Responsibly Defend Cybersecurity’s Budget
2 minute read
Though the cybersecurity function is as crucial as ever, recession, inflation and widespread layoffs have many teams facing serious budget cuts. Still, there are steps you can take to defend your cybersecurity program’s budget. A recently released report from Gartner provides guidance for cybersecurity teams looking to maintain their budget by speaking to the priorities they share with executive leadership.
In this report, we feel that Gartner emphasizes the importance of speaking in language that executive management understands.
Where cybersecurity professionals tend to be motivated by technical achievements and program improvements, executives care about what you do with the money you’re given and how your actions impact tangible business outcomes.
The report covers the following three answers for protecting cybersecurity budget from cuts caused by inflation, recession, layoffs and other economic headwinds:
- Benchmarking cybersecurity staffing, spending and maturity to peers: Executive management and the board of directors frequently ask how their organization’s cybersecurity spending and maturity compares to industry peers. Proactively benchmark your cybersecurity program and develop a compelling narrative that explains and justifies your resourcing needs.
- Demonstrating the link between security spending and business outcomes: Cybersecurity is a cost center and, therefore, a potential target for cost-cutting measures. Educate executive leadership on how cybersecurity supports and defends tangible business outcomes, such as revenue generation, cost savings, strategic initiatives and brand protection.
- Formalizing cybersecurity strategic planning: While cybersecurity budgets are currently stable, economic headwinds could put cybersecurity funding and staffing at risk in the future. Cybersecurity leaders should proactively formalize their strategic planning process and provide greater transparency and clarity to leadership on how resourcing decisions are made.
We believe, the recent Gartner report offers value to teams whose budget has fallen under scrutiny and need to begin communicating better with executive leadership. Though most organizations will need to contend in some way with the challenges of the contemporary economy, it is possible to make a strong case for maintaining cybersecurity spend while tightening your budget elsewhere.
Gartner, Quick Answer: How to Responsibly Defend Cybersecurity’s Budget During Economic Headwinds, William Candrick, Richard Addiscott, 12 April 2023.
4 Tips for Justifying a Bigger...
Economic uncertainty presents cybersecurity teams with new challenges: while each round of big tech layoffs..Learn More
Show Executives that Cybersecurity Drives Operational...
One strong approach to justifying your cybersecurity budget to executive leadership is to show how..Learn More
3 Business Benefits of a Cybersecurity...
Cyber risk is a top concern for businesses today thanks to the ubiquity of the..Learn More
ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.