We all know about the threat that cyberattacks pose. Cybercrime affects us all and successful cyberattacks are regularly in the news headlines. And yet it can still be hard to direct significant financial resources towards cybersecurity for your business. Money is tight for many and, if they request more money for cybersecurity, CIOs and network administrators are often refused. Let’s consider three ways you can invest in cybersecurity without feeling that you’re wasting your money.

Some companies that have recognized the problem have created a CISO (chief information security officer) role to manage the problems. The CISO is entrusted with protecting business data and digital resources and with allied budgetary management. They may report to the CIO, but usually have some discretion regarding the allocation of funds for cybersecurity. You may not have a CISO, so these tips may help you with your budgeting and financial allocations.

Digital Strengths and Weaknesses

To use available cybersecurity funds effectively, you need to know exactly where you already stand. This will be invaluable for ensuring your digital resources are reliably secured and you may be surprised by the results. The starting point is identifying which assets should be prioritized for protection. Small business owners in particular often find that they fall short in the following areas:

– Business continuity strategizing. It’s common for businesses to neglect their contingency plans. This means that in a crisis scenario they are poorly equipped to respond and could face serious downtime and interruption to operations.

– Cybersecurity training. Your staff are the frontline in the fight against cybercrime, but they need training to do this effectively. Phishing attacks are incredibly common, leading to the spread of malware and the theft of company data. Staff need to know what the signs are and the consequences of falling prey to a cyberattack.

– Insurance again cybercrime. Many people are not even aware that insurance is available to protect against cybercrime and loss of data.

All businesses, big or small, should implement a detailed security assessment, on which to base comprehensive cybersecurity planning.

Security Planning Beyond the Basics

The people who make the spending decisions in your organization need to appreciate what the returns on investing in security measures are. That means quantifying the benefits of cybersecurity expenditure. When decision makers understand the risks of cybercrime to the functioning of a business they will be more inclined to act.

Many sectors are now required by law to comply with regulations concerning cybersecurity, to protect personal data and privacy. It shouldn’t stop there. Cybersecurity spending shouldn’t be geared to protecting yourself against the regulators. It’s about risk mitigation in a much wider sense, and about promoting productivity and profits.

Automation is one tool that can be effectively deployed in relation to security. Your IT team will be relieved of the burden of repetitive tasks, and automation will also generate essential data. This data alone could be worth the expenditure.

Bringing Solid Contributors on Board

One of the biggest expenses a business faces is hiring new staff. With the rise of cybercrime, the need for trained personnel who can manage the security risks this poses to your IT systems is growing. Your cybersecurity budget should take account of this. You may just need another pair of eyes to make sure your IT infrastructure is secure, or to train staff in cybersecurity awareness. There are many advantages to bringing in solid contributors who understand cybersecurity and can quickly get a handle on how to manage it in accordance with the specific needs of your business.

The need for network security and properly formulated plans to deal with it isn’t going to go away, and appropriate resource allocation to support it is essential. Securing the tools and resources needed can take some effort but it will be worth it. If you’d like advice from one of our security experts about how to deploy your security budget, call Quikteks today at (973) 882-4644.

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Discover the essential insights to safeguard your business from failure and gain invaluable knowledge, expert advice, and proven strategies that every business owner must know.