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Maximizing Your Security Budget During COVID-19

by | Jul 24, 2020

monthly budget

As the COVID-19 pandemic began to accelerate in early 2020, it quickly became clear that it would have an enormous impact on the business world. With contracting economies and substantial uncertainty looming in financial projections, many organizations began reevaluating their budgets. Naturally, security teams are not completely immune to tightening the belt. Consider the following points to help make the most of your security budget after COVID-19.

COVID-19 Implications for Security Budgets

However, security operations are in a unique situation. Despite being subject to tightening budgets like anything else, they are also more important than ever. Security teams will need to take careful steps to ensure success as the coronavirus pandemic continues to unfold.

Greater Need for Security

Remote work requires additional security considerations. Team members need to be set up with tools such as VPNs, which they can use to secure their work while using a personal network. Additionally, security teams may face more challenges trying to ensure workers follow security guidelines and policies. Reducing security budgets could make addressing these new concerns even more difficult.

Furthermore, with fewer people working on-site, providing physical security for facilities may look different than it has in previous years. In some cases, it may be necessary to protect key data assets in new physical locations. Security teams need tools like alarm monitoring software that will empower them to protect the interests of their organizations remotely.

Tighter Budgets Across the Board

Four Ways To Make the Most of Your Budget

1) Audit and Prioritize

While general security industry frameworks can provide some helpful guidance for priorities, the needs of every organization are different. Even with a smaller budget, it is worth investing time and resources into auditing your needs and processes. In most cases, this will deliver a far greater return on investment in the form of a more intentional and data-backed approach to security. It may also help you argue for fewer or no budget cuts.

2) Leverage Budget-Friendly Solutions

This is especially important in the work-from-home world. With fewer people on-premises, security teams need the ability to monitor assets, sometimes in multiple locations, through centralized systems. The right solutions will help you contain costs without sacrificing your efficacy.

3) Focus on People

Errors and inefficiencies are far more costly than hiring or training. Having reliable employees on your team may help you cut costs in the long run, even if you must invest in developing them. Training is typically a very cost-effective way to improve results.

The silver lining of the COVID-19 economic slowdown is that there are many talented professionals looking for new positions. This may be an opportunity to find qualified people without having to poach them from other organizations.

4) Develop a Culture of Security

Develop educational resources to help your team understand their roles in ensuring company security. Including specific information about working from home and handling security in the COVID-19 world can make your training courses more relevant and more useful. Fostering a cultural sense of involvement in security can lead to positive and far-reaching results.

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