Budgeting For Cybersecurity - Why It Is Critical For Small Business

Last Updated on 2023-08-02 20:11:30

As a small business owner, you typically end up wearing many hats. You're responsible for sales, marketing, operations, and, of course, finances. When it comes to budgeting, it's easy to prioritise things like rent, salaries, and supplies, but have you considered how important it is to budget for cybersecurity?

It may not make it to the top of your to-do list, but investing in IT Security services is vital for the success and security of your business. Today, cyber threats are becoming more and more sophisticated, and unfortunately small businesses are increasingly becoming targets. Putting in place a robust Disaster Recovery plan can benefit greatly when the time comes.

Statistics show that, 60% of small businesses go out of business within six months of a cyber attack.

The Cost of Cyberattacks for Small Businesses

The financial impact of a cyber-attack can be devastating for a small business. We have had clients that experienced significant breaches that could of been prevented. The average cost of a cyber-attack in the UK is from £4,200. up to £19,400, - according to the UK Gov Cyber Security Breaches Survey 2022 - and that's a figure that most small businesses simply can't afford. In addition to the direct financial losses, there are also indirect costs to consider, such as damage to your brand reputation and loss of customers. It is incredibly disruptive.

Investing in IT Security Protects Your Business

Investing in IT security is an investment in the security of your business. Protecting your business from cyber threats, ensures the confidentiality and privacy of your customer data, and helps you comply with legal requirements and regulations. By budgeting for IT security, you're taking proactive steps to protect your business and ensure its success.

What to Consider When Budgeting for IT Security

When budgeting for IT security, there are several things to consider. Also, while many of the basic protocols will be standard, each business will have it's own requirements. To start with, evaluate your current level of IT security and determine what improvements need to be made. This could include upgrading your software and/or hardware, implementing new security protocols, and training your employees on best practices for data security. Read more in our complete IT Security guide

It's also important to look at the type of data you're storing as well as the level of security it requires. For example, if you're storing sensitive customer data, you may need to invest in more advanced security measures such as encryption and multi-factor authentication. Your IT security provider will be able to discuss the best options with you.

The Importance of Staying Up-to-Date

Cyber threats are constantly evolving, which means your IT security measures need to be constantly evolving too. It's important to budget for regular software and hardware upgrades, and for ongoing employee training to keep up with the latest threats and best practices for IT security.

Key Takeaways

Budgeting for IT security is essential for the success and security of your small business
Investing in IT security protects your business from cyber threats, ensures the confidentiality and privacy of customer data, and helps you comply with regulations
Review your current level of IT security and determine what improvements need to be made
Look at the type of data you're storing and the level of security it requires
Stay up-to-date with regular software and hardware upgrades and ongoing employee training

Small Business IT Security on a Budget - Protect Your Business with Confidence

Don't leave your small business vulnerable to cyber threats. Start budgeting for IT security today to ensure the success and longevity of your business. Our affordable IT security solutions will give you peace of mind and protect your valuable assets from cyber threats. Don't compromise on security – budget for the best defense for your small business today.

Contact us now to learn more about our cost-effective IT security solutions and take the first step in protecting your business.

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