In this article we discuss how I would allocate the limited funds available, keeping in mind the tradeoff of training and the potential advanced cybersecurity technology.
Allocating Funds
If I were appointed Chief Information Security Officer, I would ensure careful planning of the budget allocation, particularly for emergency situations. However, before distributing funds, it is important to understand where the budget is currently being utilized. This entails assessing various factors such as the knowledge of employees, the infrastructure of the offices, past incidents of risks and vulnerabilities, and the age of technology in use. These fundamentals are critical components in allocating a limited budget effectively. After conducting a thorough assessment of essential needs and fundamentals, I would prioritize and create a list ranging from the most to the least important. This approach allows me to seek the appropriate allocation for items at the top of the list.
Allocations
After all fundamentals are reviewed, allocation should commence. Personally, I would allocate a significant portion of the budget to upgrading technology and investing in cybersecurity protection. This includes tools such as virus protection, firewalls, and encryption tools, all aimed at safeguarding individuals’ information from unauthorized access. Protection stands as one of the important aspects within cybersecurity and should be prioritized regardless of budget constraints, ensuring protection not only for technology but also for employees. With the implementation of updated protection and technology, it becomes important to ensure that employees understand how these measures work. Hence, another portion of the limited budget would be allocated towards training. When assigning a budget for training, it’s crucial to prioritize areas with significant risks. I like to think of it using the Risk-Reward concept; higher risks warrant higher rewards, while lower risks correspond to lower rewards (Team, 2023). Of course, this is assuming that everything goes according to plan.
When allocating the budget, it’s essential to also explore potential cost-saving measures. As Chief, I would examine all available options, including external sources such as courses and training programs for employees. In some cases, these external resources may offer cost-effective solutions compared to in-house training. Similar to attending college classes, employees can engage in specialized courses tailored to learning specific software or enhancing their understanding of data protection and other fundamental skills. There’s nothing wrong with seeking ways to reduce costs, and I consider it a crucial aspect of budgeting. Finding cheaper alternatives while maintaining the value standard is essential to run smoothly. Additionally, any remaining funds would be reserved for emergency purposes, ensuring that the organization is prepared for unforeseen circumstances.