10 Steps in Creating a Cybersecurity Budget Plan
IoT devices connected to OT systems can create new vulnerabilities, making it harder to secure the overall system.
Understand the organization
Decide how much risk the organization is willing to accept
Determine risk tolerance
Develop a strategy that aligns with the organization's goals and objectives
Create a cybersecurity strategy
Determine what is needed to execute the cybersecurity strategy.
Identify budget needs
Prioritize investments based on risk, impact, and budget constraints
Don't forget to budget for training, personnel, and incident response planning
Consider all costs
Consider the costs and benefits of various cybersecurity technologies and solutions.
Evaluate technology solutions
Ensure the budget plan aligns with relevant regulations and standards.
Align with compliance requirements
Continually review and adjust the budget plan based on emerging threats and changing business needs
Review and adjust
Clearly communicate the budget plan and its importance to executive leadership and other stakeholders.
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