How should a small business approach its IT security budget?
Cyber-attacks on small and mid-sized businesses (SMBs) are snowballing. More people, new devices and growing volumes of data are expanding the network size and the exposure surface.
To address the increasing risk, SMB must increase IT security budgets. IT departments are competing with other functional units (Sales, Marketing, HR etc.) for budget. And please note that security is only one component of the IT budget; not the entire IT budget.
The other contest faced by SMB IT teams is how to use the minimal budget they get and yet ensure coverage across all the security holes and gaps they need to plug. Example – if you overspend on endpoint security, you might not have the funds to protect the network itself. It is a balancing act.
Small businesses must set aside a dedicated IT security budget that covers key security expenditure – endpoint protection, network security, employee training etc. Companies must abate the risk of cyber-attacks and the aftermath – which may include paying out hefty sums of money in clean-up, recovery and fines.
What are your thoughts? How are you approaching the budget issue?