Summary: To combat cyber threats, many businesses have identified the lack of budget as the biggest barrier. This article discusses the current budget scenario and SMB propensity towards certain security components. It also provides guidance for businesses to maximize their return on security investments.
While the need for attention to cybersecurity cannot be emphasized enough, like any other business function, cybersecurity needs to be supported sustainably in the company’s budget. Among other reasons, providing sufficient budgetary allocation will:
To understand the right cybersecurity budget size for your SMB and allocation areas, one needs to consider the factors affecting your company (from the previous section), as well as your company’s unique needs.
Without going into a detailed discussion, at a high level, a few effective cost optimizations areas are:
1. People: While large businesses have a detailed and well-defined hierarchy along with security functions and roles, SMBs often struggle to onboard the right talent and define the optimal function and roles. To maximize the RoI from security talent, SMBs might need to restructure their security organization and define roles & responsibilities in a more domain-specific manner
2. Products: It is crucial that businesses opt for the right product to optimize their RoI. Cloud-based security products are gaining traction as they do not require other peripheral infrastructure expenses. Additionally, these products don’t require any large initial investment, but rather smaller monthly subscriptions. However, cybersecurity products are many and it is difficult for numerous businesses to navigate the vast landscape.
3. Process: Innovative and new methods and processes may also help streamline cybersecurity budgets. A few examples include:
a. Moving from full-time cybersecurity experts to accessing part-time/ on-demand professionals
b. Adopting new procurement channels like marketplaces to transparently and optimally purchase cybersecurity products and services
Cybersecurity is an essential function of an organization and needs to be provided adequate budgetary support. While SMBs operating on a tight budget have traditionally had to compromise on security, innovative and non-traditional approaches can help optimize cybersecurity ROI. Newer channels (e.g. marketplaces), products (e.g. cloud SaaS) and people/ process (e.g. part-time experts) offer ways to take SMB cybersecurity dollars farther.