2022 Cybersecurity Budget

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Don’t break your cybersecurity budget next year by trying to plan for every outcome possible. Planning for an entire year can seem like a daunting task, but by mapping out your intended costs based on current and predicted trends, you can have peace of mind going into the new year. Learn more about cybersecurity, defining a budget within IT, where to spend your money in 2022, and how DSM can help.

 

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What is Cybersecurity?

“Cybersecurity is the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, integrity, and availability of information.” -CISA Essentially, every business has critical data residing on computers and/or the internet. Most criminals look towards accessing, changing, or destroying sensitive information, stealing money, or simply trying to interrupt business processes. Now more than ever it is important for an entire organization to work to create an effective defense against cyberattacks, not just the IT department because everyone benefits from the security of the companies’ digital assets. Therefore, a strong strategy against cyber-attacks includes multiple layers of security. And because threats can come from inside or outside the organization, it’s important that employees are prepared to identify something as an attack, however it may present itself.

 

Defining a Cybersecurity Budget

Why do you need an entire budget just for cybersecurity? The answer is simple, it is less expensive to prepare and prevent cybersecurity attacks than attempt to fix the damage that an attack can create. We know that not every IT department has a large budget to spend, but that’s why it’s so important to plan out what’s most important to your organization. Regardless of the size of your company, if you fall victim to a cyber-attack, it can be a huge hit to your financials. To help plan for the next year, an organization should put together an overview of the strengths and weaknesses of previous cybersecurity solutions. A great way to do this is through an IT Health Check of your organization. This helps organizations see where they are winning, and where they still need to implement more protective and preventative measures. Additionally, it fosters a conversation about ROI, and how much of a financial loss an attack or breach could be. This way you can create a strategy for the realistic amount it will take to protect your assets. Deciding to spend x amount of dollars on cybersecurity, in general, can be daunting, but breaking it up and utilizing a framework can help determine the best way to spend your dollars. The NIST Cybersecurity Framework defines five areas within cybersecurity that deserve your focus: Prevent, Detect, Identify, Respond, and Recover. To find out more about the framework and how to set up your budget, visit the NIST website here.

 

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The Growth of Cybersecurity Vulnerabilities in 2022

It’s not a secret that everything within the IT realm (good and bad) is growing each and every year. Attackers are always learning new ways to gain value out of hacking, stealing, phishing, etc. In 2020, the pandemic set off an explosion of cyber-attacks when many processes were moved online during the lockdown. We are still dealing with the consequences of the pandemic, and in 2022 things are not slowing down at all. The business of ransomware is unfortunately just too lucrative for attackers to slow down their efforts, and instead, threat actors are now ramping up in other areas of attacks, like DDoS. For example, Cisco estimates that by 2023, distributed denial-of-service (DDoS) attacks will grow to 15.4 million. In response to these increased threats, organizations will need to increasingly rely on the use of data protection solutions. All predictions for next year are based on trends of this year, meaning that 2022 is almost guaranteed to be a huge year for cybersecurity threats and solutions. Globally, governments are expected to grow their IT spending by 6.5% in 2022, according to Gartner. “Governments will continue to accelerate investments in digital technologies to respond and recover from the continuing evolution of public health uncertainties due to the COVID-19 pandemic,” said Irma Fabular, Research Vice President at Gartner.

Where to Spend Your Cybersecurity Budget in 2022

Now we know what cybersecurity is, what goes into creating the budget, and how much it has grown and is expected to grow in 2022. So now it is time to sort out your IT budget for next year and decide how and where to spend it. Many people debate whether or not cybersecurity should be a separate budget from IT, or if it should just be an allocation within it. Either way, Cybersecurity needs to be somewhere in your organization's budget. To begin the planning process, experts suggest looking at the data assets you already have and then looking at what you need to comply with your business’ regulations. If after this, you still don’t feel confident that your IT team can protect your organization from attacks, then it is time to look for added solutions. Here is a look at some suggested categories of where to spend the bulk of your 2022 cybersecurity budget.

  1. Upgrades and New Initiatives
  • While more and more businesses are moving towards a remote culture, technologies and processes need to stay up to date to make sure the business stays safe no matter where work is being completed.
  1. Compliance and Training
  • Since cybersecurity attacks are skyrocketing, it is vital to stay up to date with compliance measures for your organization and security training for your employees. Even the employees not in the IT department are crucial to your security plan, so keeping them trained on how to scope and prevent attacks is key. Make sure that security training is memorable and fun, not scary or draining.
  1. Tools and Assessments
  • Analytics tools and risk assessments are needed to stay up to date and on top of what’s happening in your environment. This is one of the main ways to prevent a disastrous cyber-attack.
  1. AI and Machine Learning
  • Resource provisioning allows for continuous processes to self-operate, which accelerates other operations by freeing up engineers and getting sophisticated processes done faster. To learn more about IT Automation, see here.

 

How DSM Can Optimize Your Cybersecurity Spend

For small and medium-sized businesses, creating an entire budget for IT, or more specifically for cybersecurity, can be a daunting task either because of a perceived lack of budget, or staffing constraints. This is where DSM can help. By offering everything from risk assessments and health checks to Managed Services, Disaster Recovery, Data Protection, and Security solutions, DSM has you covered no matter where you are on your journey to complete data assurance. If going over budget is your concern, managed service providers are a great way to achieve better results at a fraction of the cost. To discover more about DSM’s cybersecurity solutions, read here or contact us today.

 

References: 

https://us-cert.cisa.gov/ncas/tips/ST04-001

https://www.cisco.com/c/en/us/products/security/what-is-cybersecurity.html

https://www.ibm.com/topics/cybersecurity

https://www.dsm.net/it-solutions-blog/cio-more-roi-it-budget

https://www.metacompliance.com/blog/5-important-areas-to-spend-your-cyber-security-budget/

https://www.zdnet.com/article/it-spending-projected-to-grow-to-4-5-trillion-in-2022-gartner/

https://www.gartner.com/en/newsroom/press-releases/2021-08-31-gartner-forecasts-global-government-it-to-grow-in-20220

https://www.fedscoop.com/white-house-allocates-9-8b-to-cybersecurity-in-2022-budget-request/

https://gatefy.com/blog/how-much-should-i-spend-cybersecurity-protect-my-b/

https://cybersecurity.att.com/blogs/security-essentials/how-to-justify-your-cybersecurity-budget

https://www.nist.gov/cyberframework

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