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Cyber Security Budget: How Much Does CyberSecurity Cost a Company?

Cyber security budget has become an essential requirement of success throughout the online world. It is important for businesses that want to thrive in this challenging situation and expand their online presence and brand loyalty. Considering cybersecurity as an essential factor for getting to success will help your company always be secure and safe against cyber threats and cyber attacks.

According to statistics, cyber security investments increased significantly and medium-large companies are investing hugely in cybersecurity solutions to defend their platforms against security issues. This includes the government spending on cyber security, the average cost of cyber security insurance, and other spendings.

Notably, more than 40% of cyber attacks involve small-sized companies and there is an essential need to integrate the best solutions into these types of companies.

Developed organisations respect security considerations, and they have dedicated budgets to secure their systems. CİSOs and cyber security teams are helping those types of organisations detect anomalies at the right time and restrict them before they cause fundamental issues.

How Much Should I Invest in Cyber Security?

Cyber security investments have surged in recent years as threats adversely impact industries and individuals. A limited time of website downtime can incur high costs for online businesses and ruin brand image and credibility among customers and users. If you want to get answers to the question “How much should I invest in cyber security?”, we’re going to discuss all the details in this article and outline the most critical factors that can affect your organisation’s cyber security budget.

European companies have a dedicated cyber security budget that has recently increased in some industries. For instance, in the case of the healthcare and social care industry, you can see an increase of more than 500% in cyber security budgets and investments.

Here is a list of vital questions that we will answer in the following sections:

  • What is the cost of cybersecurity?
  • How expensive is cyber security?
  • What is the average cost of a cyber attack on small business?
  • How much does email security cost?
  • What percentage of budget should be spent on security?

How Much is the Cybersecurity Budget? The Real Insights

Cyber security budget in Scandinavian countries varies according to the size of a company and the required compliance rules in a specific industry. Unfortunately, many small businesses and startups don’t dedicate a cyber security budget, or they provide a small portion of their yearly budget for protecting their business against cyber threats and criminals. This is one of the most important reasons that a substantial number of Scandinavian companies experience difficulty in their growth at the first development stages.

Scandinavian companies, including small, medium, and large businesses that want to protect their systems and platforms, dedicate more than $100,000 to implementing cybersecurity solutions. The need for urgent steps in this sector forces companies in Scandinavian countries like Sweden to integrate new technologies and upgrade their hardware systems and software tools. Notably, 80% of medium-large organisations in Sweden saw a cyber incident in 2020, making it crucial for business owners to take urgent steps. 

The cyber security budget in Scandinavian countries is likely to increase in the near future to ensure there is a proper cybersecurity strategy when facing security threats. It depends on many factors to come up with an inclusive budget plan, and it can be over $250,000 for medium-large companies to deploy the required solutions.

What is the Cost of Cybersecurity? What Makes Up Cyber Security Budget Planning?

The cost of cybersecurity relies on several factors that should be cleared up at the first step. An experienced cybersecurity team can clarify it and give full recommendations about the requirements.

Organisations need cybersecurity products and services according to their goals and the type of regulatory law they want to comply with. There are products that help companies with this:

  • Firewalls
  • Endpoint security and antivirus software tools
  • Email protection tools
  • Two-factor authentication software tools

In the case of cybersecurity services and data protection approaches, an organisation can think about using the following practices:

  • Vulnerability assessment
  • Penetration testing
  • Compliance auditing
  • Monitoring services
  • Security architecture restructuring and reforming
  • Deployment of new technologies and hardware tools

How Can We Understand the Main Areas to Invest in the Cyber Security Budget?

Maximising efficiency depends on understanding the main areas that can be harmful when a cyber threat acts. Not having a deep understanding of your network can lead to a revenue loss or affect your company’s growth and development.

From a higher viewpoint, companies of all size focus on the following areas that are critical to building a secure network:

  • Log management
  • Continuous monitoring
  • Wireless security
  • Access management and authentication
  • Endpoint security
  • Data protection
  • Network analytics
  • Vulnerability management
  • Network traffic visibility

The Most Critical Factors That Affect the Cybersecurity Budget

Planning the cyber security budget is more than just hiring professional team members; you need to consider a list of essential factors. Getting to a secure platform and seamless system requires a deep analysis of your business requirements and the type of industry you’re working in. Note that there may be more cyber threats in some industries so it needs more budgets to design secure systems and deploy cybersecurity solutions.

