Now is the Time to Start Planning for Cyber Security
Businesses of all sizes are facing increased risks of hacking now than ever before. There is a strong need to fortify defense preparations to protect the company, employees, customers, and sensitive data. Tips for planning and budgeting for cyber security follow below.
How Much Do Companies Need to Invest?
Large companies should plan to spend nearly 15% of their IT budget on cybersecurity. Small and medium-sized businesses should plan to invest depending upon their collected and expected revenue, employees, and the level of risk expected. You should also assess what damage that even a small breach or cyber attack can cost your business. In order for you to have a full picture of the situation, it’s wise to contact a cybersecurity consultant or second opinion for a free threat assessment/cyber health check.
What Resources Do You Have?
Budgeting depends upon many factors, including the availability of resources. Once you assess your business vulnerability, take inventory of the resources available for developing, implementing, and maintaining a comprehensive cyber security plan that your resources can easily manage. Remember, it may involve hiring a professional or consultant to set up new infrastructure and systems. You may consider involving your insurance company for their insight on planning or to see if it could reduce your company’s liabilities (i.e. cyber risk insurance).
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