As a business owner, you know that it's important to keep your budget in check. But when trying to save on costs, many business owners make the huge mistake of thinking that they can skimp on IT security. Not only is it important to have a healthy IT security budget, but it’s also necessary to approach security budgeting the right way.
In this article, we will discuss why it's vital for businesses to have a healthy IT security budget.
What is the right approach to creating an IT security budget?
Budgeting for IT security should be approached holistically. This means that you can't just look at the cost of technology. You also need to consider the costs associated with processes and people. For example, you need to think about the cost of training your staff on cybersecurity best practices as well as factor in the cost of incident response in the event of a breach. In terms of IT security tools, some nonnegotiables include network-level protection, patch management, mobile device security, and backup and disaster recovery systems.
You also need to think about things like ease of use, deployment time, and compatibility with your existing infrastructure. But with the abundance of market options, budgeting for IT security can be a challenge.
Note that no two companies will have the same IT budgets, much less cybersecurity needs. The cost of IT security will vary depending on a variety of factors, including the sensitivity of your firm's information, the systems and procedures you have in place, and any relevant industry regulations.
The key is to work with an experienced team who can help you tailor a solution that meets your unique needs. It also pays to document your IT security strategy.
How does IT security strategy documentation help keep your budget in check?
Security strategy documentation is important for a number of reasons:
- It ensures that everyone in the organization is on the same page when it comes to security measures.
- Documentation provides a roadmap for incident response in the event of a breach.
- Good documentation can help you identify gaps in your security posture so that you can make improvements.
- Documentation helps you track progress over time and measure the effectiveness of your security initiatives, so that you can allocate resources appropriately.
There are many different types of documentation that can be helpful for IT security purposes. For example, you may want to create network diagrams, data flow diagrams, process maps, or asset inventories. You may also want to develop policies and procedures related to things like password management, data classification, or incident response. The important thing is to make sure that your documentation is up to date and relevant to your organization's needs.
Should your business reduce IT security spending?
The short answer is no. Skimping on IT security is not worth the risk, considering that the costs and consequences of a breach are expected to increase in the coming years. Without the right cybersecurity measures in place, a breach can be devastating to your business. You will have to deal with the direct financial costs of a breach as well as the indirect costs, such as reputational damage and loss of customer trust.
According to a recent cybersecurity report, “cumulative global spending on cybersecurity products and services will exceed $1 trillion over the next five years.” Additionally, spending on damage control and mitigation solutions will account for a significant amount of IT security expenditures in the future. Because of this, IT security executives should anticipate their budgets to grow in the next few years.
The good news is that there are plenty of cybersecurity tools available to organizations that can substantially reduce without breaking the bank. Businesses in San Jose, Greater Bay, and other areas throughout California can partner with a local managed services provider (MSP) like USWired, which offers a comprehensive security plan that greatly minimizes security risks. Outsourcing security operations helps with IT budget management, since MSPs typically offer on a monthly basis for a set price.
Cybersecurity is an investment that will pay off
It's important to think of cybersecurity as an investment rather than a cost. By investing in cybersecurity now, you're protecting your business from future risks and costly breaches.
If you're not sure where to start, we recommend talking to a cybersecurity expert. They can help you assess your risks and put together a budget that meets your specific needs. Don't wait until it's too late — call the IT security experts at USWired today.