  • Paying too little attention to the cybersecurity sector in your company results in significant issues. Apart from that, if you cannot understand your needs well, you may waste your budget on unnecessary components.

Nordic Defender, Cyber Security Team, helps you design your strategy and develop a working plan to achieve highly-secured systems. Our system analysts will assist you in understanding which security solution is needed for your company and how much it will cost if implemented thoroughly.

Here are the most critical factors to consider when estimating an average cybersecurity budget:

  • The type of industry you are working in
  • Security Measures you aim to achieve
  • The number of skilled workers
  • The required equipment & security tools
  • The type of regulatory compliance & its requirements

How Your Industry Type Can Affect Cybersecurity Budgets

The thing is that we face different situations when considering various industries. When speaking about the number of cyber criminals and data breaches, we don’t have a fixed number to say about all industries. Different industries have different issues, and some industries, like healthcare and finance, have more critical threats.

Having more threats means more budget and effort to deal with threats. If you’re in a high-risk industry, it is necessary to consider a complete list of cybersecurity practices and deploy more advanced tools on your systems. Some industries like healthcare and finance are in need of additional regulatory rules, so they require additional investments to comply with them.

Security Measures and Their Impact

The way you define your security measures and requirements determines the amount of the cyber security budget. If you need a comprehensive plan that includes all the details and controls over your systems and network, the cyber security team should spend more time to make it become real.

Here is a list of essential security measures that a small or large organisation should consider:

  • Reliable antivirus software
  • Virtual private network
  • Using complex passwords
  • Installing encryption software
  • Managing access to systems
  • Using a reliable backup/recovery method
  • Making WiFi networks secure

The Number of Personnel You Want to Hire

You will need professional and skilled personnel to work on your systems and monitor them all the time. According to statistics, the cybersecurity industry is experiencing a significant shortage in the case of a skilled workforce. This will directly impact increasing costs related to hiring cybersecurity professionals. A survey says that almost 50% of organisations face cybersecurity skill shortages that could become a special issue in the near future.

Payscale says the median salary for hiring a skilled team member is between 400k-500k kr and it can increase up to 800k for experienced team members.

Equipment & Software Tools That Are Used

You need to refer to your cybersecurity team manager and team lead to know which software tools and hardware equipment are required in your company. This is likely to change from one industry to another, and we need to reform and restructure hardware systems in many cases if they are outdated.

Today, the security team has access to highly-reliable hardware tools, and you can agree with the system update to proceed with updated and advanced systems. Also, software tools that have been purchased and deployed on your systems become crucial when calculating the cyber security budget. The cybersecurity budget in your company directly depends on the required system upgrade and the number of software tools.

Risk Assessment: How it Affects Cybersecurity Investments

Understanding vulnerabilities and identifying potential risks are important in estimating the cyber security budget. You can simply hire a third-party service provider, such as a managed IT service provider (MSP), to perform your company’s risk assessment process. An experienced team can analyse system tools by employing proven and cutting-edge technologies and provide you with a highly-detailed report. As a result, you can start planning a foolproof strategy, secure your system, and eliminate vulnerabilities.

Feel free to contact the Nordic Defender Cyber Security Team, which delivers its services with advanced standards to Scandinavian companies. We assess your company’s risks in the case of cyber threats and help you employ the best cybersecurity practices.

What Types of Equipment, Systems, and Physical Tools Are Required?

Choosing the right equipment and system tools is a bit challenging, but your cybersecurity team can do this for you. Essentially, you need to provide some equipment according to your strategy that includes but is not limited to the following checklist:

  • Antiviruses
  • Anti-malware tools
  • Intrusion detection and prevention systems
  • Firewalls
  • Network access control products
  • Mobile device management products
  • Virtual private networks
  • All-in-one network security hardware tools

How Much Does it Cost to Ensure Email Security?

