect the business.
That is why it is essential that information such as:
Size of the company;
The sector in which it operates;
What types of data are processed;
Laws and regulations that may affect the operation.
Be clear and up-to-date, because only with all this information in hand will it be possible to take the next steps and set an accurate and effective budget. Remember that information and data are your best ally throughout the process.
2. Risk Assessment
Once the inventory is done and all the data about the company is in hand, it's time to evaluate the rich and understand what the imminent threats to the organization are.
To do this, you need to identify the critical assets, assess all vulnerabilities, and analyze what the consequences of security breaches are.
In other words, you need data and information that shows how your employees deal with potential threats and what it would be like if an attack actually happened. This information helps you create protective actions and define how much of your budget is needed to solve this problem.
3. Nature of Data
With information in hand about the types of data your company handles, you can understand how much of your budget needs to be allocated to cybersecurity.
For example, if the company deals with sensitive information, such as financial data or personal information, as in the case of stores and businesses in general, it is necessary to have a greater investment.
If you are a pharmaceutical company, the data and information generated are different and need a different type of treatment. All of this information is essential to define what values and actions need to be taken.
4. Understand the organization's processes
The next step is to understand a little more about the organization and what are the processes that involve the work chain and data storage.
In this way, you need to understand how the data storage and collection processes are carried out, if everyone goes through a security system, who are the people who are involved in this process, if they are aware of cyber risks.
It is also necessary to know if there are other organizations involved in this path, how this data is shared and stored, if any type of software is used and especially what are the vulnerabilities in this process.
5. Incident History
Another important factor that you should take into account when creating a cybersecurity budget is to evaluate the history of incidents that your company has faced in the past.
These previous attacks can be a guide to help you understand your institution's vulnerabilities and know what actions can be most effective. This includes evaluating employees, departments, management, and all internal and external aspects.
Think that if there have been previous breaches, it is a sign that it is necessary to increase investments in cybersecurity.
6. Compliance & Regulations
Last but not least, you need to be aware of the regulations, with their mapping you need to understand what guidelines you need to take and how much of your budget will be spent on these processes.
Definition of expenses
After all the processes, and really understanding how your company works and what mechanisms will be needed to start cybersecurity processes, you will have a clear idea of all the needs.
Once this is done, you need to understand what the IT team's budget is and, above all, what your security priorities are.
Since you have already done all the diagnosis of your institution, you understand exactly what the vulnerabilities are and what must be done to solve them. This brings more focus and efficiency to the budget.
As such, you need to set priorities and start setting spending. A good way to talk about cybersecurity in your company is to show the Return on Investment (ROI) on cybersecurity.
This way you show your team what are the financial losses that would be caused by a data breach or an incident, making it clear that prevention and actions to combat attacks are more advantageous and safer for everyone.
By following all these tips, it is possible to set an accurate budget tailored to your needs, adapting to the environment and threats. Remember to maintain a balance between incident prevention, detection, and response to ensure an effective security posture.
Only in this way will you have awareness programs and actions capable of mitigating risks.
How can Phishx help you?
PhishX is an ecosystem focused on cybersecurity awareness, through our platform institutions have access to relevant data and information that allow them to consolidate an information security policy.
In this way, it is possible to create phishing campaigns and simulations, understand the maturity of employees in relation to attacks, know how many people are vulnerable and how these attacks can affect your company.
In addition, we provide reports, where it is possible to establish a pattern and understand which areas need the most attention.
Our platform also assists in the entire awareness process, we have numerous materials that inform and educate people, creating training focused on information security.
Through this content, it is possible to show everyone the vulnerabilities and why it is important to be aware of these attacks. By educating your employees, you can mitigate risks and invest your budget in the best possible way.