2021 was an action-packed year for cybersecurity – from ransomware to phishing, attacks were on the rise. With the new year approaching, it’s important to start defensive planning based on the current state of the industry. Strategic investing to keep budgets efficient and security uncompromised will set a solid foundation for the future. Here’s how your organization can budget for cybersecurity in 2022.
Existing Trends
Trends from previous years don’t just vanish, which is why it’s essential to recognize and react to them when planning. In reality, you simply can’t defend against everything, but by choosing the greatest threats to your industry and investing in appropriate defense mechanisms is a great place to start.
Ransomware was one of the biggest threats in 2021 across many industries. Endpoint detection and response (EDR) and privileged access management (PAM) technologies can help fight ransomware and defend against future attacks. NuHarbor partners with industry leaders CrowdStrike and CyberArk to provide next-generation solutions to address these needs.
Phishing was another huge threat in 2021, and will continue to be relevant given the continued growth of widespread electronic device usage. Phishing works well in an environment with many people, exploiting those who aren’t trained to recognize phishing tactics. It’s the easiest method of exploitation for attackers and has impacted all industries. If you believe your business has been a target of phishing attacks, defense budgeting is imperative. Testing the human element of your organization is key to determining your vulnerability. Make employee education a priority. NuHarbor offers custom phishing attack assessments to test your organization’s users and determine your vulnerability level.
While not a threat in the traditional sense, the shortage of cybersecurity professionals is affecting the security of organizations worldwide. The need for employees to implement and manage the advanced systems that are required to defend against modern attacks poses a greater threat than any attacker. When budgeting for 2022, consider your staffing plans and gauge whether a lack of qualified resources is leaving you vulnerable.
Industry Standards
While cyberattacks have grown in popularity, so has cybersecurity. Experts predicted cybersecurity spending would increase by only 2.4%, from 2019 to 2020, but it increased by over 10.5%. Worldwide, spending on cybersecurity is forecasted at $170.4 billion for 2022. This increase suggests that spending is growing at a faster than expected rate and is likely to continue. According to Gartner, many organizations don’t know their security budget, but enterprise spending of security should account for between 4-7% of IT budgets. When planning for 2022, consider that cyberattacks will continue to be an imminent threat to your organization. Assessing your current assets and risk factors is most important.
Personalized Security Planning
While there’s no one-size-fits-all for cybersecurity budgeting, much of the guess work can be removed by conducting proactive assessments to gauge risk and vulnerability. Risk assessments help you determine where your biggest risks are and how big your attack surface is. Penetration testing will give you in-depth knowledge of precisely where you’re vulnerable and how you may be compromised.
Plan for Resources
Consideration of trends, industry standards, and options for personalized security planning can help organizations develop efficient and cost-conscious cybersecurity budgets. Note that conducting comprehensive assessments and analyzing the results can be complex and expensive when done in-house. NuHarbor offers custom security advisory services and attack-grade offensive testing which can provide valuable insight to inform your cybersecurity budget. Contact us today for help planning for better protection in 2022.
