Cybersecurity on a Budget: Optimizing Your Return on Investment.
How companies can protect themselves from security threat risks without spending a fortune.
With approximately one third of companies being affected by cyberattacks, organizations find themselves needing to invest in suitable defenses. However, many times they do not have a large budget for this. Fortunately, there are several alternatives for those companies seeking to be efficient and maximize the use of their current resources. Below, we analyze ways in which businesses can protect themselves against cyber threats without incurring significant expenses.
Developing a solid cyber strategy that fits the specific needs of the business is essential to ensure that focus is on what matters most. To start, it is crucial to identify the mission and objectives of the organization. For example, in the case of a food manufacturing company, its mission might be to supply supermarkets with pre-packaged sandwiches, and its goal could be to produce 200,000 packages daily. If this facility were to stop operating for a day due to an attack, the impact could include a loss of revenue of £100,000 per day, damage to reputation, legal costs, and the possibility of retailers enforcing breach of contract clauses. By envisioning the worst-case scenario, a better understanding can be obtained of which systems are critical to the business operations and what downtime can be tolerated, helping to identify where greater investment and resources are needed.
The next step is to assess whether the existing defenses are sufficient to protect critical systems, networks, and data. To conduct an effective assessment, it may be worthwhile to consider having an internal or external security team perform attack simulations on those systems and record the results. It is important to have clarity on how the attacks were identified, what measures were successful in containing or eradicating them, and what the response was to the situation.
This practice can reveal strengths and weaknesses in relation to the technologies, personnel, and processes defending the business. Regarding technologies, ways to optimize current tools and resources for more efficient operations can be uncovered. For example, there might be duplicate tools whose elimination could lead to contract cancellations and reinvestment of those resources. Additionally, there may be underutilized security configurations, such as built-in email filters to protect against spam and phishing.
Regarding personnel, fostering a "zero trust" mindset among employees is crucial to decreasing the likelihood of a successful attack. There are various low-cost activities that companies can implement to encourage this security culture. Just as technological tools are reviewed, it is important to assess the skills of the security and IT team, as well as the staff in general. There are opportunities to share knowledge through informal events or more structured training. The investment doesn’t have to be high, and free resources like Dracoeye are available to help teams identify security threats.
In addition to training, it is vital to create an environment where employees feel safe reporting suspicious activities without fear of making mistakes. A dedicated portal can be established for staff to share concerns and escalate hazardous situations. The worst outcome is for employees to feel intimidated and hesitate to communicate problems, so an open climate should be encouraged.
Finally, it is crucial to examine the processes and solutions currently in place for any eventuality. This involves having a clear plan detailing how each area of the business will continue to operate until recovery is achieved. It is essential to understand the legal obligations regarding notifying customers and authorities, if applicable, such as the Information Commissioner's Office (ICO) in the UK. Employees will feel more at ease knowing that there is a protocol and plan for every possible situation.
By following these steps, businesses can better utilize their resources and redistribute budgets for immediate savings. The greatest victory will be having an effective cyber strategy, which will greatly reduce the risk of financial and reputational damage, allowing the company to continue meeting its objectives.