Ensuring email security is another part of a reliable cyber security strategy. Threats spread through emails are of the most common cybersecurity issues, and hackers mostly use this method as it is simple and easy to trick victims. Note that more than 75% of cyber attacks are started with an email that can lead to fundamental damage to your organisation or personal data.

Cyber security teams use digital tools such as antivirus products to ensure email security and safety in an organisation. So, email security costs depend on the type of software tool we deploy and the type of licence used for the software product.

What About Endpoint Security & Antivirus Software Tools

Endpoints are hot spots that attackers can use to exploit and perform malicious activities. Endpoint security focuses on examining files as they enter the network and devices, and they generally offer more advanced features to companies than traditional antiviruses.

Deploying an endpoint security tool can cost between $10 to $100 per month for a single licence. Also, different antivirus software providers have different prices, starting from $20 per licence a year.

Is There a Need to Create a Firewall?

Creating a firewall is one of the greatest ways of protecting against cyber attacks. To succeed, it is essential to configure the firewall in an organisation at its best condition and prove it will be effective.

Creating a firewall needs a few steps to take that can influence its cost. All in all, firewall configuration review cost starts from $2000, and the following factors contribute to the firewall configuration and review cost:

  • The number of firewalls
  • The size of the firewall rule set
  • Additional rules and policies, including the rules related to regulations

How Much Does Deploying TDC Cost for Your Business?

Threat Detection as Code aims at continuously monitoring and controlling the network and protecting it from aggressive cyber attacks. TDC has become one of the most critical entities for companies that want secure and safe development and growth. TDC offers on-time threat detection and it gives your cybersecurity team complete insight into network activities.

Deploying a comprehensive TDC solution can cost your company – -. The returns from implementing TDC solutions are impressive as we prove it can prevent a wide range of potential cyber threats.

TDC and cyber security budget

Is There Any Other Security Requirement?

Companies can employ additional tools and use some more practices to achieve a better level of cybersecurity. It is an ongoing process to obtain a good level of security in any organisation, and IT teams can improve their plan as time passes.

CISOs can work on your threat protection plan to maximise efficiency and increase outcomes. There are some essential practices as follows that CISOs and your IT team should consider carefully:

Training Employees

In general, most companies don’t pay attention to training their workforce in the case of cyber threats and the ways they can decrease the negative impacts of cyber attacks. If you want to minimise these negative impacts, you can plan for training employees by organising regular events. This can reduce the internal factors in an organisation that cause a data breach, data loss, or data theft.

Protecting Access From Remote Devices

Protecting access from remote devices is critical. Using the Bring Your Own Device (BYOD) approach allows organisations to make life harder for cyber criminals and it has a proven method for remote working if a foolproof security guideline is created and used.

Controlling Third-party Access

Third parties must be monitored and controlled since these actors can access your organisation’s resources. It’s a simple process for a third-party actor who has access to sensitive data to exploit and monetise the data. Controlling third parties is a primary requirement in some regulatory rules, and it’s necessary to restrict their access by proven practices.

Ensuring IoT Security

The internet of things has become a pivotal part of many organisations and international businesses. If your company relies on IoT devices and tools, you need to think about their security and data protection. The internet of things can be the main point of a cyber attack but many organisations neglect to secure their IoT systems and devices. It needs an additional amount of cyber security budget if you want to make the IoT system in your company secure, but it is worth spending.

Purchasing brand-new IoT products, conducting comprehensive pen testing, and ensuring there is a proper authentication procedure are the primary practices cybersecurity teams can perform to secure IoT systems.

Creating a Disaster Recovery Procedure

As the name implies, disaster recovery aims at providing an excellent solution for data backup and recovery. Developing a disaster recovery plan is one of the primary roles of your cybersecurity team to protect critical data in your organisation against ransomware attacks. Keep in mind that a ransomware attack can cost your business millions of Euros as it steals your ownership of data, and there will be no place to escape for careless companies.

Using a Multi-factor Authentication Process

MFA ensures there is an advanced security layer for authenticating users. By using this strategy, your cybersecurity team can create an extra layer of security and hinder malicious actors that have gained critical usernames and passwords. Note that by using MFA, even if hackers have your password, they must pass the second or third step to access the system.

What Percentage of Cyber Security Budget Should be Dedicated to Security Goods?

