As organizations continue to grapple with the ever-evolving landscape of cyber threats, the need for robust cyber security measures has never been more critical. One of the key players in this digital defense arena is the cyber security consultant. These experienced professionals utilize their proficiency in the field to guide organizations in fortifying their IT infrastructure against potential cyber-attacks. However, as valuable as these services are, they also come with a cost which must be budgeted for effectively.

The first step in budgeting for cyber security consultation involves understanding the nature of the services offered. Cyber security consulting encompasses various facets such as vulnerability assessments, penetration testing, secure software development, and incident response planning, among others. Each of these elements requires different skill sets and resources, thereby affecting the overall cost.

To make an informed estimate, it is essential to identify the vulnerabilities specific to your organization's IT infrastructure. For instance, if your organization's IT systems are primarily cloud-based, your focus might be on securing your cloud storage. This would dictate the need for a consultant with expertise in cloud security, thus influencing the budget. A thorough risk assessment, identifying potential threats and their impacts, would greatly assist in this process.

Understandably, the cost of consultation varies with the size of the organization and its IT infrastructure. A multinational corporation with a complex IT framework would inevitably require a more extensive consultation than a small business with a less complicated setup. The scope of the consultation, which could range from a one-time project to an ongoing partnership, would also impact the budget.

Now, this is where economics plays a significant role. The law of supply and demand dictates that as the demand for cyber security consultations rises, so too will the cost. With the increasing reliance on digital platforms, the demand for cyber security consulting services has skyrocketed, prompting a surge in their cost. However, the price of not investing in these services could be much higher, as evidenced by the significant financial losses incurred by organizations falling prey to cyber-attacks.

Simultaneously, the shrinking talent pool of cyber security experts, a situation termed as the ‘cybersecurity skills gap', is exacerbating this demand-supply imbalance. The shortage of proficient professionals in the field means that organizations are willing to pay a premium for their services, further escalating the cost.

In terms of budget allocation, it's imperative to remember that the costs of cyber security consultation are not limited to the consultant's fees alone. There are additional expenses involved, such as implementing the recommended security measures, training personnel, and maintaining the enhanced security systems. Additionally, the cost of potential regulatory non-compliance, with stringent data protection laws like GDPR and CCPA, should not be overlooked.

However, it isn't all grim. As in any market, competition among consulting firms can work to the advantage of the organizations. An increasing number of consulting firms are entering the market, offering competitive prices. Additionally, advancements in artificial intelligence and machine learning are paving the way for automated cyber security solutions, which could potentially reduce the dependency on human consultants, thereby lowering the cost.

In conclusion, budgeting for cyber security consulting services, though seemingly daunting, can be effectively managed with a strategic approach. A keen understanding of your organization's specific needs, a thorough risk assessment, cognizance of the market dynamics, and foresight of potential additional expenses are the key ingredients to achieving this. Remember, in the digital age, an investment in cyber security is not a discretionary expense, but an essential shield protecting your organization's most valuable assets.