Did you know that global cybercrime has already inflicted $6 trillion worth of financial damage in 2021? That number is expected to increase by 15% annually and is projected to reach $10.5 trillion by 2025. It is no longer a matter of “if” your organization will fall victim to a cyberattack but simply a matter of “when.”
It doesn’t matter whether you are a Fortune 500 company, a non-profit, a manufacturing giant, or an online entrepreneur — criminal organizations are motivated to attack any industry. Not only will they compromise networks, encrypt data, and halt operations, but they may also destroy or leak your data — even after the ransom has been paid.
The fallout from cyberattacks extends well beyond the financial sphere and can cause catastrophic losses to your organization’s global reputation. Cybercriminals work to steal the most lucrative data belonging to your business and your clients - intellectual property, sensitive employee and customer files, schematic data - anything that would increase the likelihood of payment or hold value on the black market. After an attack, you must address disrupted operations, angry customers, and the financial impact of an attack on your business.
It makes sense why many public and private organizations turn to Managed Security Service Providers (MSSP) to support their own institutional resources. An MSSP can determine your cybersecurity risk and help you implement cybersecurity best practices to prevent business disruption. Experienced MSSPs can assess your environment, provide you with a cybersecurity roadmap, and keep a watchful eye on your data, systems, and networks with Security Monitoring and Vulnerability Monitoring solutions.
A Managed Security Service Provider is Your Trusted Partner for Creating the Right Cybersecurity Budget
Where does your Board of Directors stand on the issue of cybersecurity spending? Are they seeking to make cuts or increase IT spending?
According to Gartner’s 2021 CIO Survey, more than 61% of Chief Information Officers want to increase cybersecurity budgets this year. Still, many will not succeed if their current IT spend, and coverage is not based on clear and measurable metrics.
Without a clear indication of how the cybersecurity budget is spent and how that translates into creating a clear return on investment (ROI), many executive decision-makers fail to see the value in expanding budgets. But with the recent high-profile ransomware attacks in the news and the growing threat to organizations, this is the time to seek cybersecurity help from a seasoned MSSP.
To ensure that your company has full cybersecurity coverage, use the standardized cybersecurity framework to develop the appropriate budget. To understand how the framework outlines the funding you need to reach your organizational goals, an MSSP can help you right-size your tools, processes, and resources for your best cybersecurity coverage.
With a current evaluation of your organization’s risk outlined by a cybersecurity framework such as NIST, your executive leadership team will be able to evaluate the amount of risk the business is willing to take against an affordable budget.
Design a Robust and Responsive Cybersecurity Framework
A leading managed security service provider will be able to design a strategic roadmap specific to your organization. By reviewing your current cybersecurity tools and processes, an MSSP can find the gaps in coverage and align your security program with your acceptable risk profile. The insights culled from your organization’s inputs on the cybersecurity matrix outline the unique opportunities for growth and where to implement essential cybersecurity measures.
C-Suite decision-making is driven by the analysis of risk management, exposure, and value. Thus IT leaders within your organization must align technical IT goals with the overarching business development goals driving your company.
External stakeholders want to know that your organization is protected, compliant with cybersecurity regulations, and can expand its IT capabilities to match your future growth. Advanced data analysis and reporting tools available from MSSPs offer the statistical insights needed to inform your organization’s top leaders.
The numbers don’t lie. Using the power of data will justify the spend on solutions that deliver the security they promise. Evaluating your company against the cybersecurity matrix and current cybersecurity threats is essential to reducing risk, decreasing your exposure, and spending less. Then you can invest in smart tools that will successfully integrate across business divisions.
An MSSP will work closely with your organization and extend the reach of your IT department to ensure that your cybersecurity budget is aligned with your level of acceptable risk and your organization’s security strategy. Your MSSP can also support your IT team in dealing with alert fatigue and productivity issues resulting from accumulating technical debt.
Develop a more robust and responsive cybersecurity posture by partnering with proven experts that can offer an inclusive cybersecurity solution to protect against the challenges of today and threats of tomorrow. Instead of trying to interpret the mixed signals sent through many different and fragmented tools, shift to reviewing cybersecurity through a single and unified source of truth.
Your Trusted Cybersecurity Partner
TBConsulting is the MSSP your organization can rely on to deliver the insights needed to align cybersecurity budgeting with your organization’s business development goals. Our IT security experts offer the insights your teams need to place evidence-based decision-making at the heart of your cybersecurity budget.
Ready to get started? Perfect! Contact us today to learn more about why our managed security services are the ideal way to safeguard your organization against the persistent threat of cybercrime.