We cannot provide a fixed formula for this since every company has its own considerations and limitations. It may need less cyber security budget for purchasing new equipment and hardware tools In a newly founded and modern organisation.

However, companies with traditional and outdated systems will need to spare no expense and upgrade their platforms to meet regulatory requirements and design secure systems. All things considered, companies could dedicate 10% to 30% of their cyber security budget to purchase new equipment and goods.

CISO Salary Insights & Cyber Security Budget

We are seeing cyber security threats becoming increasingly prevalent and affecting many companies worldwide. The primary role of a CISO is to develop a proven strategy that hinders these threats and minimises their adverse impacts on an organisation.

According to various websites, including Payscale and Indeed, the base salary for a chief information security officer could be between $100,000 to $150,000. There is a wide range of factors that influence a CISO’s salary, and it depends on education, experience, and the amount of workload in your company. The median salary for a CISO with more than 5 years of experience starts from $170,000 and increases to more than $250,000 annually for CISOs with over 20 years of experience.

Can Virtual CISO Services Reduce the Cost of Cybersecurity?

A VCISO brings leadership and knowledge to companies that can’t afford to hire a full-time chief information security officer. A VCISO is an outsourced security provider who can be the best fit for your organisation’s cybersecurity problems.

According to Salaryexpert.com, hiring a full-time chief information security officer can cost between $100,000 to $150,000 a year. This can be costly for small-medium businesses that can’t afford to hire a full-time and on-site cybersecurity officer.

However, hiring a virtual CISO can significantly reduce cyber security expenses since you will pay for only the services you need at the time. A VCISO can work on your projects full-time or part-time. This way, you can use your cyber security budget effectively and request services when needed. A virtual CISO can cost from $20,000 to over $250,000 a year depending on the required services and the workload.

The Importance of Taking Intelligence Into Account

Intelligence in cybersecurity means employing novel technologies that can empower threat detection and threat protection. In recent years, we have seen great development in different fields of technology in which AI and advanced data analytics solutions have been practically implemented in all sectors of the industry. Especially in the case of cybersecurity, AI and advanced analytics present solid solutions, levelling up decision-making methodologies.

When your business is integrated with AI and predictive data analytics, there is a better chance to get proven insights about possible problems and protect an organisation from threats. Smart cyber technologies deliver numerous benefits for small and large organisations. So we are able to:

  • Enhance the data collection and analytics process
  • Access to a time-efficient approach for threat hunting
  • Detect unexplored cyber threats that are undetected by conventional methods
  • Manage and stop sophisticated cyber attacks

Artificial Intelligence

Artificial intelligence has proved beneficial in all industries since it can improve efficiency and process quality through tested algorithms. AI solutions for cyber technology are practical and dependable now, and cybersecurity teams can deploy AI and ML algorithms to simplify complex or routine processes when dealing with data, content, and records coming from different sources. AI is forming the future of technology in many fields, and cybersecurity teams can benefit from it.

Machine Learning

Machine learning adds to threat intelligence and improves threat detection processes. In most cases, ML teams up with AI to assess network vulnerabilities and identify problems and anomalies that are in the network. Machine learning consists of 3 essential parts, including data collection, learning, and data examination, that eventually result in a managed and valid decision-making methodology.

Automated Processes

Automation is translated to faster processing and real-time reporting in cybersecurity. Automation is a crucial factor when there is an essential need for efficient cyber security budget planning. It helps companies monitor networks and allows cybersecurity team members to update systems with automatic processes. When your IT security is combined with automation practices, your company has faster response rates, lower cybersecurity costs, and fewer cyber risks.

How Much Should be Invested in Implementing Security Services?

Companies are spending more on cybersecurity and the amount of spending in this sector is likely to surpass $60bn in the near future. With the increasing rate of cybercrimes, investing in cybersecurity isn’t an optional requirement anymore.

As a result, taking a proactive cybersecurity strategy and planning a dedicated cyber security budget is essential to protect your company against malicious attacks.

There is no one-size-fits-all solution for the cyber security budget in all companies and industries. So, you can contact us by filling out the form below and let us provide you with a detailed cyber security budget plan.

Altogether, the average spend on cyber security, and the cost of creating and deploying a cybersecurity strategy is calculated depending on your business and the required processes. It costs small-sized businesses around — that increases to over — for medium-sized companies.

Enterprises and large companies need to invest more since they probably need more protective controls and complex hardware and software tools.

To be more specific about the cyber security budget, we should break down the budget into 2 different sections: Offensive cybersecurity services & defensive cybersecurity services.

Bring Attention to Offensive Cybersecurity Services

It is worth attacking our own systems to test them in case of vulnerabilities and weaknesses. Such practices are called offensive cybersecurity services that include a wide range of activities performed by the cybersecurity team.

The cost of offensive services depends on the number of required tests and analyses. Penetration testing, vulnerability assessment, and bug bounty programs are classified under this category.

Investment in Penetration Testing

Pen testing is the number 1 priority to ensure the systems are protected against real-world attacks. You can only be confident about the systems’ security once there is an actual simulated real-world attack testing toward that target. Without without prior knowledge about the tested system, cybersecurity experts perform simulated pen testing on the network and applications.

In some conditions, there is partial knowledge about the tested system (Graybox) to provide high-quality pen testing processes and give detailed information.

During the test, vulnerabilities are identified, and there is an excellent opportunity to explore issues and act on fixing them. Depending on the complexity of the testing process and test target size, pen testing can cost $4,000 for a small business. Also, the pen testing process costs more than $100,000 for large and enterprise organisations to spot all the weaknesses and potential issues.

cybersecurity budget Investment in Penetration Testing

Investment in Bug Bounty Programs

Bug bounty programs offer an exceptional opportunity to companies. This method interests highly skilled hackers to use their professional skills to uncover cybersecurity issues. Cyber security specialists who have years of experience don’t like to spend much time contributing to pen testing projects since they can make a profit through other programs by spending less time. Bug bounty programs provide this opportunity so that experienced cyber security professionals can present unique results in this way.

There are several incentives for bug bounty hunters, ranging from a small amount of $1000 to more than millions of dollars for large businesses.

Skilled hackers take advantage of bug bounty programs and scrutinise systems and applications to help your company.

Bug bounty programs in different companies have different rules and incentives. For example, the Microsoft bug bounty program offers up to $300,000, which the amount is $1 million for the Apple bug bounty program.

Investment in Vulnerability Management

Vulnerability Management makes it available to turn cybersecurity tasks into advanced processes. Vulnerability Management is a perfect solution offered by world-class cyber security solution providers that aim to help you comply with your industry’s required regulatory laws. By making use of such capabilities provided by the latest technologies, you can bring security and convenience to your organisation and run a network that is fully designed according to HIPPA, NIST, CIS, GDPR, and PCI-DSS requirements.

  • Vulnerability Management services will provide a comprehensive and detailed report and a complete review. You can then understand the security level of your systems and plan to fix problems in the future.
  • Please Refer to Our Intelligent Discovery Service Page to Get Full Information

Let’s Talk About Defensive Cybersecurity Services

A defensive cyber security budget aims at protecting the network and systems by providing a foolproof cybersecurity plan. This plan should include the analysis of the current network and may be extended to upgrading the hardware or software systems.

In defensive cybersecurity services, team members focus on improving technologies and enhancing security.

Investment in Vulnerability Intelligence

More vulnerabilities, more cybersecurity problems. Investing in vulnerability intelligence can expose the most critical vulnerabilities and root out weaknesses through practical mechanisms. Vulnerability intelligence consists of several parts, and the costs depend on the workload and tasks needed. 

Investment in the Next Gen SIEM Technology

The Security Information and Event Management technology is a necessity to help organisations detect threats and secure systems with maximum cost and time efficiency. SIEM is the IT network’s core functionality, and organisations can continue with the next-gen SIEM that has extensive advantages compared to the traditional SIEM approach.

Next-gen SIEM focuses on the latest technologies and advanced tools to explore behaviours that are not normal at any time.

The cost of implementing the next-gen SIEM technology using software tools differ depending on the included features and the size of your company. It can be around $50 per user/month for a small-sized company to more than $5000 for large businesses.

