How to Optimize Your Cybersecurity Costs

For business owners, protecting against cyber threats and ensuring business continuity is a top priority. In today’s reality where cyber threats are everywhere, cybersecurity has become a key component to ensuring smooth business operations in any industry employing information systems.

Defining security cost-effectiveness when investing in cybersecurity countermeasures is an important financial and operational decision for most businesses. A consolidated security architecture can save an organization millions in total cost of ownership (TCO) and reduced losses from ransomware and other attacks.

However, according to Gartner, 82% of security and risk leaders do not account for environmental or business impacts when developing budgets. By operating in a silo and failing to align with business needs, they fail to maximize the impact of their security spend. This article introduces best practices for optimizing an organization’s cybersecurity costs and avoiding costly pitfalls.

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Factors That Affect Cybersecurity Costs

An organization’s cybersecurity costs can depend on a variety of factors. Some of the main determinants of security spend include:

  • Industry: Some industry verticals, such as banking and healthcare, are far more heavily regulated than others due to their access to sensitive information. In addition to the cost of achieving and maintaining compliance with various regulations, this high-value data also makes these industries a common target for cyber threat actors.
  • Company Size: Every device and employee within an organization is a potential attack vector for cybercriminals. The greater a company’s headcount, the larger its attack surface and the more potential means for an attacker to gain access.
  • Impact of a Breach: Some organizations are heavily reliant on IT systems, and a successful cyberattack can be devastating. For others, a similar attack may be an inconvenience but not prevent the organization from sustaining operations. The greater the cost and impact of a breach, the more a company needs to spend to prevent it.
  • Inefficient Security: According to a 2022 Panaseer survey of 1,200 US and UK enterprises, the average enterprise deployed 76 independent security solutions within its infrastructure. If these solutions have overlapping capabilities, they reduce the efficiency and increase the cost of security.

How to Optimize Your Cybersecurity Costs

Optimizing cybersecurity costs requires an organization to identify the common sources of cybersecurity overspend. Some best practices that organizations can adopt to optimize their cybersecurity costs include:

  • Partnering with Security Professionals: The cybersecurity skills gap means that acquiring and retaining the security talent that an organization needs in-house is difficult and expensive. Partnering with a third-party security provider offers access to essential security services backed by performance guarantees.
  • Deploy a Consolidated Security Suite: An array of standalone security solutions is costly, inefficient, and difficult to manage. A consolidated security architecture can eliminate the inefficiencies of overlapping security solutions and unused or underutilized security services.
  • Implement a Zero-Trust Security Strategy: Zero trust security restricts access to applications and resources based on business needs. By limiting the access of user accounts, zero trust reduces the risk of breaches because attackers cannot exploit excessive permissions.
  • Focus on Prevention, Not Detection: Cybersecurity programs often focus on threat detection and response; however, this can result in a response after the damage is done. A better and more cost-effective approach to security is preventing a threat before it happens rather than responding after the fact. The best way to protect your budget and company reputation is to avoid breaches at all since the average data breach costs $4.24 million.

Optimize your Cybersecurity Costs with Infinity ELA

Organizations rarely get their money’s worth when paying for cybersecurity. Often, it is difficult to determine what exactly a particular solution does and how it would integrate into an organization’s existing cybersecurity architecture. As a result, organizations end up with a complex array of overlapping and, in some cases, unused or underused security solutions that are managed by an undersized and overworked security team.

Even if an organization has designed its security architecture to optimize efficiency, it may suffer from security overspends. Since usage can be hard to predict, companies may oversize their security solutions and licenses to ensure that they have capacity if they need it. As a result, security teams waste resources that could better be used elsewhere.

The best way to optimize corporate cybersecurity costs is with an enterprise license agreement (ELA). With an ELA, an organization can redistribute unused credits as needed to meet evolving business needs. This allows an organization to right-size its cybersecurity spend while taking full advantage of the benefits of a consolidated security architecture.

Check Point Infinity ELA enables an organization to optimize every aspect of its security spending by providing access to a consolidated security architecture via an ELA. A consolidated security architecture is the best way to optimize and streamline an organization’s security architecture and processes, learn more about its benefits today. Then, sign up for an Infinity ELA consultation to develop a security architecture that is tailor-made to suit your organization’s business and security needs.

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