With the end of the year approaching, businesses are busy crunching the numbers for 2020. There are a lot of factors that go into building an annual budget, and small businesses are often left to juggle competing priorities for where to invest.
Cybersecurity is one priority, in particular, that is on just about everyone’s radar in some way, shape or form for 2020. With national news and anecdotes regularly featuring stories of cyberattacks to businesses of all sizes, small businesses are starting to wonder about the risks they face and whether they’re doing enough to protect themselves.
As with many core business functions, cybersecurity often requires a monetary investment and therefore needs space on your budget. The need for cybersecurity isn’t going away any time soon, it’s actually becoming more and more relevant for small businesses. That’s why it’s important to consider cybersecurity as a business, financial and practical priority in 2020. This article will discuss what you need to know about budgeting for cybersecurity, including:
- Why cybersecurity should be a part of your business – and your budget
- The potential cost of a data breach and the resulting ROI of a cybersecurity program
- How to decide how much to spend on cybersecurity
- How to maximize your investment to best protect your company
Put the calculator down and the thinking cap on. Here are a few thoughts worth considering as you plan and budget for the year ahead.
Why budget for cybersecurity?
Cybersecurity is an area that affects businesses of all sizes, including small businesses. In fact, about half of all cyberattacks target small businesses and 68% of small businesses have experienced a cyberattack in the last 12 months. In addition to simply protecting your company from the cost and disruption of a cyberattack, companies roll out cybersecurity programs