There are many factors that can affect how much cybersecurity services will cost. Check out some of the things you need to consider when planning your budget:
When it comes to cyber threats, not all industries face the same concerns. Some are more attractive to cybercriminals than others. Sectors like healthcare, financial, energy, and utilities are more prone to cyber incidents than others. That means if your business serves a high-hazard industry, you will need more security solutions to protect your network. In addition, you will have more stringent regulations in place that you will need to comply with.
Types of Data You Keep
If you keep any sensitive data from customers or clients, you will need more cybersecurity solutions to protect them. Whether you're keeping medical records, credit card details, social security numbers, or other personal information, then you're storing valuable targets for cybercriminals. Overall, it will influence how much you have to spend on your cybersecurity solutions.
Results of Your Security Assessment
Undergoing a cybersecurity assessment is essential, whether you need it to comply with industry regulations or simply to check for gaps in your defenses. You can conduct your own assessment or employ a third party like a managed IT service provider (MSP). That will allow you to identify risk factors that might have been right under your nose.
The results of an assessment will help you identify hidden vulnerabilities or things that you can improve on. You can leverage expert advice and experience to help guide which cybersecurity solutions would best fit your business and industry requirements. That will also affect how much you would need to invest in new tools and systems.
Your IT Budget
Setting a proper cybersecurity budget is essential. In order to set the right budget for your company's needs, you should definitely do your research and ask cybersecurity experts. You can also take a look at how much your peers are spending on cybersecurity. That's possible by checking industry-specific guidelines similar to the Financial Services Sector Cybersecurity Profile.
Also, it's vital that you think of cost optimization rather than cost reduction when considering your cybersecurity budget. Ask yourself how you can make use of the solutions you have or whether you have the personnel or the resources to make the most of them.
Regulatory Compliance and Cyber Insurance
Some industries might have more cybersecurity compliance requirements in place, whether it's with government or international regulators. Depending on the industry or state you operate in, regulatory bodies may require you to have certain security solutions in place, while others might ask you to have cyber insurance coverage.
That can influence your cybersecurity budget. Depending on how underwriters and regulators evaluate your cybersecurity, you could end up shelling out a lot of money to comply. In addition, many insurance carriers nowadays have implemented more stringent measures to ensure that clients have certain security tools in place to reduce their risk exposure.