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Technologies: Ensure backup systems and secure recovery infrastructure are in place. Effort: 160 hours (4 weeks) of work from the CISO, with contributions from Training materials and facilitators: $5,000 Effort: 120 hours (3 weeks) for installation and configuration. Example: cybersecurity staff. Resources Needed: HR and cybersecurity staff to oversee training, budget for training Cost Estimates: After a simulated ransomware attack, the IR team executes the plan, restoring systems Cost Estimates: Minimal, as this can be handled internally. Estimated at $2,000 for materials. from backups and fulfilling regulatory reporting obligations promptly (Ponemon Institute, document preparation and legal review. SIEM software licenses: $30,000 2023). 6. Establish Incident Response Plan (IRP) Resources Needed: CISO and legal counsel to ensure compliance with regulations. Resources Needed: IT team for implementation, financial resources for software budget. These five strategic actions form a comprehensive cybersecurity strategy that will protect Action: Develop an incident response plan and conduct tabletop exercises. 10. Vendor Risk Management Process Padgett-Beale Financial Services against emerging cybersecurity threats while complying 3. Deploy Firewalls and Intrusion Detection Systems (IDS) Timeframe: Months 4-5 with legal and regulatory requirements Action: Install commercial firewalls and IDS to monitor network traffic. Action: Implement a vendor assessment process to assess third-party risks. processes, and technology, PB-FS can establish a resilient cybersecurity posture tha Effort: 100 hours (2.5 weeks) for plan development and 40 hours for exercises Timeframe: Month 6 fosters customer trust and meets the challenges of the evolving digital landscape. The Timeframe: Months 2-3 Cost Estimates: $3,000 for facilitator and documentation preparation. board must prioritize these strategies to ensure successful integration and security for the Effort: 80 hours (2 weeks) from IT staff for installation. Effort: 40 hours (1 week) for setting up the process. new organization. Resources Needed: CISO and cybersecurity team for plan creation, external consultant Cost Estimates: for training. Cost Estimates: Minima uilt on existing resources. Firewall and IDS software/hardwares: $25,000 . Implement Multi-Factor Authentication (MFA) Resources Needed: Procurement and legal teams to develop the assessment criteria. Plan of Action Implementation Timeline Training for IT staff: $5,000 Action: Add MFA for all critical systems and remote access. Implementation Timeline Summary Overview Resources Needed: IT personnel for installation and configuration testing, budget for Timeframe: Month 4 Task Timeframe Cost Estimates This plan outlines the necessary steps to establish a comprehensive cybersecurity framework for equipment and training. Effort: 60 hours (1.5 weeks) for system integration and testing. Hire Cybersecurity Staff Month 1 $240,000 PB-FS. It includes specific actions, timeframes, estimated costs, and resources required for each element of the cybersecurity strategy. 4. Implement Data Encryption Cost Estimates: Develop Cybersecurity Policies Months 1-2 $2,000 1. Hire Cybersecurity Staff Action: Encrypt sensitive data at rest and in transit. MFA software: $8,000 Deploy Firewalls and IDS Months 2-3 $30,000 Action: Recruit a Chief Information Security Officer (CISO) and additional cybersecurity Timeframe: Months 2-4 Resources Needed: IT team for integration and support, budget for the software solution. Implement Data Encryption Months 2-4 $25,000 personnel. Effort: 120 hours (3 weeks) for technology deployment and testing. 8. Research and Acquire Backup Solutions Conduct Security Awareness Training Month 3 $5,000 Timeframe: Month 1 Cost Estimates: Action: Develop a backup and disaster recovery plan, including testing of backups. Establish Incident Response Plan Months 4-5 $3,000 Effort: Full-time engagement for the recruitment process. Encryption software licenses: $15,000 Timeframe: Months 4-6 Month 4 $8,000 Cost Estimates: Additional storage requirements: $10,000 Implement Multi-Factor Authentication Effort: 80 hours (2 weeks) for research, deployment, and testing. CISO salary: $150,000/year Resources Needed: IT staff and data management team for implementation, budget for Research and Acquire Backup Solutions Months 4-6 $20,000 Cost Estimates: Two cybersecurity analysts: $80,000/year each software and storage costs. Establish SIEM Months 5-6 $30,000 Recruitment costs: $10,000 . Conduct Security Awareness Training . Backup solutions (cloud storage and on-site): $20,000 Vendor Risk Management Month 6 Minimal Resources Needed: HR personnel for hiring process, budget for salaries Action: Provide security awareness training to all employees. Resources Needed: IT staff and finance for budget approval, project management resources. Total Estimated Cost: $353,000 . Develop Cybersecurity Policies Procedures Timeframe: Month 3 9. Establish Security Monitori Event Management (SIEM) The implementation of this cybersecurity strategy will require a total estimated Effort: 40 hours (1 week) for planning and executing training sessions. investment of $353,000, encompassing personnel, technology, and training. Allocating Action: Create and implement formal cybersecurity policies and procedures. Action: Deploy a SIEM solution for ongoing monitoring and alerting. this budget and adhering to the propo ntial for mitigating risks and Timeframe: Months 1-2 . Cost Estimates: Timeframe: Months 5-6