The topic of how much to spend on cybersecurity is always circulating, especially in smaller businesses and companies. Online hackers are always learning new tricks, to compete with new security software and platforms, so we recommend to spend more than you might think is a safe budget.
As data shows, most C-level execs (60%) believe they are safe from cyber threats and break-ins, and not investing enough into information security products and services. A low amount of IT pros (29%), who are not in charge of handling the budget, believe their company’s data is not completely safe. Taking time to talk to your frontline of ITs about budgeting for cybersecurity may be worth the cost.
Companies are putting their spending into other aspects, such as marketing or product development, and not prioritizing cybersecurity as a “checkbox item” leading to headaches of security breaches and personal data being stolen. Only 32% of board members are briefed at least quarterly on cybersecurity and 54% are briefed at least annually. According to the number of data breaches in 2018 (4.5 billion records), the percentage of briefing your board members should be much closer to 100%.
If everyone is on the same page about budget allocations and how they impact the business, a company’s overall security posture can improve. Investing in solutions, prioritizing protection, and implementing a method will save your company in the long run, in terms of cost and reputation.
To see more facts and how to protect your company’s data, Varonis has put together a guide on tips for managing a cybersecurity budgeting and the future of where cybersecurity spending is leading to. According to Varonis, cybersecurity spending is looking to hit $124 billion in 2019. Showing that the solution to protecting your company’s and customer’s data is to invest in security products and services.