Smart Budgeting for Cybersecurity

cybersecurity

Fixing a cyber threat can be extremely expensive for any business. Sometimes, this expense is so high that the company does not recover and has to close its doors. To prevent this from happening, every business needs a healthy cybersecurity budget to protect its network. If you're starting to create a budget for it, here are a few critical points to keep in mind.

Size of Company

When laying out the initial budget for your cybersecurity, you need to know precisely how many employees the company has, as well as what its overall budget is. Often, this budgeting is done by calculating a specific percentage of the IT budget, or it may require a certain amount pledged per company employee to keep the network as safe as possible. Larger businesses with more machines and more workers will obviously need A higher IT budget to keep it safe from threats. And if the company is highly profitable, it will be a tempting target for cyber thieves.

Think Big

When budgeting for cybersecurity, it may be tempting to keep the budget as small as possible. But this is a big mistake. When setting up a network and making sure that it's maintained, consider the many, many devices that will be used in your network. You also have to have a budget that can pay for cybersecurity should your business begin to grow. By thinking too small, there may be not enough security features applied to the network. Think of the network is a vast array of machines and your business as one that is certain to grow.

Familiarize Yourself With the Numbers

If you were hesitant to lay out a large budget for cybersecurity, it could be helpful to look over the actual numbers that are involved in the average cybersecurity threat. For instance, if your business stands to lose $1 million or more if the network is attacked, spending $50,000 on security each year is a far better investment. Companies are attacked daily, and having security in place before it happens is the best way to keep the network and the business safe from thieves.

If your business is worried about its cybersecurity, contact us today to find out what we can do for your business and how we can strengthen its security systems.