7 Ways to Trim Down Your IT and Cyber Budgets Post-COVID-19
In the wake of the COVID-19 pandemic, companies were forced to make shifts in their budget greater than ever before.
Remote work as the main driver of budget shifts
With so many employees starting remote work for the first time, the IT department has had their hands full, CISOs have had to pivot to implement new security strategies and update security posture to accommodate the increase of threats from remote working.
But now, as businesses are getting used to the new normal, they are also looking to relocate their budgets back towards other departments. Trimming down the IT and cyber budget to prepare for the post-COVID-19 era is important for everyone now.
But it has to be done in a smart way, without compromising security, as pulling the plug on solutions will just create new issues and expenses.
So how do you do this? Here are a few suggestions that won’t compromise cybersecurity:
Implementing a solution that covers multiple threats efficiently – consolidating your solutions – is the best way to trim down on the IT budget. Consolidation has other benefits too: with not as many tools and solutions to manage, it’s less likely that something will clash or go wrong and let a threat slip through the cracks.
When you can do everything from fewer dashboards, you can easily check whether everything is working well. Plus, consolidating takes a lot less monitoring which saves you staff time and money.
2. Scale services you’re already using
Look at the current spending and what types of plans you have for each service and solution. Did your requirements increase recently? Is there a better plan, or maybe a competitor with a better offer for your particular needs? Increasing or scaling solutions can help with consolidation because it’s often cheaper in time and money to upgrade to a higher tier that covers everything, than have multiple solutions.
3. Check what new solutions can offer
Sticking to legacy solutions because an overhaul is costly doesn’t mean you will save in the long term. See how much it would cost you down the line to have legacy solutions, and then compare it to the cost of implementing new solutions available on the market. Could a new solution avoid your staff having to spend a lot of time doing things manually? This can be costly in itself.
Plus, you also have to consider the security impact of legacy solutions and the cost of a security breach.
4. Involve other departments
Sync regularly with other departments to find out if their needs are still the same. If they are not using a particular software solution anymore, it really makes no sense to continue paying for licenses. Or are multiple departments using similar solutions and you can consolidate or bulk purchase licensing/renewals with a discount?
5. Is upgrading really cheaper?
Have you quantified the full solution cost and compared it against what upgrading would cost you in time and money? For example, in some cases an SSD would speed up slow laptops but legacy equipment that needs expensive and time consuming upgrades could just be cheaper to replace!
6. Invest in your team
Your team helps you to be successful, so invest in them. In-house, look for ways to share skills and knowledge so that you don’t have to rely on third-party interventions for everything. Can you train staff to streamline operations or use specialist software.
7. Don’t forget security impact when focusing on critical operations only
Unfortunately COVID-19 has meant belt tightening everywhere. So start with the essentials for your critical operations. But don’t forget critical security to go along with it. When you quantify the impact of a threat, it’s much more costly than accounting for it in your budget to begin with.
Want a free tool to help? Use Boardish to quantify your IT & Cyber Budgets whilst you recover so you can spend money smartly and make it more likely it will be approved by decision-makers. Check out the demo below: