The latest funding news for cyber security in 2023 and what it means | Techno Glob

The White House recently announced a $1 billion cybersecurity grant program designed to help state and local governments improve their cyber defenses, particularly protecting critical infrastructure. The recent executive order stems from a $1.2 trillion infrastructure bill that was signed into law nearly a year ago. That bill allocated $1 billion to protect critical infrastructure from cyber attack in the wake of a series of high-profile ransomware attacks that brought down colonial pipelines.

Government organizations that wish to take advantage of these funding opportunities must submit grant proposals by mid-November. Proposals are being accepted for only sixty days after the program is announced.

Grant recipients can use the funds to invest in new cybersecurity initiatives or improve existing defenses. Prize winners are guaranteed a minimum of $2 million. However, the program requirements state that 80% of the funds must be invested in local or rural communities. In addition, recipients must distribute at least 3% of the funds received to tribal governments.

Although private sector companies are not eligible for this subsidy, the private sector is likely to benefit indirectly. The fact that governments are focusing more on cyber security will definitely help IT security teams as it will focus on the seriousness of addressing cyber security threats.

With this national focus, it should be easier for IT security teams to approve their budgets.

Securing your own IT security budget for 2023

Obtaining funding for IT initiatives can be difficult even under the best of circumstances. The current economic downturn will make it generally impossible for IT security teams to fund new security initiatives, barring some type of disaster. However, the federal government is currently focusing on cyber security so IT professionals can have an opportunity to have an open discussion about security within their organization, which can ultimately lead to funding for security projects.

Here are six basic steps that IT professionals can use to improve their chances of getting the funding they need:

Step 1: Describe the problem

It involves demonstrating to higher-ups that your project is intended to protect against a credible threat. Recent headlines can help provide the evidence you need and give you an opportunity to prove that if the government is taking cybersecurity threats seriously, your organization should too. In addition, if governments ramp up their cyber defenses, attackers may be tempted to move to soft targets, such as businesses that still rely on legacy security tools.

Step Two: Prove Your Point

This leads to the second step described in the article, which is to use data to your advantage. This could mean citing recent cybercrime statistics or using security tools available to gather statistics from your own organization, highlighting the problem you’re trying to solve.

Step Three: Present the solution

Next, you’ll want to highlight what your proposed solution will do. It’s one thing to demonstrate that a security problem is real, but you must be prepared to explain how your intended solution will solve the problem.

Step 4: Set the date

The fourth step is to create an implementation schedule. Those tasked with managing an organization’s finances are almost always concerned with return on investment. In other words, how long will it take for a newly purchased product to provide enough benefit to offset its cost. You must demonstrate that the cost of your proposed solution is reasonable and that it will be implemented and provide a return on investment in a reasonable amount of time. It also holds your entire stakeholder team accountable to the agreed upon timelines.

Step Five: Show them the money

In this approval process, you need to demonstrate the estimated savings for the company. Yes, your new security tool can protect an organization from catastrophic financial losses from a ransomware attack or regulatory breach, but it’s important to demonstrate savings in other ways as well. For example, will adopting a new tool reduce the number of overtime hours the IT department works?

Step Six: Do the research

Finally, you’ll want to show that you’ve looked at competing solutions and made a price comparison. It’s okay if your proposed solution isn’t the cheapest option. Make sure you can justify why you are not recommending the least expensive option.

Prove IT security budget requirements with data

Of course, before you can get funding for enhanced cybersecurity defenses, you need to demonstrate how your organization might be vulnerable to a cyber attack. Since many such attacks target Active Directory, you can start your data collection efforts by using Specops Password Auditor to scan your Active Directory for password vulnerabilities.

This free, read-only tool can help you find passwords that don’t comply with your password policy or compliance requirements or industry best practices. What’s important is knowing which users are using which passwords in the leaked information From a database of over 875 millionMaking those accounts vulnerable because their passwords are available for purchase on the dark web.

Specops Password Auditor is just one of the countless free security tools available online, but it’s a great place to start because it does a good job of finding actual security vulnerabilities that currently exist within your own organization.

Step into IT security funding in 2023 and test Specops Password Auditor in your Active Directory today.

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