What Should Be On Your Workplace’s Cybersecurity Budget?

There’s a reason why the job outlook for information security analysts is expected to rise by 33% over the next decade. These days, every major business is likely concerned with cybersecurity. And rightly so.

Everyone is likely familiar with the latest headlines about information leaks, from classified documents to customer data. So, what should businesses prioritize when it comes to their cybersecurity budget?

While the answer differs for everyone, in this article we’ve boiled it down to two areas that we think every workplace should prioritize when it comes to their security budget. That way, you can get peace of mind when navigating the new cyber landscape that we find ourselves in.

What Are the Two Areas of Cybersecurity That You Should Focus On?

These days we think there are two areas of cybersecurity that every business should be focusing on, regardless of their budget. The first is access and authentication tech, and the second is quality malware protection.

These are most likely to prevent hackers and viruses from attacking your business. However, depending on your specific business, you might also want to look into data protection, analytics, and vulnerability management.

If you aren’t sure what you need, then we recommend consulting with an expert first.

How Much Should You Spend on Cybersecurity?

There are a variety of factors that determine what your budget for cybersecurity should be. It includes things like your company size, the sensitivity of the data your handle, your reliance on eCommerce, requests forms stakeholders, and federal compliances.

We can say that most companies spend between 5% to 20% of their IT budget on security features.

So, if your IT budget was $2,000 per month, then it would be reasonable to spend roughly $600 per month on security features. However, for some people, it’s more. Ultimately it depends on what you need.

How to Maximize Your Cybersecurity Budget

If you’re tackling all of your cybersecurity upgrades yourself, then you likely know that it will come with a big price tag. Sometimes, it’s worth it. But, the reality is that more often than not it’s not optimized for the specific business.

So, what’s the alternative? One solution is a managed IT security company. These outsourced services are much more affordable and offer you a more personalized approach to cybersecurity.

Want More Content? Keep Reading

We hope this article helped you learn what things you should prioritize when it comes to your workplace’s cybersecurity budget. As we mentioned before, everyone has different cybersecurity needs.

But, if you focus on the areas mentioned in this article, or hire a professional, then you have the best chance of maximizing your return on investment.

Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep exploring to find more topics that you’re sure to love.