Dearth of Funds in the InfoSec Space and How to Push for Better Budget Allocation & Compliance

By Mr. Smith Gonsalves,Director & Principal Consultant, CyberSmithSECURE Pvt. Ltd.

Over the years as a Cyber Security Expert, I have encountered countless situations related to inadequate Information Security (InfoSec) budgets and lack of priority towards achieving total maturity in ISO27001:2013 compliance.

Information security is critical for organizations of all sizes. As companies continue to store vast amounts of sensitive data, including customer information, financial data, and intellectual property, the need for effective InfoSec measures becomes more pressing.

Despite this, many organizations still allocate inadequate budgets for their InfoSec programs. This can lead to serious consequences, including data breaches, financial losses, and reputational damage.

In this article, I’ll underline how damning the lack of funds for cybersecurity could be and how firms can tackle it head-on.

Keep on reading to learn more.

Drawbacks of Inadequate Budget Allocation:
 

Inadequate InfoSec budget allocation can have adverse effects on a company’s standing. Here are some of the primary concerns:

Limited Resources: Without proper funding, organizations may not have the resources needed to properly maintain and secure their networks and systems. This can leave them vulnerable to attacks and data breaches.
 

Outdated Technology: Security technology is constantly evolving, and organizations must keep up with the latest advancements to stay ahead of potential threats. With limited budgets, organizations may not be able to invest in new security tools and may be forced to rely on outdated technology that is less effective.
 

Lack of Training: Proper training is essential for ensuring that employees understand how to properly handle sensitive data and recognize potential security threats. However, with limited budgets, organizations may not be able to provide adequate training to their employees, leaving them vulnerable to social engineering attacks and other threats.
 

Compliance Concerns: Many organizations are subject to various regulatory requirements that mandate specific security measures. Without sufficient budget allocation, organizations may struggle to meet these requirements and face penalties for non-compliance.
 

How to Make Budget Allocation & Compliance a Priority:

Firstly, it is important to understand the significance of having a robust cybersecurity framework in place. With the increasing dependence on technology and the rise of cyber threats, the need for effective cybersecurity has become more critical than ever.

Cyberattacks can cause severe financial and reputational damage to organizations, and even lead to legal consequences. Hence, it is crucial for organizations to prioritize cybersecurity and invest in it accordingly.

As PM Shri Narendra Modi once said, “We don’t need ACTS, but Action.”
 

This is exactly the approach I believe we need to take to tackle the issue of inadequate InfoSec budgets and lack of priority towards achieving total maturity in ISO27001:2013 compliance.
 

Taking this into consideration, here’s what I recommend needs to be done:

· Open communication channels between the CISO, CIO, and the board of directors are essential to address this issue.

· The CISO and CIO must present a compelling business case highlighting the potential risks and consequences of not investing in cybersecurity adequately.

· The board of directors must recognize that cybersecurity is not just an IT issue, but a business issue that requires their attention and investment.

· The board must provide the necessary budget, resources, and support to the CISO and CIO to implement an effective cybersecurity framework.

· The cybersecurity framework must align with the organization's goals and objectives and be integrated into the overall strategy.

· Open communication channels throughout the process between the CISO, CIO, and the board of directors are essential to ensure that the organization's cybersecurity framework aligns with its overall goals and objectives.
 

With the right approach and investment, organizations can minimize the risk of cyber threats and protect their assets, customers, and reputation.

In Conclusion:

Inadequate InfoSec budgets are a serious concern for organizations. Without proper funding, companies may struggle to maintain the necessary resources, technology, training, and compliance measures to effectively secure their networks and systems. Investing in InfoSec should be a top priority for companies that want to protect their data and reputation.