While we’re only halfway through the year, now is the time to start thinking about your 2020 IT and security budget. From plans for implementing new strategies from scratch to making upgrades to hardware and systems, these decisions are critical to your success in the next year and for many years to come. Here are three key factors to consider when setting your IT and security budget:
The most obvious tactic when setting a budget is to get ahead of future issues like equipment that’s at the end of its lifecycle, plans to expand, or large or specific projects that are on the horizon for the company. But there are many other factors to consider in order to set your company up for success in the future. Here are a few questions to ask yourself as you look ahead to 2020:
Are there any changes in regulation that could affect my current IT and security strategy?
If you know a law could be passed or changed that would require more stringent security, additional features, etc., that’s something you’ll want to include in your budget up front.
What trends in the industry could dictate how much money we’re spending on IT and security and how it’s being spent?
The technology world changes rapidly and often, so paying attention to upcoming trends and seeking the advice of experts could help you get ahead of future changes or expectations. (P.S. We asked our experts to talk about what to expect in the years to come. Take a look.)
What are the top priorities of the leadership team in 2020?
Your IT and security budget could look very different depending on who is at the helm of the organization and what their focus is for the year. For example, if your company was the victim of a data breach under their leadership previously, chances are they’ll put security at the top of their list of priorities.
Advocate for Security
Oftentimes, CTOs, CSSOs, and other leaders in IT and security have to fight for the budget they need. But it’s a cause worth fighting for. Here’s why: According to a study sponsored by IBM and conducted by Ponemon Institute LLC, the average total cost of a data breach is $7.35 million. That slight increase in budget doesn’t sound so extreme anymore, does it? Securing your company’s data from an attack is worth the investment; most companies can’t survive a multi-million-dollar breach.
Beyond the upfront costs of a potential attack, there are several other ways that investing in IT and security could save you in the long run. From maintenance costs to scalability, what you may think is saving money in the interim could cost you – big time. Click here to read more about the Gotchas of Going Cheap.
Look Beyond Cyber
While cyber hackers pose a huge threat to your company’s security, don’t forget about the other side of the coin – physical security – as so many do. By solely focusing on cybersecurity, you could be leaving your doors wide open (literally) to hackers, a mistake that costs more than $400 billion annually. Whether accidental or malicious, unauthorized access from within data centers accounts for between 9% and 18% of total breaches. That’s where quality products like GLCC’s SEAL line of enclosures come in. As a fully customizable and nearly impenetrable option, our SEAL products ensure that only those who should be accessing your data are able to do so…so you don’t have to.
Other mistakes like settling for an off-the-shelf solution when custom is needed and putting employee training on the back burner could also create vulnerabilities in your system. Read more about these possible threats and how to avoid them here.
From a small business to a multi-billion-dollar company, no one is immune to these kinds of vulnerabilities. Get ahead of those threats with a well-planned IT and security budget. No matter what the need, Great Lakes Case & Cabinet will partner with your company to set them up for success.