Budgeting in cybersecurity - Can businesses afford it?

February 10, 2021 | Sam Meenasian

This blog was written by an independent guest blogger.

Creating an annual budget is challenging because business owners must consider all expenses in the coming year. Apart from ensuring that everyone is paid, and taxes are taken care of, cybersecurity should be one of the most important factors to consider.

Even though there are many methods businesses can use to prevent cybercriminals from stealing information, hackers are always inventing new ways of breaching closed systems. If you’re concerned about cybersecurity, keep reading, and we’ll tell you why it’s crucial for your business.

Cyberattacks are on the rise

No matter how small or large your business might be, you should know you’ll always be a target for cybercriminals. Cybercrime has been an issue ever since the internet was invented, and even though we have many different methods of preventing these criminals from stealing information, they always come up with new methods that are hard to detect.

According to this research, around 50% of all cyberattacks target small businesses, and over 68% of small businesses reported some type of cybercrime in 2018. Criminals have become more sophisticated, making it hard for small businesses to keep up with security measures. Phishing, ransomware, malware, and data breaches are still a severe threat for companies worldwide. In fact, things have gotten even worse in the past few years.

COVID-19 has made cybersecurity even more important

It’s no secret that the world wasn’t ready to cope with a pandemic. The spreading of COVID-19 has shown that we all live in a fragile world where things can change completely overnight. As businesses and offices went into lockdown, business owners had to change the way they get things done.

Offices closed to prevent the virus from spreading, and most businesses reorganized their operation to work remotely. Employees started working from home rather than the office, which only increased the risk of data breaches and other criminal activities. Instead of working in a closed local network, all of the work has to be done online, which gives cyber criminals plenty of opportunities to steal information.

Business owners must extend cybersecurity features to each employee, which is much harder to control and more expensive. The security of the entire system now depends on employees’ understanding of cybersecurity. One small mistake is enough to jeopardize the entire company. That’s why cybersecurity is essential more than ever before and why you have to invest in educating employees on the dangers of cybercrime.

Proactive budgeting approach 

Creating a budget for the following year comes with all kinds of difficult challenges. Traditional budgeting is often tough to figure out, and the smallest mistake can lead to problems that could lead to severe implications, in some cases completely shutting down organizations. Small businesses working on a tight budget often can’t afford to make mistakes in their calculation. That’s why proactive rather than reactive budgeting is the best option.

Instead of creating a budget based on past experiences, this approach is focused on the future. The budget is calculated according to the plans for the next year, not previous years’ performance. That way, businesses can plan a budget to cover only the expenses they will need.

Cybersecurity should be one of their biggest concerns, so investing more in employee training and education on the subject of cybercrime while cutting down on office equipment is the right thing to do in this newly-developed situation.

Being proactive is better even if your budget is low

A proactive approach is the best option because it allows you to anticipate potential problems and prepare the right strategy in advance. Once you understand how cybercriminals work and what they target the most, you will be able to create a safer environment for your employees.

That usually means hiring a cybersecurity expert who can pinpoint potential risks in your system and make the improvements needed to ensure complete protection. That can be expensive, but it’s an essential factor for any type of business insurance.

Talk to professionals

Doing everything yourself will take a lot of time and patience. It takes years to become a cybersecurity expert, so that’s often out of the question for many business owners. However, hiring a professional can give you much better results for just a fraction of the price.

These experts are well-informed about the latest cybercrime trends. They know how cybercriminals target their victims, and they can quickly identify problems in your company. Every business should consider hiring professionals to take care of their cybersecurity features, which prevents data leaks and other cybercrimes that could add up to a huge amount of money in damages.

Every company should be able to afford it

The size of the company and the money it makes doesn’t matter to cybercriminals. They mostly focus on stealing private user information they later sell or use to steal credit card information. That’s why you should always invest in business cybersecurity, no matter how tight your budget might be.

You must create a safe environment for everyone involved with your businesses to minimize the chances of cybercrime and prevent huge losses before the damage is done.

Conclusion

Creating a cybersecurity budget will give your company the stability it needs to keep running smoothly. Think of it as an investment in the future. Without the latest cybersecurity features, you will risk your business’s future and potentially lose a big part of your revenue. You should always make sure that you’re one step ahead of criminals who will surely try to attack your company in the near future.

Sam Meenasian

About the Author: Sam Meenasian

Sam Meenasian is the Operations Director of USA Business Insurance and BISU Insurance and an expert in commercial lines insurance products. With over 10 years of experience and knowledge in the commercial insurance industry, Meenasian contributes his level of expertise as a leader and an agent to educate and secure online business insurance for thousands of clients within the Insurance family.

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