Security

Why Is It Important for Security Leaders to Understand Their Organization’s Budgeting and Financial Processes?

In security, being aware of an organization’s budgets and financial process are vital to ensure proper funding for current projects, everyday maintenance, adequate allocation of resources and manpower between departments, and keeping a watchful eye on the health of each protection system. Without proper funds, security can’t do its job effectively. While many areas of IT and infosec can be looked down upon by upper-management, as the departments can be seen as only a financial cost to the company, all areas of infosec and IT are essential to the continued confidentially, integrity, and availability of all systems, networks, buildings, personnel, and hardware.

A key role with security management is performing risk assessments now and into the future. Being able to foresee future events, possible disasters, and knowing when and where to allocate resources are excellent methods of utilizing a company’s budgeting information for infosec’s gain. Furthermore, knowing a company’s financial processes, such as the steps required to ask for funds for a new project, allow infosec managers to understand how much time to allow for the approval process, and use that information in their own planning systems. Proper communication between all departments regarding finances and the procedures and policies which control the cash flow lead to a cohesive and effective organization.

It is also important to note how critical it is for infosec to understand everything they can about where an organization’s resources are so that they can perform accurate threat assessments and develop strong risk deterrents. For example, if nobody in an organization besides the CEO knew about a bank account that is no longer in official use, yet contains funds to be used in the event of a ransomware attack or legal issue, infosec wouldn’t be able to provide any additional security to the account, thus opening up an opening for potential attackers.

Recorder Future. (2020, January 3). How Much Budget Are Enterprises Really Dedicating to Security? Retrieved January 13, 2020, from https://www.recordedfuture.com/enterprise-security-budget/.

Categories: Security

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