Are you budgeting enough on Cybersecurity?

by | Apr 16, 2020 | SMB Cybersecurity

Port53

How to make the most of your cybersecurity investments.

Cybersecurity budgets are growing.  Worldwide spending on Cybersecurity is expected to top $124 Billion in 2019, and cybersecurity budgets have grown 141% between 2010 and 2018.  But that doesn’t mean there is an agreement within organizations on how much budget is needed, or how best to spend that budget.

About 60% of C-Level executives felt their organizations were well protected from attacks, but ask IT pros and only 29% felt the same.  Too often cybersecurity was looked at as a check-box item, but that didn’t mean the security program was well followed or that cybersecurity needs were addressed when planning for IT needs.

Some factors to consider when deciding how much you should be investing in cybersecurity:

  • How threats are evolving.  Hackers are getting more sophisticated, phishing attacks are more difficult to spot, and new attacks are constantly being launched. 
  • The footprint you need to protect is evolving.  Are people now working remotely? Using web-based tools for their jobs? Using personal devices for business?  Each involves a new type of threat and its own strategy for protection.
  • Privacy laws are evolving.  Europe has implemented GDPR which includes hefty fines for failures to protect customer data. And several high-profile data breaches, such as Equifax and other high-profile companies, is increasing the scrutiny from the government on how companies secure sensitive information.
  • Most data breaches are process failures, such as people not protecting a password.  Security needs to be top of mind for everyone within an organization.

The budget for Cybersecurity needs to evolve from a line-item to something that is infused as an integral part of your IT strategy.  According to Gartner, protection is evolving and should include:

  • Security Risks to User Devices.  People are using personal devices with company data, which needs to be protected
  • Cloud Security: Unsecured, cloud computing can be an easy entry point for a cyberattack.
  • Data Loss Prevention: Privacy regulation will increase, and the need to keep updated privacy policies is key.
  • Integrating Cybersecurity into the corporate structure:  Customers and key stakeholders expect that you will protect their information.  A failure to do so could be catastrophic to your reputation and bottom line.
  • Education:  Employees must be aware of threats and what your organization’s security policies are.

Constantly assess your cybersecurity needs, and then assign the appropriate budget to stay ahead of the ever-evolving cybersecurity landscape. Port53 can review your current policies and help you build a roadmap to keep your organization protected today and in the future.