Resource allocation and budgetary constraints for cybersecurity projects in small to medium sized banks

Abstract

Due to resource allocation and budgetary constraints, it is extremely difficult for small to medium sized banks to adopt robust cybersecurity measures. There are two concepts to consider here: the limited financial and human resources available to these institutions, and the mechanics of how many of them are able to adopt and maintain effective military and intelligencelevel cyber defense systems. And the key findings that emerge are the prioritization of compliancedriven measures over proactive threat mitigation resulting from constrained budgets. It also examines riskbased budgeting, costefficient innovations, and shared services as ways to help alleviate these issues. Moreover, The role of regulatory and regulatory framework, the collaboration between stakeholders and leadership in optimizing resources utilization for the purpose of Cybersecurity has also been examined. Through the assessment of the existing successful practices and their relevant recommendations, the goal of this work is to help small to medium sized banks maintain a resilient and scalable cyber protective posture without overextending their budget.