Posted by Anne-Marie Avalon
July 3, 2023
This blog delves into the cost-saving advantages of SaaS-based Secrets Management. SaaS solutions have revolutionized the way businesses operate by eliminating the need for hardware, software installation and support, offering a cost-effective alternative to traditional models of software deployment. Hidden costs associated with infrastructure scaling are eliminated, as these expenses are included within the SaaS Secrets Management pricing model. Plus, Secrets-as-a-Service eliminates the necessity for internal support for maintenance or upgrades, making it an economic lifeline for businesses of all sizes.
The Emergence of the Cybersecurity Budget Impasse
The Cisco Cybersecurity Readiness Index reveals that a staggering 86% of businesses plan to increase their cybersecurity budget, a clear acknowledgment of the pressing need for comprehensive cybersecurity measures. However, only 15% of those surveyed are prepared to grapple with imminent cyber threats, signaling a troubling disconnect in the efficient deployment of budgeted resources.
It’s crucial to dissect the layers of challenges that complicate InfoSec budget allocation decisions. Let’s dive into those diverse challenges.
Outside forces create cybersecurity budget strategy challenges
As the annual report of the United States Intelligence Community warns, we are on the cusp of a swell in diverse threats in the upcoming year. The relentless pace of technological evolution, the growing clout of non-state actors, and the global turmoil ignited by the COVID-19 pandemic are all potent accelerants to this impending threat landscape.
Geopolitical churn and economic flux, such as the enduring discord between Russia and Ukraine, exert palpable influence on the behavior of threat actors, consequently ratcheting up the cybersecurity risks we face.
Regulatory amendments and directives form another significant stratum of challenges. For instance, modifications in government regulations can thrust considerable weight on cybersecurity priorities and resource allocation. Meeting compliance requirements necessitates corporations to set aside funds to comply with new standards and fortify the defenses around sensitive data.
Technology behemoths like Apple and Google have also joined the fray, redefining the paradigms of online data collection to assuage rising privacy concerns. These initiatives underscore the pressing need for innovative cybersecurity strategies that can harmoniously balance threat mitigation and cost-effectiveness.
Factoring cyber insurance into the mix
Cyber insurance is becoming impossible to ignore. The need for a strong financial safety net to guard against losses from cyber incidents is becoming more pronounced. According to a study by Cybersecurity Ventures, the global cost of cybercrime is expected to reach a staggering $10.5 trillion annually by 2025, which brings the spotlight firmly on cyber insurance. Especially when experts predict a 25 to 100% increase in cyber insurance premiums in 2023.
A positive trend toward including Secrets Management in cybersecurity budgets
It’s evident that the challenges are manifold, and a comprehensive, adaptive approach is the way forward. A positive trend is seen in GitGuardian’s 2023 Voice of the Practitioner survey, which reveals that 94% of participants indicated a willingness or plans to bolster their Secrets Management protocols within the next 12-18 months in order to combat the risk of cyber incidents.
“Stolen or compromised credentials continue to be the primary vector for data breaches, accounting for 19% and 20% of incidents in 2022 and 2021, respectively. The average cost of breaches resulting from stolen or compromised credentials stands at a hefty USD 4.50 million.”IBM Cost of a Data Breach 2022
However, self-deployed secrets management can be a daunting project, requiring multiple deployments to ensure high availability and to support complex, global organizations.
And that is how SaaS Secrets Management comes in to cut your security budget.
How SaaS-Based Secrets Management is emerging as an economic lifeline
Navigating the complex landscape of cybersecurity does not have to drain your resources.
SaaS-based Secrets Management, a vital component of modern security practices, streamlines your process and save time and money by reducing the labor and infrastructure needed.
Through the implementation of a SaaS-based platform, organizations curtail costs, improve efficiency, and boost security while shrinking Secrets Management expenses because there is no need for the computing resources or the engineering time that self-deployed solutions require. Some of our enterprise clients report savings in the millions of dollars after switching to SaaS!
The move to Akeyless, for instance, yielded significant time savings for Progress. Progress saved 60%–70% in maintenance time by simultaneously simplifying the workflows tied to providing employees access to necessary resources and reducing the need for in-house support of mission-critical secrets that require high availability and data recovery.
Let’s take a look at how SaaS-based Secrets Management can save your enterprise time and money.
Six proven ways how SaaS Secrets Management can cut your security budget
- Reduces the need for IT staff: This can save organizations money on salaries, benefits, and training.
- Eliminates the need for hardware and software purchases: Since SaaS secrets management is a cloud-based solution, organizations don’t need to purchase any hardware or software. This can result in significant cost savings, especially for businesses with a large number of users.
- Reduces the cost of security breaches: By employing SaaS secrets management, organizations can more easily scale security management for multiple regions and business units, reducing the risk of security breaches and saving money on the cost of remediation.
- Centralizes data management: An enterprise-ready secrets management platform provides a centralized dashboard to manage your environments’ secrets. This eliminates the need to manage secrets across multiple systems, reducing the time and effort required.
- Automates workflows: The right secrets management solution can automate many tasks associated with managing secrets, such as secrets rotation and provisioning. This frees up IT staff to focus on other critical tasks.
- Improve visibility: A central secrets management platform provides organizations with greater visibility into how secrets are being used and can track access and use for streamlined audits. This helps identify and address security risks more quickly and efficiently. It also helps significantly with regulatory compliance and audits.
The towering task ahead of CISOs is the critical balancing act of fortifying their InfoSec budgets in a world plagued by evolving digital perils and strained resources. Fortunately, SaaS-based secrets management not only slashes costs but also boosts efficiency and fortifies security protocols.
Explore our website for more insights, valuable resources, pricing, and tools designed to empower you with the knowledge and solutions needed to make an informed decision on the benefits of SaaS Secrets Management; optimize your budget, reduce costs, and enhance security.
Book a demo today and see how Akeyless can save your company precious time and money.
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