5 key considerations for your 2023 cybersecurity budget planning | #government | #hacking | #cyberattack

As CISOs look to prepare their 2023 security budgets, some might be asking themselves, “where do I begin?” There are such varied and rapidly changing facets of defending organizations against cyber threats that the task of sorting out which risks need the most attention can seem overwhelming.

Nevertheless, security leaders need to begin thinking about how much funding they will need and how they will allocate their budgets. “At a macro level, when defining strategic goals and developing budgets for security, CISOs should know that the status quo will likely leave security leaders with an impossible mission ahead—constrained to maintain operations and new initiatives,” says David Chaddock, director of cybersecurity for consultancy West Monroe.

“While some organizations with elevated maturity or those that have been hit by a cyberattack have since learned the value of change and may be prepared, the unfortunate fact is the majority still struggle to meet demand with traditional budgets, and the need for security is only increasing,” Chaddock says.

The key factors that might determine funding for next year will likely fall under these five categories:

  • The changing threat landscape
  • Economic trends and their effect on threat actor behavior
  • Geo-political events such as the Russia-Ukraine war
  • Changing governmental and other regulation and guidance
  • Changing cyber insurance requirements

CISOs need to keep these in mind as they figure out the best ways to keep their organizations safe.

1. Changing threat landscape

The cybersecurity threat landscape is constantly changing, and the pace of change seems to have picked up with the emergence of new types of ransomware threats, the ongoing move toward the cloud, and shifting workforce models. Then there is the aim among many companies to become digital businesses.

Copyright © 2022 IDG Communications, Inc.

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