Fitting your IT security needs into your company budget is easier than most CEOs and CFOs may think. Most don’t want to deal with this area of business, preferring to leave those decisions to people who may know more about cybersecurity in general, but who don’t know how to create a custom-fit IT security plan to dovetail with company finances. This is probably why many companies end up with too much or not enough cybersecurity for their particular business model and operational needs.
IT Budgets Need Not Break Your Bank
For instance, don’t pay for more cloud backup or dedicated server capacity than you require. Also, you don’t need multiple antivirus and spyware programs fighting one another, or overworking your PCs and servers. Just get the cybersecurity that best covers you, and that also allows for data recovery and business continuity. Make sure you have broad-based security that covers all the bases and isn’t redundant. Your CIO or CISO can make adjustments to your IT budget as needed, but if you don’t have a CIO/CISO (Chief Information Security Officer), then have an administrative assistant/AP or perhaps your webmaster/programmer handle the day-to-day cybersecurity issues.
Cybersecurity Is a Necessity in the 21st Century
Cybersecurity is going to continue being a necessary part of doing business in the 21st century, and it will likely have to expand its reach for SMEs, startups, large corporations, and even individuals. It is such a hot-button issue right now that even the White House has officially weighed in on the issue of IT security threats and preparedness. And while a Wall Street Journal report from 2013 makes the case that companies are not saving enough of their budgets for cybersecurity, another report in Financial News from late 2014 said that financial firms were stepping up their cybersecurity spending — with good reason. But, even in large financial institutions, the IT security budget can be designed to fit the particular fiscal profile and risk management requirements.
A Cybersecurity Insurance Policy
Having a good IT security plan in place for your company is like having life, auto or disaster insurance, but it also provides data backup and recovery, business continuity, etc., so it’s like business insurance that works for you on many levels. You are ensuring that your data is not only not stolen and exploited by hackers and other outside parties, but you are also making sure that, in the event of any disaster, your valuable intellectual and corporate assets remain intact. Most CEOs overlook the need for adequate cybersecurity — to theirs and their employees’ detriment, as we are clearly seeing in more and more news stories using the newfangled word “cyberbreach” underscoring this fact. Companies such as JPMorgan Chase are doubling their cybersecurity budget as a result of their own cyberbreach, but you definitely don’t want to be caught with your data out in the wind when it’s too late, by not having that insurance policy in place beforehand.
Skimp on Cybersecurity and Pay a Bigger Price
We are seeing many examples of large financial firms having their cybersecurity compromised, government cyberbreaches, and other large corporations getting caught with their sensitive customer and user data in the hands of hacker-hijackers. But other small-to-medium enterprises are feeling the heat as well — even though they aren’t the primary targets on hacking lists. SMEs can be just as easily hacked (if not more easily), even though they present less of an overall payoff for hackers. Even so, a company of 10 to 250 employees can stand to lose as much in terms of data, legal liabilities, and subsequent “damage control” in case of a cyberbreach due to faulty IT security.
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