Cybersecurity made its way to the 2024 budget with the announcement of an investment allowance of up to TT$500,000 for companies which incur expenditure in respect of investments in cybersecurity software and network security monitoring equipment. This is a good initiative from the government especially with the increasing threat landscape and the recent attacks on major retail and key government offices.
A budget of TT$500,000 for cybersecurity is a reasonable start to acquire a suite of tools which can allow you have a holistic approach to security.
Below is a suggested allocation based on typical needs and estimated values from vendors:
- Security Assessment & Gap Analysis ($60,000 – $80,000)
- Hire a reputable security consulting firm to perform an assessment. This will give you a clear picture of where your vulnerabilities are.
- Endpoint Protection Platform (EPP) ($60,000 – $120,000)
- Tools like CrowdStrike, Sophos, or Symantec Endpoint Protection. They protect against malware, ransomware, and other endpoint threats.
- Network Security ($120,000 – $180,000)
- Firewall: Invest in a next-gen firewall like those from Palo Alto, Fortinet, or Cisco.
- Intrusion Detection System (IDS) and Intrusion Prevention System (IPS): Some firewalls come with this built-in.
- Email Security ($30,000 – $50,000)
- Tools like M365 MailGuard, Mimecast, Barracuda or Proofpoint. They can help protect against phishing, spear phishing, and other email-based threats.
- Identity & Access Management (IAM) ($60,000 – $90,000)
- Tools like SolarWinds or Microsoft Azure AD can provide Single Sign-On (SSO), Multi-Factor Authentication (MFA), and ensure only authorized users access resources.
- Security Information & Event Management (SIEM) ($60,000 – $120,000)
- Tools like Splunk, LogRhythm, or Elastic SIEM. They aggregate logs from various sources and can generate alerts based on anomalous activity.
- Backup and Recovery ($30,000 – $60,000)
- Ensure you have encrypted backups both on-premises and in the cloud. Solutions like Veeam, Datto, or Rubrik can be considered.
- Security Awareness Training ($10,000 – $30,000)
- Tools like KnowBe4 or Proofpoint’s Wombat Security. Regularly training your employees can prevent many potential security incidents.
- Mobile Device Management (MDM) ($20,000 – $30,000)
- Tools like MobileIron or Microsoft Intune. They can help in managing company data on employees’ personal devices.
- Incident Response Plan ($10,000 – $20,000)
- Work with a consultant to develop a plan so your company knows what to do in the event of a breach.
- Optional: Vulnerability Management ($30,000 – $50,000)
- Tools like Qualys or Tenable can continuously monitor your network for vulnerabilities.
- Reserve Fund ($10,000 – $20,000)
- For unforeseen needs, updates, or addressing issues from the initial security assessment.
TOTAL ESTIMATED BUDGET RANGE TT$500,000 – TT$800,000
DISCLAIMER: These costs are estimations, and the actual amount can vary based on the specific solution’s pricing and the company’s needs. It’s also essential to remember that investing in tools alone isn’t enough; you need skilled personnel to implement, monitor, and maintain these tools. Consider ongoing costs like subscriptions, training, and staff when planning your overall cybersecurity budget.1