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BUDGETING IN CYBERSECURITY

1 Oct 2021

Without realizing it, many changes have occurred in the face of this COVID-19 pandemic. Changes are felt at work, starting from working from home, online meetings, to digitally accessing data using the cloud.

Many employees and companies are not ready for the sudden changes in facing the challenges of working from home, especially in the IT field. The high number of cases of cyber attacks and cases of data leakage, makes leaders in the company lack confidence in the company’s IT structure even though the company has a lot of investment in the IT systems.

Seeing this, Protergo made a discussion to deal with this cyberattack, especially in making budget allocations in cyber security. This discussion was attended by several participants from various companies, who wanted to know more about budget allocation.

Based on research results, there are several attack vectors in an attempt by hackers to enter and steal company data. One of them is Bruteforce, which can attack simply and quickly by exploiting password vulnerabilities, and in general, cyberattacks are aimed at making money, stealing identities, or even satisfying curiosity about how secure a company’s IT systems are.

According to Protergo’s cybersecurity expert, security evaluation is an important process in cybersecurity and so re-testing and assessments are always repeated. According to him, cyber threats are most often carried out aimed at obtaining monetary finance, and usually, the ones affected by these threats and attacks are the banking and financial industries.

If we compare the budget allocations in 2020, the largest budget for cyber security is allocated for cyber monitoring and operations, endpoint, and network security. Based on the analysis carried out, for 2021, the largest budget expenditure by users is on security services, like security operation center (SOC), threat intelligence, and infrastructure protection such as data center security. 

Optimizing cybersecurity budgets is vital to prevent waste. As a rule of thumb, cybersecurity budget spend in the following areas should be considered:

  1. IAM (Identity and Access Management)
  2. Practices, solutions, and services for uncovering previously known and unprotected assets.

Cybersecurity success is determined by how the budget is allotted, not by the total amount spent. Spending more doesn’t necessarily mean you’ve spent enough in the right places. So, is your cybersecurity budget allocation optimal?

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