What are factors that should go into planning a budget for Cybersecurity in support of Red Clay Renovation s operations

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What are factors that should go into planning a budget for Cybersecurity in support of Red Clay Renovationâ€s operations? Is there a way to quantify the numbers and the answer to the question is yes. To explain, we need to base our Return on Investment (ROI) calculations on our direct financial loss prevention. In order to get to the financial loss prevention, we first must calculate an ALE (Annual Loss Expectancy). This will be based for the financial loss caused by particular risks and threats. Here is the proposed formula ALE = (number of incidents per year) x (potential loss per incident) (Kolochenko, 2015).
Keep in mind our leadership here at Red Clay Renovation if they see numbers that are inflated they will become skeptical of the prose numbers. So an additional factor will be to take an average cost per breach in our industry from a reputable source. The cost will stem from theft and exposure, forensics and recovery, investigate and remediate the breach, and legal and compliance fines. Then comes justifying the money we are requesting. This calculated using the ROI formula which is ROI = (ALE / cost of countermeasures) X 100 percent (Kolochenko, 2015).
Here is list of investment that Red Clay Renovation should focus on to mitigate risk. There should be an assessment of the efficiency against emerging threats in this organizationâ€s current approach to cyber risk oversight. Next, there should be prioritize critical risks that may occur and not be detected. Which brings in assessing which cyber risk management is the best strategy and strategy should be flexible. There should be implementation of a planned “set of cyber risk identification, assessment and monitoring processes that requires focus and accountability at the board and senior management levels” ACIPA, website, 2015).
We should invest heavily into Training and Risk Culture due to merging with Reality Media Services and associates such our contractor affiliates. There is need to invest in controls due to phishing, to installing malware, gaining access, controlling an account, executing fraudulent transactions, they s are risks that need a series of strong controls in place. Investment in Measurement with a Purpose, there is a need new process to identify and track employee behavior that may indicate cybercrime in progress. Invest in Operating Model Cyber security must work well across our entire organization. This can help define accountability, enforce good decision-making and measure effectiveness (Culp, 2016).
Investment in Resilience, a comprehensive resiliency plan will be require this can help minimize losses and protect the organizationâ€s reputation in the event of a breach Culp, 2016. The end result of this propose investment, this will help assist in minimize exposure our resources to threats. Measurement with a Purpose provide the number of networked machines is require. Operating Model can streamline efficiency where number of network access points on networked machines are not require. Stringent controls should be able shrink the computational resources on networked machines. Resilience of this strategy can mitigate sensitive data on networked machines are accessible to unauthorized users (Ran, 2016).
ACIPA. (2015). CGMA Survey: Finance Plays Critical Role in Mitigating Cyber Security Risks. Retrieved from https://www.aicpa.org/press/pressreleases/2015/pages/cgmasurveyfinanceplayscriticalroleinmitigatingcybersecurityrisks.aspx
Culp, S. (2016). Cyber Risk: People Are Often The Weakest Link In The Security Chain. Retrieved from http://www.forbes.com/sites/steveculp/2016/05/10/cyber-risk-people-are-often-the-weakest-link-in-the-security-chain/#9ef523214b51
Kolochenko, I. (2015). Return of investment for cybersecurity: Can we put a number on it? Retrieved from http://betanews.com/2015/12/29/return-of-investment-for-cybersecurity-can-we-put-a-number-on-it/
Rand. (2016). A Framework for Programming and Budgeting for Cybersecurity. Retrieved from http://www.rand.org/content/dam/rand/pubs/tools/TL100/TL186/RAND_TL186.pdf

 
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