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How to turn budget constraints into opportunities and make the most out of your SAP security budget
A new year and a fresh start are right around the corner. While the last year was filled with challenges and hardship, many organizations are now more prepared and possibly better equipped to deal with whatever 2021 will throw at them – whether it be more of the same challenges from 2020 or possibly a return to “normal,” as positive vaccine news brings hope. As we near the end of the year, many organizations will be preparing their budgets as they start to plan for 2021.
The pandemic has opened a lot of organizations’ eyes to the faults and fissures they may have in their internal security strategy especially as employees worked from home. As we start to start to see the true effects of the economic recession and the risk of fraud continues to increase, some organizations may increase their security budgets while many others may have to work with reduced funds as companies try to mitigate the impact of the last 10 months. According to a recent report from Kaspersky, while the overall IT budget has fallen due to the coronavirus pandemic, the share of IT budget dedicated to IT security continues to grow year-over-year.
Many audit and security professionals may be tasked with doing more with fewer resources available. But there are ways you can stretch your budget to continue to keep your organization safe while cutting risks and costs. Below we will discuss three tips to help you make the most out of your internal security budget.
Establish a Security Control Baseline
A company’s security control baseline aims to find the minimum internal security controls needed to keep SAP protected and the base objectives that must be met to achieve the security goals. Finding your company’s security control baseline should enable you to review your existing security measures and determine how effective they are. It is important to use reliable monitoring tools and procedures to help with the assessments, including access controls and Segregation of Duties (SoD) metrics which are an important part of any security baseline. The minimum acceptable security standards a company adopts can be useful in determining a budget and reducing overinflated spending.
Perform a Risk Assessment
Performing risk assessments can help you determine your current risk level. Risk assessments also help you gain a deeper comprehension of key areas of risk and how to tackle them as cost-effectively as possible. Conducting risk assessments continuously throughout the year can help catch all of your risks in advance which can potentially save you a lot more money than if those risks later evolve into incidents of fraud, loss of sensitive data or even employee errors. Some companies conduct their risk assessments manually which is very time-consuming and may be the reason they only perform them a couple of times a year. Automating access controls can help perform risk assessments quickly and accurately and can reduce costs in the long run.
Reduce Risk Remediation
This tip goes hand in hand with the tip above. By running more frequent analyses, risks can be found in the early stages and can be remediated faster instead of letting them accumulate which can make the remediation process seem daunting and leaves room for risks to slip under the radar. This strategy not only helps reduce the company’s risk but is also a budget-saving practice. Apart from the potential savings discussed in the section above, this strategy can help keep costs low when performing migrations. Many companies migrating to S/4HANA may leave risk analyses and remediation to after implementation. Which can result in a costly rework. KPMG estimates that rework left until after implementation may cost 30 times more than if it had been done beforehand.
For more tips on how you can stretch your SAP security budget while ensuring your organizational safety, check out our on-demand webinar: Tips to Make the Most of Your Internal Security Budget for SAP. This webinar will cover ten actionable tips on how to turn budget constraints into opportunities and make the most out of your SAP security budget. Watch the full webinar here.