Benefits of Investing in Cybersecurity

There are never-ending benefits and lucrative outcomes after planning the cyber security budget and investing in integrating the latest security solutions and practices. First of all, you get a sense of trust when your systems and online platforms are safe and protected against malicious activities.

More than that, investing in cybersecurity helps you prevent a wide range of issues that cause your business to fall behind.

Enhancing Productivity

Productivity and efficiency come when all systems work seamlessly without errors. This will become true if your cybersecurity team keeps on analysing systems, monitoring the network traffic, and updating software tools. Enhancing productivity and improving efficiency is one of the best benefits of hiring experienced cybersecurity professionals.

Protecting Your Sensitive Data

A data loss or data breach can cost your business a remarkable amount of financial loss. By analysing the statistics in the past decade, data loss costs have increased year to year.

Investing in cybersecurity helps you prevent data breaches and protect your sensitive data through data loss prevention approaches.

Preventing Financial Loss

When systems are down, there is a high potential in terms of financial loss because you cannot provide your services to users and customers. A system anomaly and website downtime can lead to an increased website traffic drop that results in decreased sales and revenue.

Increasing Customer Confidence

Brands lose their credibility and loyalty when a cyber attack occurs and impacts their systems. Implementing tried and true solutions and upgraded hardware systems can prevent many cyber attacks. When your systems are secure and safe to use, it leads to customer confidence, and users will stay alongside your brand.

Meeting Compliance Requirements

Nowadays, all companies need to comply with the regulatory rules and meet compliance requirements. The GDPR is one of the most critical regulatory rules for businesses and international companies working in European countries.

By hiring an experienced team and investing in cybersecurity, you can ensure your company can pass such regulatory compliance requirements and focus only on its development and growth.

How Does Complying with Cybersecurity Regulations Increase Your Revenue?

Complying with regulatory rules can generally help your business drive more revenue. This is achieved by many factors, such as reducing the financial risk of cyber attacks and empowering systems against data losses. Most companies prioritise the revenue factor when designing their short-term and long-term strategy. Increasing revenue and maximising efficiency through cybersecurity practices is an essential objective of regulatory rules that are integrated into regulations like GDPR.

Reducing the Risk of Cyber Attacks

By referring to the World Economic Forum, cyber attacks are a critical issue that can impact as much as natural disasters like earthquakes and storms. Cyber attacks stay at 5th place right after massive incidents of data fraud and theft. Most organisations and small businesses generally don’t dedicate a budget for such critical issues, and they don’t know how they should react when facing an offensive cyber attack.

Investing in cybersecurity and providing an inclusive cyber security budget can help your company eliminate these additional expenses.

Level up Your Business Reputation

Almost all customers and service users don’t like to stay with brands that have unstable platforms and online systems. Being affected by a cyber threat can fundamentally damage your brand image and leave long-term problems in retaining and increasing customers.

Cybersecurity compliance is a vital part of business growth, and it gives you the confidence to offer your trustworthy online services and products.

Employ New Technologies

The latest approaches in cybersecurity offer affordable and cost-efficient tools that can inherently increase revenue. Today, companies are shifting to use cloud computing solutions and highly-secured hardware systems that are proven to decrease unnecessary costs.

You pay for what you use on such platforms, and there is no need to purchase and deploy on-site and costly servers and hardware tools.

How to Make the Most of Cybersecurity Services and Cybersecurity Spendings

Getting maximum value out of cybersecurity investments is a notable factor in ensuring the cybersecurity strategy was efficient and trustworthy. It’s not a complex problem to understand how your budget plan is working and how it can create beneficial outcomes.

Cybersecurity teams give you a knowledge-backed plan at the first stage after analysing your systems and assessing potential risk factors that exist in your company. This way, there is a straightforward method to take the required steps and deploy the optimal solution offered by your security team. Analysing your needs and offering a well-matched solution are essential factors in maximising cyber security budget efficiency.

Justifying and Modifying the Cyber Security Budget

Justification doesn’t necessarily mean there is a need to decrease your cyber security budget. It means you need a transparent analysis of the cyber security budget to know what steps need to be taken and which parts of the cybersecurity plan should be modified for better results. 

There are essential factors to consider when an organisation wants to justify the cyber security budget. First, you need to outline which categories are there to specify the cyber security budget to them.

