The one Budget you CANNOT Cut in 2023

by | Cybersecurity

Amid economic uncertainty, businesses and organizations big and small are seeking more ways to manage spending. Unfortunately, outdated IT infrastructure, human error, and increased remote network access will continue to be big cyber risks to your organization. A single breach can cost you business-ending consequences in lost data, fines, and regulatory action. Increased threat sophistication and pressure from governments to standardize enterprise security approaches mean cybersecurity is the one budget you cannot cut in 2023.

Your digital footprint has increased dramatically over the past couple of years. Remote working and a higher demand for customer experience communication mean that most of your network is vulnerable through online access. Every entry point poses a risk and humans will continue to be the weakest link in your cyber team’s security chain. You can mitigate these vulnerabilities with a strong security posture, but it takes a commitment to spending on infrastructure and staff resources.

To belt-tighten technology expenditures, it may be more about how you can better control (and get more efficiency from) your investment. In the current cyber attack landscape, every organization needs a comprehensive strategy that includes access controls and threat detection systems. Adding these products (and the staff resources to manage them) gets expensive fast.  Partnering with a Managed Security Services Provider may be the solution you need to help fill in talent gaps and get licensing, implementation, and management of critical cyber security applications while managing costs.

MSSPs can help oversee a growing portfolio of cyber responsibilities when organizations don’t have the capacity to mount a comprehensive effort on their own. With a robust network of leading security vendors, they frequently can license your businesses less expensively on necessary tools than if you needed to purchase the software and seats on your own. A partnership with an MSSP also means you’re relieved of the burden of hiring your own cybersecurity staff, managing that person, and potentially losing support to talent gaps, time needed away from work, or other resource gaps.

A volatile threat landscape, talent gaps, and compliance pressure mean cybersecurity is the one budget you cannot cut in 2023. Learn more about how working with an MSSP can help you make the most of your technology budget to efficiently mitigate risks through a strong and supported security posture.

Are you a financial institution? New security compliance goes into effect for you in 2023 through the FTC Safeguards Rule. Find out if you are considered a financial institution entity (including processing financial transactions, bringing buyers and sellers together for financial transactions, or otherwise holding nonpublic financial information) and if you will need to apply new safeguards.

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