How much your business should spend on cybersecurity largely depends on a variety of factors, and you cannot lump yourself in with just any other business. The same IT budget will go to different lengths for different businesses. Your typical small business, for example, will not need the same level of security as a serious mega-corporation. But this doesn’t diminish the importance of cybersecurity spending; we’ll tell you why.
Here Are the Main Contributing Factors for Your SMB’s Cybersecurity Budget
Before we can even approach cost, we need to look at what that cost gets you. Here are the scenarios you’ll want to consider before you invest in security solutions for your business:
- Business continuity planning and preparation
- Employee security training and evaluation
- Risk assessment processes
- Incident response training
- Cyber insurance policies
- Cybersecurity evaluations and audits
These protections come with a cost, so be prepared to spend on the following:
- Business continuity and storage for your data backups, as well as teaching your team how the backup strategy works.
- Training your team on cybersecurity best practices, as well as training through routine testing.
- Identifying the various risks your business will face, as well as the materials necessary to aid in eliminating those risks.
- Insurance policies (they’re pricey, even for cyber insurance).
Plus, once you’ve figured out the baseline costs to protect your infrastructure, you’ll need to determine what it will take to solve any weaknesses.
Obviously, there is a lot to consider here, and you can see why no two businesses will have the same budget. Additionally, you have compliance for different industries to consider. You might need specific solutions that other organizations similar in size won’t need. Furthermore, failure to adhere to these compliances and regulations will only cause you to incur more costs in the form of fines and lawsuits.
Let’s Prepare You for the Worst
It’s not easy to put together an IT budget, but trust us when we say we’ll get you squared away. We can help your business prepare for just about any situation, even the worst-case scenario. This will help you avoid them entirely—the ideal outcome, all-around.
We’re the best investment you can make in your cybersecurity. To learn more, call us at 1-855-405-8889 today.