The cyber security budget in your organisation basically depends on the type of regulatory rules that must be integrated into the tasks and activities. GDPR is one of the most important regulations in the European Union, and there may be even more regulatory laws according to the industry your company is running in.

Keep these facts in mind to have better cyber security budget planning in your company.

Understand Where Your Budget is Being Spent

Creating a detailed plan that outlines the allocated budget in different sectors is the first step to maximising efficiency. Your company may have a list of cybersecurity requirements and deployed hardware or software tools. All of these parts should be listed and explained to understand how the cyber security budget is performing.

Monitor Results

By taking the first step, it’s time to monitor results. CISOs are responsible for putting procedures in place, monitoring how deployed software tools and services work, and generating value. There may be some services and cybersecurity products that aren’t necessarily required for months, and CISOs can put them aside and focus on more important practices.

If a CISO makes a decision to interrupt using a specific service or product and there isn’t any negative impact, it is worth giving up such a service or product and justifying the cyber security budget.

Always Update Strategy

Organisations cannot design an all-inclusive strategy at the first step. They need to regularly keep their plans updated and train their employees regarding cyber threats and security problems. Companies aren’t obliged to continue with an unchanging plan. In contrast, they are obliged to modify their strategy and add or remove some considerations if needed.

Authorities are always updating regulations, and the cybersecurity team should pay attention to the latest changes to comply with them.

Scrutinise the Return on Investment Rate

ROI or ROSI represents the rate of success after executing the cybersecurity strategy. Return on Security Investment provides a good insight into how a cyber security budget plan works. ROSI is an essential requirement for any cybersecurity team that wants to know the efficiency of investments. The amount of returns and expenses is key to calculating the ROI rate, which helps organisations know how their plans are generating value.

The Idea of ROSI: What Will it Bring to Your Organisation?

ROSI is a simple method to evaluate if a cyber security budget plan is creating predefined outcomes or not. ROSI combines 2 values in one formula to give you a piece of useful information about the efficiency of a cybersecurity solution.

ROSI = (Monetary loss reduction – Cost of the solution) / Cost of the solution

For a cyber attack which can impact a medium-sized company, suppose the cost of implementing cyber threat protection is $3000. If the threat causes a $300,000 loss, then the efficiency and ROI of the solution are calculated as below:

ROSI = (300,000 – 3000) / 3000 = 9900%

Another example could be calculating the ROSI rate for an antivirus product that blocks 10 virus attacks with 80% reliability. If one virus attack costs $10,000, and the cost of implementing the antivirus product is $20,000 per year, then we have the following ROSI rate:

ROSI = (10 * 10000) * 0.8 – 20000 / 20000 = 300%

Cybersecurity teams and CISOs can easily define different KPIs and calculate ROSI for any solution they implement. Calculating the ROSI rate for cybersecurity solutions ensures an organisation doesn’t waste the cyber security budget, and every spending generates value.

Nordic Defender Cyber Security Team

The cost of implementing cybersecurity solutions depends on several factors, including the business size, the industry type, and the number of team members. After reaching our security analysts, you can get a complete insight into your company’s required cyber security budget.

Let us explain every aspect of the cyber security budget and offer you the most effective strategy that creates convenience and comfort by protecting against cyber attacks and malicious threats.

Get in touch with us if you want to protect your company against cyber threats with one hundred per cent trust. Here are some of our cyber security services provided for small to large Scandinavian companies.

  • Security strategy, risk management, and compliance services
  • Application security services
  • Data security services
  • Infrastructure and endpoint services
  • Offensive security services
  • Defensive security services
  • Threat management services
  • Security intelligence services
  • Cloud security services
  • Managed detection and response

Final Thoughts: The Average Cost of Cyber Security Incident

Nordic Defender Cyber Security Team, simplifies security and risk management for your company through practical and trustful solutions. Backed by years of experience and cyber security knowledge, our team integrates advanced threat detection technologies into your systems, and our core principles are based on helping your business grow and flourish. We focus on providing the following advantages:

  • Trusted compliance and risk management programs
  • Threat monitoring, detection, and response services at any scale
  • Cost-effective technologies
  • Expert support and advice to IT teams

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