How to Prioritize Cybersecurity Spending: A Risk-Based Strategy for the Highest ROI

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How to Prioritize Cybersecurity Spending: A Risk-Based Strategy for the Highest ROI

As an IT leader, staying on top of the latest cybersecurity developments is essential to keeping your organization safe. But with threats coming from all around — and hackers dreaming up new exploits every day — how do you create proactive, agile cybersecurity strategies? And what cybersecurity approach gives you the most bang for your buck, mitigating your risks and maximizing the value of your cybersecurity investments?
Let’s take a closer look at the trends that are impacting organizations today, including the growing reach of data breaches and the increase in cybersecurity spending, and explore how you can get the most out of your cybersecurity resources, effectively securing your digital assets and maintaining your organization’s integrity in the face of ever-evolving cyber threats.
In 2022, the number of people affected by data breaches increased significantly. According to the Identity Theft Resource Center’s 2022 Data Breach Report, more than 1,800 data compromises were reported in 2022 — 60 fewer reports than in the previous year — but the number of people impacted by data breaches jumped by a whopping 40% to 422.1 million.
And data breaches can cause real, long-lasting impacts, as proven by some of the most infamous data breaches in history:
Given the escalating scope and impact of data breaches, it’s clear that CISOs and IT teams have their work cut out to ensure their organization is prepared for anything.
Unsurprisingly, with the growing cybersecurity problem, organizations are spending more money to bolster their cybersecurity resources.
Clearly, there’s no shortage of cybersecurity threats. So, how can an IT professional ensure they are maximizing the value of cybersecurity resources and getting every ounce of protection from cybersecurity investments? A risk-based approach, where you identify and prioritize your greatest vulnerabilities, and correlate threat exposure to business impact, will help protect organizations and optimize spending decisions.
To adopt a risk-based approach, deploy the following strategies:
Today’s digital landscape requires IT pros to prioritize a risk-based approach to cybersecurity, ensuring that your investments address current and future threats. By strategically deploying your organization’s resources — using robust solutions and focusing on high-impact vulnerabilities — you’ll be taking steps to keep your organization safe, maintain your operational integrity, and boost your cybersecurity ROI.
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