We’ve already looked at some cybersecurity trends for 2018 With the evolving and emerging threat of cyberattacks, it is increasingly important for businesses to set aside sufficient budget for cyber security initiatives. According to recent reports, many businesses set aside about 10% of their total IT budget for cybersecurity.
Is it enough to only have a small percentage of the IT budget for protecting all your IT systems and investing in security training and awareness, security solutions, network hardware and software, data loss prevention, as well as regulatory and compliance adherence? Well, 10% may simply be a starting point. In fact, Gartner estimates that $93 billion will be spent on security solutions across the globe in 2018.
Another important issue to consider when setting your 2018 budget is whether you have sufficient security personnel needed to support required defences. The lack of adequate cybersecurity defence could extend to an inability to support an internal IT team, or to find security personnel with the expertise for specialized needs. IT security talent shortage is felt by about 48 percent of companies, and without the necessary expertise, organizations can be at serious risk.
Furthermore, with unchanged or shrinking budgets, it can be almost impossible to find the resources required to hire new IT security staff. Thus, managed IT security service providers who can partner with you to create comprehensive protection across your company's attack surface can be of great benefit, especially if you are facing the cyber security skills shortage
If your organization is looking to build a managed security provider partnership or to leverage leading software solutions, there are a few budget challenges that you should be aware of. This will help ensure that you allocate your available resources optimally and that that you aren't surprised by struggles later on down the line, when the budget has been exhausted.
Let’s look at some best practices to consider when budgeting for cybersecurity: