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5 Strategies to Stretch Your Cybersecurity Budget

More than ever before, organizations are asking their cybersecurity teams to find savings, delay expenditures and get more value from their budgets. While pushing vendors for price concessions, decreasing pay, or even laying-off employees are options, IT leaders should use the pandemic as an opportunity to rethink their overall approach and find sustainable strategies to maximize the ROI from their IT security investments. 1. Be Business Driven In order to do this, you must first have the relevant business data to make decisions. Prioritize key outcomes from your cybersecurity program such as reducing risk, preventing data theft, and meeting compliance mandates. Frameworks such as NIST CSF, ISO 27001, CIS 20, COBIT, and HITRUST are useful tools, but aligning with something like the Sherwood Applied Business Security Architecture (SABSA) methodology allows for the prioritization of projects based on the business context and value. It is important to stay strategic and align cybersecurity outcomes with key business objectives. Analyze your existing and planned spending in support of prioritized outcomes. Things to consider include the cost of employees, contractors, services, technology, support contracts, and infrastructure. Understand the variability of costs over a short-term and long-term basis. Some costs may be locked in over […]