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2/5/2018
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Jai Vijayan
Jai Vijayan
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7 Ways to Maximize Your Security Dollars

Budget and resource constraints can make it hard for you to meet security requirements, but there are ways you can stretch your budget.
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Image Source:  lovelyday12

Image Source: lovelyday12

Organizations are under growing pressure to extract more value from their IT security dollars.

Many have had to sharply increase their security spending in recent years to address new threats and meet compliance requirements. The proportion of the IT budget that is allocated to security has grown steadily at many organizations and now averages over 5.6%, according to Gartner. Some spend as much as 13% of their overall IT budget on security, the analyst firm has noted.

Gartner expects that businesses and governments worldwide will spend over $96 billion on cybersecurity this year compared to around $84 billion last year. Much of that spending is being driven by data breach concerns and attacks like the WannaCry and NotPetya pandemics of 2017.

"According to our quantitative research, over 40% of organizations are increasing their security spend against only 4% lowering it," says Daniel Kennedy, an analyst with 451 Research. "The most significant organizational change security teams are making is trying to add people, and having a hard time doing it because of a lack of available talent at certain salary levels."

Cutting security spending in the present threat landscape can be extremely challenging for most organizations. The question is about how to meet all your security requirements given budget and resource constraints, Kennedy says.

Here are seven tips for getting more from your security dollars:

 

Jai Vijayan is a seasoned technology reporter with over 20 years of experience in IT trade journalism. He was most recently a Senior Editor at Computerworld, where he covered information security and data privacy issues for the publication. Over the course of his 20-year ... View Full Bio

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Michael Lines
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Michael Lines,
User Rank: Author
2/15/2018 | 3:07:00 PM
And start with risk...
All good points in terms of what companies can do to maximize the effectiveness of their security program. The item I would add, and suggest should be step one, is to view their security program through the lens of risk. What are the critical assets of the company (which can be data, business processes or systems), what are the most likely threats to those assets, what vulnerabilities exist against likely attacks, and finally what are the ramifications from a successful attack. From that, the CISO can develop a list of actions to close the gaps, prioritized by their risk score. Risk assessment and ongoing management allow the cash, time and staff-strapped CISO to make the most use of the limited resources they have to reduce the overall risk to the enterprise, and perhaps even more important, be able to justify what they are doing and why to their leadership and regulators. 
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