Cybersecurity has become a primary concern for organizations of all sizes. The increasing sophistication of cyber threats, coupled with the growing reliance on technology, has elevated the stakes for businesses. To effectively protect their assets and mitigate risks, organizations must prioritize cybersecurity and allocate adequate resources through strategic budgeting.
If we look at the various requirements for what comprises an effective security program as defined by multiple different compliance standards, there are numerous actions which must be performed annually, or even multiple times a year, and organizations must allocate sufficient funds to meet these regulatory requirements and ensure that their security measures are up to par. We have broken some of these items up into the various categories, listed below:
Note: Compliant ≠ Secure
Many times, compliance requirements are the driver for cybersecurity initiatives. However, it is important to remember that compliance requirements establish minimum standards and guidelines. Additional analysis and efforts are needed to be secure and resilient.
Risk Management: A Foundation for Informed Cybersecurity Budgeting
Performing a comprehensive risk assessment is the cornerstone of an effective security program and should be one of the first steps of cybersecurity budgeting. Organizations must be able to identify where they are currently at and measure the state of their current controls. By identifying and ranking risks, organizations can prioritize their security investments and allocate resources where they are most needed. We would recommend performing some type of comprehensive risk assessment at least annually.
Gain a basic understanding with the Critical Security Controls
The Center for Internet Security (CIS) is a non-profit entity that relies on support from a global IT community to safeguard private and public organizations against cyber threats. They have developed Critical Security Controls (CSC) which is a worldwide standard, which are recognized as best practices for securing IT systems and data against the most pervasive attacks. This is a good starting point to understand areas that need to be addressed for any organization. It is important to understand that there are many supporting controls to what is listed below. Organizations of all sizes should ensure proper controls are in place and functioning appropriately across each of these areas:
- Inventory and Control of Hardware + Software Assets – You cannot protect what you do not know about. You must have a process to inventory devices and software on your network – and know when something doesn’t belong. These inventories should be reconciled at least annually.
- Data Protection – Process such as data labeling, classification, and retention should be put in place to protect your organization’s critical data.
- Secure Configuration of Enterprise Assets and Software – Secure configuration management practices should include systems hardening as well as secure change control practices.
- Account Management – The administrative accounts are the keys to the kingdom and one of the most common targets of attackers. Review all accounts, especially privileged accounts, at least quarterly, and do not allow privileged accounts for regular use.
- Access Control Management – Performing regular access reviews, as well as ensuring that Multifactor Authentication (MFA) for all critical services, such as any externally facing services and remote access is crucial. Audit and validate – it is the one account you forgot that gets hacked.
- Vulnerability Management – Performing regular vulnerability scanning (we recommend monthly) can reveal blind spots and can be used to validate your patching and configuration management practices.
- Audit Log Management – 24/7 Network Log Monitoring and response. Commonly called MDR or XDR (and could include #2 above). A good solution is outsourcing to an MSSP.
- Email and Web Browser Protections – An inexpensive and important part of email security is the DNS records – DKIM, SPF, & DMARC. Have someone verify that these records are in place. Another inexpensive protection is tagging External emails.
- Malware Defenses – Endpoint Detection and Response. This is an advanced antivirus product that typically comes at increased cost. Notice the emphasis on RESPONSE. There is an expectation that the solution is monitored and responded to 24/7/365. If you can’t do this internally, hire an MSSP who can.
- Data Recovery – Testing backup and recovery capabilities should consist of more than restoring that occasional deleted file or email. It is one of the best defenses to limit the damage of ransomware, and restoration of major critical services should take place at least annually.
- Network Infrastructure Management, Monitoring and Defense – This includes the secure configuration of your network infrastructure, the centralization of network authentication, authorization, auditing, and alerting, as well as the deployment of network controls such as IPS.
- Security Awareness and Skills Training – All end users must receive training regularly, and training must include email social engineering.
- Service Provider / Vendor Management – All vendors should be inventoried and ranked. Critical vendors should be subject to some form of scrutiny before being allowed access to your critical systems and/or data.
- Application Software Security – For any organizations that perform development, a software development lifecycle (SDLC) should be established / maintained, and development environments should be separate from your production environment.
- Incident Response Management – An incident response plan should be developed, regularly tested via IR tabletops, and updated as needed.
- Penetration Testing – Pen testing should be performed against your network as well as for any critical web or mobile applications which have been developed. Frequency of penetration testing should vary depending on change.
Process not just Products: The Building Blocks of Security
When planning, it is easy to focus on the products that vendors are spending millions of dollars to push at us every day, and while investing in robust infrastructure and technology is essential for maintaining a strong cybersecurity posture, that is only part of the solution. Often, it is the processes that are put in place around these products that are required and will ultimately help to keep you secure. The effectiveness of your various products and controls should be measured, reviewed by management, and regularly improved upon.
Human Resources: The Backbone of Cybersecurity
A skilled and experienced cybersecurity team is invaluable in protecting an organization’s assets. Budgeting for training, certifications, and competitive salaries is crucial to attract and retain top talent. Additionally, organizations should allocate funds for incident response teams to handle security breaches effectively.
Ongoing Maintenance and Updates: A Continuous Investment
After your risks have been identified, controls have been implemented, and the processes and people have been put in place to keep you secure, regular maintenance must be performed to prevent all your hard work from becoming stagnant and to ensure your security program will continue to improve. Key performance indicators should be identified for your critical security controls. These indicators should be regularly assessed to ensure that your controls, and ultimately your security program is functioning, and is continuing to function as expected.
Cyber Insurance: A Safety Net in the Digital Age
While proactive cybersecurity measures are essential, no organization can guarantee complete immunity from cyber threats. Cyber insurance should be considered as part of your cybersecurity budgeting plan. By allocating funds for insurance premiums and potential out-of-pocket costs, organizations can mitigate the financial impact of a cyber incident and protect their reputation. Just keep in mind that cyber insurance is not a substitute for the robust cybersecurity measures listed above.
If you have any questions about cybersecurity budgeting for 2025, or need assistance fulfilling any of your cybersecurity needs, don’t hesitate to reach out! inquiry@securIT360.comCyberse
