Clearing the fog: Identifying blind spots in cybersecurity budgeting – Security Magazine

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With cyberattacks getting more frequent, persistent and precarious, companies cannot exclude them from their IT budget. A single cyberattack can cause severe (and sometimes irreparable) damage to the company. Accordingly, companies must have an elaborate yet relevant and comprehensive cybersecurity budget.
But no matter how much an organization spends, cyber executives must be sure their cyber budget adequately accounts for security blind spots.
Cybersecurity blind spots are minor concerns about which companies do not have complete visibility or the spots aren’t as visible. They are often ignored in the wake of focusing on potentially more significant cybersecurity concerns. 
These blind spots aren’t always internal. They could be external and often go unnoticed as they are disguised. Sometimes, addressing them never occurs to the company’s IT team. As a result, they always remain invisible and never get the attention or budget they deserve.
But each blind spot is a potential entry point for attackers. Consider passwords, for instance. Weak default passwords are easier to crack for hackers to creep in. Maintaining a solid and unbreakable password is the most fundamental principle of cybersecurity. Yet, users create specific passwords or reuse old ones.
Many such areas require attention and inclusion in the cybersecurity budget to get fortified, but some organizations leave gaps in this regard.
Cybersecurity isn’t only about firewalls or antiviruses. It is a multi-dimensional realm with various aspects associated with it. Often, because of the broad nature of cybersecurity, some of its facets remain ignored. Here are some of the common cybersecurity measures underbudgeted for in organizations.
Some common factors that cause blind spots include new installations, the Internet of Things (IoT), the cloud, network silos, shadow IT and encrypted traffic, among others.
Cybersecurity budget management is crucial in increasing a company’s cybersecurity efficiency. Cyber budgeting isn’t only allocating funds to pay vendor fees, onboard technologies, and strengthen the firewalls. Instead, it is about thoroughly reviewing every area, identifying loopholes, realizing gaps and leaks, and, accordingly, coming up with a budget that covers everything.
Such a budget would address each crucial aspect, no matter how insignificant. Thus, it can help companies strengthen cybersecurity to the best level possible. Accordingly, here are a few cybersecurity budget best practices that can help.
Cybersecurity budgeting isn’t straightforward, especially amidst so many complexities and blind spots that add to them. If an organization doesn’t already have a chief information security officer (CISO), hiring one can help.
While setting up cybersecurity policies for the company, CISOs can also work on their annual cybersecurity budget. They can prepare a comprehensive budget requirement that looks viable and convincing enough for the decision-makers to approve it.
Besides, responsible CISOs know how to use the cybersecurity budget prudently. While covering every critical area and blind spot, CISOs can identify cost-effective products, services and cybersecurity solutions to save money for the company.
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Sikkandar Mazdhan is Global Alliance Manager, Cybersecurity Services at YASH Technologies.
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