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Cybersecurity spend to soar in 2024: How companies can maximize their investment

“Spend smarter, not harder” is the mantra for 2024, as Gartner forecasts a 14.3% jump in global security and risk management spending—an uptick which brings a renewed focus on the need for cost-effective cybersecurity investments.

Inefficient cybersecurity spending, a known problem, becomes even more pressing with increased budgets—especially since inefficient spending often results in buying disparate security tools, which can create more security gaps and increase breach risks.

In a nutshell, with cybersecurity spending on the rise in 2024, businesses must make investments that aren’t just cost-effective, but which actually strengthen defenses too.

Let’s dive into three essential strategies for smart cybersecurity spending in 2024.

Conduct a thorough needs analysis

We’ve all experienced buyer’s remorse at some point, purchasing items that we later realize weren’t necessary. If only we had thoroughly questioned our need for that cool $430 HyperCube beforehand (alright, guilty as charged).

A similar concept applies in the realm of cybersecurity spending. Without carefully analyzing what goods or services they really need, organizations can fall into the trap of “tool sprawl”—the accumulation of too many cybersecurity tools.

The goal should be to tailor cybersecurity investments to actual needs, avoiding the latest, unnecessary technologies. For example, small businesses probably won’t benefit from complex, enterprise-level intrusion detection systems, and large businesses probably don’t need basic, consumer-grade security solutions.

Hastily choosing multiple cybersecurity vendors can also be a recipe for disaster. Juggling multiple vendors often complicates support processes, increases the training burden due to various systems, and challenges seamless tool integration.

Opt for integrated security solutions

To avoid wasteful spending, invest in security platforms which merge several protective measures in one. Not only is this more cost-effective, but it also actually improves your security posture.

Every additional security tool a company buys requires its own set of configurations, updates, and management protocols, ultimately translating to longer response times, inefficient workflows, and an inability to have a unified view of the threat landscape.

Opting for integrated security solutions like the popular ThreatDown Bundles can be a game-changer in terms of a targeted, lean approach to cybersecurity spending. By consolidating multiple security functions into a single platform, these integrations reduce overhead costs related to hardware, maintenance, and administration.

Emphasize added value

Imagine you’re hungry, and you can grab a basic $2 burger. That’s good, but for $5, you can upgrade to a complete meal—burger, fries, drink, maybe even a vintage Furby. That’s value-added fine dining right there—more bang for your buck.

Emphasizing added value in cybersecurity is a lot like upgrading from a basic burger to a complete meal—you get more features that go beyond the foundational security measures (and best of all, without any trans fats).

For example, consider solutions featuring complimentary Vulnerability Assessment (VA) and Application Block (AB). Amid rising cybersecurity costs, VA uncovers application vulnerabilities at no extra expense, while AB actively keeps your defenses strong by preventing unwanted applications from launching, adding substantial value without breaking the bank.

Managing cybersecurity expenses in 2024

As we venture into 2024, organizations can more efficiently spend cybersecurity budgets through meticulous needs assessments, integrated solutions, and a focus on added value.

For organizations seeking to put these strategies into action, ThreatDown Bundles offer a practical solution.

ThreatDown bundles are like the Swiss Army knives of cybersecurity, consolidating essential security technologies, including Endpoint Detection and Response and Managed Detection and Response, into one unified platform. Each bundle comes with free threat prevention capabilities, Vulnerability Assessment and Application Block—to further reduce your threat surface at no additional cost.

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Bill Cozens

Content Writer

Bill Cozens is content writer for the Malwarebytes business blog, where he writes about industry challenges and how best to address them.