As businesses everywhere tighten their belts, the natural inclination is to shrink IT budgets and to sideline cyber security initiatives.
A recent PwC survey indicates that 53% of finance leaders are considering reduced IT spend, and data from IDC suggests that it’s expected to decline by more than double the original projected growth rate.
“The…response to an economic stall like this is to pare back budgets across the board, but the reality is that one expired certificate, one compromised connected device can cost more in downtime, lost revenue and brand value than any potential savings can produce,” says one industry expert.
Due to the overnight expansion of the risk perimeter (on account of remote working), organizations should sidestep reductions in endpoint security, and identity and access management platforms.
In the event that trimming cyber spend is unavoidable, the key questions that organizations should ask themselves are, ‘What do we need to protect, what is the value of what we’re trying to protect, and how secure is it for what we’re spending?’ Ensure that if there are any significant cuts, the impact will be accounted for.
If necessary, trim point solutions from your collection of cyber security services, and expand existing relationships with providers who offer suits of products, and who can offer you significantly lower rates for bulk purchases.
Otherwise, “eliminating or reducing security spend could open a number of security holes and [could] compromise other systems in place that keep the network and assets secure.”
For success with security, and budgetary approvals, start at the top. Ensure that your C-suite is engaged when it comes to cyber security. Offer comprehensive one-time training to executives and corporate board members. Their expanded understanding is critical in winning their support for security-related initiatives.
For more information on cyber spending amidst coronavirus, visit Forbes.