Five Tips to Reduce Business Cyber Security Risk Without Breaking Your Budget

In today’s digital landscape, corporations increasingly recognise the critical importance of investing in cyber security tools to protect sensitive information. However, determining the appropriate level of investment remains a significant challenge for many businesses. Striking the right balance between underinvestment and overinvestment hinges on the nature of the business and its tolerance for risk.

Here are three essential steps to help organisations optimise the return on their cybersecurity investments.

Step 1: Assess the Cyber Security Landscape

New vulnerabilities are emerging daily so cyber security vendors are constantly developing innovative solutions to address these evolving threats.

James Fernley, Head of Cyber Services at Acora, said the industry had become overly enamored with the latest AI tools and automation technologies. He said that while these tools could be beneficial, a realistic and measured approach to risk mitigation was paramount.

Given the increasing frequency and complexity of cyber threats such as ransomware, insider threats, and phishing attacks, organisations needed to take a comprehensive view of the cyber security landscape and adopt strategies that were both effective and sustainable.

Step 2: Define and Limit Your Cybersecurity Budget

Understanding the limitations of cybersecurity products is crucial. Corporations cannot simply purchase a new solution each time a new threat appears. In fact, an over-reliance on multiple security tools can lead to inefficiencies and even create additional vulnerabilities.

Research shows that security professionals spend an average of 4 hours and 43 minutes daily managing cybersecurity solutions, yet 73% of high-priority security alerts remain unaddressed. It is essential for companies to align their cybersecurity investments with their risk profile and operational needs. For instance, while a non-profit organisation might allocate 10% of its technology budget to cybersecurity, a bank might devote 50% to 60% due to its higher risk exposure.

Step 3: Adopt a Risk-Based Approach

Fernley advises organisations with limited budgets should prioritise business processes over technology. Investments in cybersecurity should be directly tied to the level of risk an organisation is willing to assume. The Chief Information Security Officer (CISO) must also exercise financial discipline, avoiding the temptation to demonstrate value solely by increasing spending. A zero-based budgeting approach, where every expense must be justified from the ground up, can be a prudent strategy for ensuring that cybersecurity investments are aligned with organisational priorities.

Step 4: Test and Validate Your Cybersecurity Measures

Closing security gaps requires more than just purchasing tools; rigorous testing is essential. Before acquiring new cybersecurity solutions, and periodically after their deployment, organisations should conduct simulated attacks to assess the effectiveness of their current defenses. This approach allows them to evaluate the return on investment (ROI) of their cybersecurity spending and ensures that their defences are robust against real-world threats.

In an increasingly interconnected world, developing a sound cybersecurity policy is vital for protecting sensitive information. Rather than focusing solely on the latest tools, organisations should adopt a risk-based approach, invest judiciously in cybersecurity, and continually test their defenses to ensure they are effective. By doing so, they can safeguard their assets while maximising the value of their cybersecurity investments.

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About the Expert

James Fernley, Head of Cyber Services at Acora, is an experienced leader in cybersecurity strategy and risk management. With a proven track record of successfully completing complex technical projects and directing cross-functional teams, James has been instrumental in developing and implementing security improvement programs. His expertise spans risk management, security architecture, incident and change management, and the creation of high-performing teams. James is committed to helping organisations achieve their security goals while maintaining operational efficiency and resilience.