How to prioritize cybersecurity spending?

Constantly monitoring the latest developments in cybersecurity is vital to the security of your organization.

With threats lurking and hackers seeking new challenges every day, you need to develop proactive and agile security strategies. But how? Which approach to cybersecurity offers the most value for your money, reducing risk and fully leveraging your cyber investments ?

See also: CrowdStrike shares rise on increased demand for cybersecurity

Let’s take a closer look at the trends impacting businesses today. These include the increasing breaches and rising cybersecurity spending. Let’s explore how you can improve the use of your cyber resources, ensuring the security of your digital data and maintaining the integrity of your organization in the face of ever-evolving cyber threats.

Successful data breaches

The number of people affected by data breaches increased significantly in 2022. According to the Identity Theft Resource Center’s 2022 Data Breach Report, more than 1,800 data breaches were reported in 2022 — 60 fewer reports than the previous year — while the number of people affected by data breaches increased by 40% to 422.1 million.

Data breaches can have serious, long-lasting consequences, as evidenced by some of the most notorious data breach cases in history:

eBay: Hackers gained access to the login credentials of a few eBay employees and carried out a massive data breach, stealing the personal information and passwords of more than 145 million users. Experts say the attack affected users outside of eBay. Since people often reuse passwords, there is a possibility that hackers could access other services using the stolen credentials.

Yahoo: In one of the largest data breaches in history, Yahoo announced that hackers had compromised more than three billion accounts. While they were unable to gain access to passwords, they were able to obtain answers to users’ security questions, increasing the risk of identity theft. The company ultimately accepted responsibility, paying a $35 million fine to regulators and was ordered to provide credit monitoring services and other compensation to nearly 200 million people, worth $117.5 million.

Read more: IBM: Industry is more vulnerable to cyberattacks

Marriott: Cyberattacks on Marriott’s Starwood system exposed data on more than 500 million hotel guests. Hackers stole customer, contact and travel information, as well as financial data, including credit card numbers. Marriott faced serious consequences, including high fines and a loss of consumer trust, with a £99 million fine from the UK Information Commissioner’s Office for breaching GDPR.

Cyber ​​spending trends

It's no surprise that, with the growing problem of cybersecurity, organizations are investing more and more money to strengthen their resources in the digital space.

• Gartner, a technology research and advisory firm, has predicted that the information security and risk management market will reach $172.5 billion in 2022. Furthermore, it is predicted that by 2026 this market will grow to $276.3 billion.
• According to forecasts from firm Cybersecurity Ventures, cybersecurity spending is expected to exceed $1.75 trillion in total from 2021 to 2025. This becomes even more significant when we consider that in 2004, the value of the cybersecurity market was only $3.5 billion.
• According to IDC Data and Analytics , software is expected to absorb about half (47%) of total cybersecurity spending this year. Services are expected to account for 39% of spending, while hardware will account for 13%.

Read more: Google & BSSN collaborate to increase cybersecurity in Indonesia

Make the most of your cyber resources

Of course, cybersecurity faces various threats that require attention. How can an IT professional ensure the effective use of cybersecurity and enhance the system from risks? A risk-focused approach, highlighting the main points of vulnerability of your system and analyzing the risk in relation to the business impact, will help protect companies and improve cost management.

To adopt a risk-based approach, develop the following strategies:

• Focus on your business’s external attack surface. This includes all of your company’s available digital assets that are attractive targets for malicious actors. You can’t fix a problem if you don’t understand it. Use a reliable external attack surface management (EASM) solution to regularly audit and monitor your assets to detect potential security gaps.
• Prioritize protecting end-user credentials. As eBay found, gaining access to just a few user credentials can give hackers the opportunity to enter your network and your data. Make sure you provide your employees with regular, ongoing security training to help them become more adept at identifying and appropriately addressing cyber risks. Develop strong identity and access across your organization. Also use a password checker to ensure your employees aren’t using passwords that have already been compromised.
• Prioritize strengthening security in your networks and cloud. Invest in a risk-based vulnerability management solution that will help you prioritize threats based on the greatest risks they pose (based on the likelihood and availability of exploitation), rather than spending time and resources on vulnerabilities that pose a lesser threat.
• Integrate a threat intelligence solution. To proactively prepare your organization’s defenses against potential threats, it’s critical to invest in a threat solution that provides real-time insights into evolving threats to your organization and industry. By focusing your attention (and spending) on vulnerabilities that are likely to be exploited, you can develop strategic solutions to address them.

See also: Google: Officially creates cybersecurity center in Japan

Prioritize a risk-based approach to enhance cybersecurity ROI

In today’s digital environment, IT professionals must prioritize cybersecurity, considering not only current but also future threats. By properly managing an organization’s resources — using effective solutions and focusing on vulnerabilities — you will take action to maintain your organization’s security, protect its operational integrity, and enhance the return on your cybersecurity investments.

Source: thehackernews