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Most businesses understand cybersecurity is a necessity in today’s business landscape. The stakes involved with a breach of your data or a ransomware attack seem obvious at first glance. What’s often less clear is how you should move forward on safeguarding your business and livelihood.
Several studies looked into cybersecurity challenges facing small to mid-size businesses and found some common themes.
|SANS Institute||What are the top challenges or issues your organization faces when handling cybersecurity-related issues?||
|Better Business Bureau||What is the top factor that hinders your organization’s ability to advance cybersecurity efforts?||
|Poneman Institute||What challenges keep your IT security posture from being fully effective?||
This may at first seem like a money problem, but more money doesn’t necessarily mean better security or more efficiency. What you really need to find is your intersection of risk and investment. This is the sweet spot where you’re protecting your business appropriately but not spending needlessly. It looks like this.
Anything left of that intersection is underspending, anything to the right is overspending and best covered through insurance.
In addition, according to Gartner you should be spending between 4-7 percent of your IT budget on IT security, with your place on that range dependent on how mature your systems are.
Our cybersecurity budget calculator can help you determine what you should be spending on cybersecurity based on your industry.
Based on your industry, your IT budget as pecentage of revenue should be...
Based upon the information provided, your estimated IT budget should be...
Based upon your maturity, your cybersecurity budget as percentage of IT budget should be...
Based upon the information provided, your estimated cybersecurity budget should be...*
* This number represents the budget under control and responsibility of the CISO, and not the "real" or total budget.
So now that you know what you should be spending, let’s consider what you should be spending it on. We know the two most common challenges for businesses are a lack of budget and/or qualified talent. How can you ensure you’re tackling those issues while still taking your intersection of cost and risk into account for the best return on investment?
Outsourcing a virtual chief information security officer costs a fraction of paying an internal employee and leverages a team of resources with unique skill sets to handle any job. Eide Bailly has designed a virtual Information Security Officer bundle that offers a value-priced package for access to just the expertise you need to address your business’s needs.
How Does a Virtual Information Security Officer Bundle Work?
Our virtual Information Security Officer (vISO) program is a collection of cybersecurity services that provide the guidance and activities typically conducted by an internal IT security leader. This service is intended to compliment—not replace—an organization’s ongoing IT operational activities.
Every vISO engagement begins with a Compass Risk Assessment consisting of two parts meant to act as a roadmap for where to head next in dealing with cyber threats:
Executive Workshop – Prioritization and alignment of cybersecurity risks to the business risks.
IT Workshop – Identification of strengths and weaknesses. Provide recommendations for how to address key cyber risk areas.
We manage risk by aligning proven cybersecurity strategies to your business’s unique risks. Our strategic partner Secuvant defines seven key business risks to measure, called the Cyber7. We use the findings of our Compass Risk Assessment to prioritize which business risks needs to be addressed, when to address them, and how we address them.
The vISO program bundles only the necessary services across these key areas to make up the final package tailored to your business. Why overspend when you can invest in just the right systems and structure that your business needs?
Are You Ready to See Cybersecurity Confidence in Action?
Our top-down, risk-based approach is led by experienced consultants who focus on establishing a culture of security within your organization. It’s our mission to provide small to medium-sized organizations with practical cybersecurity solutions that address their business priorities and objectives. Contact us today!