10 Steps in Creating a Cybersecurity Budget Plan

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IoT devices connected to OT systems can create new vulnerabilities, making it harder to secure the overall system.

Understand the organization

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Decide how much risk the organization is willing to accept

Determine risk tolerance

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Develop a strategy that aligns with the organization's goals and objectives

Create a cybersecurity strategy

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Determine what is needed to execute the cybersecurity strategy.

Identify budget needs

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Prioritize investments based on risk, impact, and budget constraints

Prioritize investments

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Don't forget to budget for training, personnel, and incident response planning

Consider all costs

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Consider the costs and benefits of various cybersecurity technologies and solutions.

Evaluate technology solutions

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Ensure the budget plan aligns with relevant regulations and standards.

Align with compliance requirements

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Continually review and adjust the budget plan based on emerging threats and changing business needs

Review and adjust

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Clearly communicate the budget plan and its importance to executive leadership and other stakeholders.

Communicate effectively

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