The year 2023 is finally here, and with the whole world now moving to the third year of the pandemic, it only makes sense that organizations continue to adapt to a more connected and digitized audience.

There is certainly merit in how the global health crisis forced businesses to accelerate into being digital-first. Still, this progression also comes with an inevitable need to strengthen cyber defense strategies. Since we’ve already tackled the different cybersecurity trends that will likely shape up and shake up 2023, here are key items companies should consider as they build and rebuild their cybersecurity budget. 

5 Factors to Consider on Your 2023 Cybersecurity Budget Planning

1. Business Operations

Cybersecurity infrastructure is not a one-size-fits-all solution. When it comes to preparing a cybersecurity budget plan, the first thing to do is to audit and analyze the various processes that make up your business. For instance, is your website just for marketing, or does it accommodate actual interactions and transactions with your clients? Do you have a brick-and-mortar shop with a separate POS system, or is it connected to your eCommerce platform? What regulatory requirements do you have to understand and comply with in direct relation to your industry? Having an in-depth understanding of your business structure and your evolving goals will help you determine the right cybersecurity measures to take and account for.

2. Hardware and Software

Technology and cybercrime grow and develop directly proportionate to each other. When you see innovation happen in the former, then expect it to see in no time in the latter. With this in mind, it is crucial for cyber prevention and protection to always be on the lookout for the necessary hardware and software upgrades. Take WordPress CMS as an example, a single outdated plugin can cause vulnerabilities that will make it easy for hackers to penetrate your system and break it down from the inside. On the other hand, hardware upgrades are also necessary because as software experience new updates and security patches, legacy equipment might not have the capability to be supported.

3. Cloud Environment

We’ve tackled the importance of remote work cybersecurity, so it should not come as a surprise that cloud protection will be part of what you should consider in your cybersecurity budget planning. Setting a sound and solid security infrastructure for your cloud-based data and applications will ensure cyber threats are prevented or mitigated at the very least. Implementing an advanced endpoint security system, adapting a zero-trust architecture, or even employing passwordless authentication are just some ways to defend your cloud environment from malicious attacks.

4. People

Your cybersecurity budget should also account for employee training. As much as it pains organizations to admit, one of the weakest links when it comes to cybersecurity are humans. It is crucial that all employees are informed as much as the key players in your cybersecurity strategy. Holding workshops and seminars focused on emerging attacks and cybersecurity best practices can be just what you need to make defenses impermeable from the most common and complex cybercrimes. 

5. Assets

In 2017, The Economist published a story that caused a great stir across all industries- “The world’s most valuable resource is no longer oil, but data,” the title says. Six years later, it’s no longer considered a topic of debate but a widely-accepted reality. As the world becomes more digital year after year, it’s almost natural for organizations and individuals alike to share a type of data in the online world. From social media profiles to bank accounts, there is a part of your business and a part of your client’s lives uploaded on the digital space. As a retailer or provider, we carry the majority of the responsibility to ensure all security measures are set up to protect that data. Understand what type of information you request and share, so you know exactly what type of system to establish that will best protect your assets. 

Preparing a cybersecurity budget is no easy task, and it is not something you plan alone. Coordinate with key people and departments to really get a good insight on what to prioritize as you consider a lot of factors during the process. 

SecureBrain experts are ready to provide you with cost-effective and optimized cybersecurity solutions, no matter your budget. Contact our team now!