There is no question that businesses need to spend money to safeguard their network and data. But most business owners don’t even know where to start when it comes to budgeting for IT security. How much should you spend? What items should you include in the budget? How do you decide the division of funds between these items? Are you allocating too much or too little? All these questions are perfectly valid and, in this article, you will find the answers.
Guidelines on Budgeting Properly for IT Security
Budgeting for IT security is not something to be taken lightly. Allocating too little might leave your business vulnerable to cyber threats. On the other hand, spending too much can put you in a precarious position in terms of finances. To help you maintain a balance when allocating funds for cybersecurity, here is a sample sequence of steps you can take.
Evaluate existing vulnerabilities.
Take a close look at the security threats that your organization is currently facing. Find out which areas are at the highest risk – data protection, access points, and network security often display red flags.
Take compliance into account when Budgeting for IT.
Failure to comply with industry regulations on security can lead to hefty fines. Rather than pay thousands of dollars on penalties, it’s better to invest in security solutions that will keep you fully compliant right from the start.
Set aside funds for security infrastructure.
A solid security system consists of several tools like antivirus software, firewalls, encryption software, threat detection technologies, and so on. Each of these elements costs money and you must budget accordingly.
Allocate for employee training.
One of the oft-forgotten aspects when it comes to budgeting for IT security is the regular training of employees. Perhaps business owners expect their staff to simply learn on their own, so they don’t allot funds for it. Regular employee training, however, makes a huge difference and should therefore be a non-debatable part of the budget.
Be ready for worst-case scenarios when Budgeting for IT.
Despite having the most robust security strategies in place, the risk of becoming a cyberattack victim is always present. In case an incident does occur, you need to be ready and have adequate funds set aside for data backup systems and recovery plans.
Include funds for monitoring and auditing.
Security threats are now evolving faster than ever, which means constant monitoring and auditing are a must. The funds for this are best allocated toward a reliable MSP that will really keep a close eye on your security infrastructure and even provide assistance when it comes to making budget decisions for IT security as well as the other aspects of your business.
Conclusion on Budgeting for IT
Aside from hiring an MSP, another excellent way to make budgeting for IT security easier is to use our End-of-Year Cybersecurity Health Check Guide. This resource will give you a crystal-clear picture of the state of your security system, allowing you to easily pinpoint where your budget should go. For more information on how to budget for IT security or to learn more about how an MSP can help, give us a call.
