With the growing incidence of ransomware attacks on small businesses, securing IT networks has become more important than ever. However, small businesses aren’t sure how much they should spend on cybersecurity.

The uncertainty is valid because different factors come into play. From the regulations a business must abide by, how vulnerable certain industries are to bad actors,  the number and diversity of devices to secure, to the available budget for IT as a whole. All of these factors explain why it’s hard for businesses to agree on the right level of cybersecurity spend.

Click on the timestamps below to listen starting with a specific section.

Timestamps

What Are The Most Important Things To Consider When Planning Your Cybersecurity Budget? 2:45

• Cover the key areas – business and employee’s devices 03:25
• Have resources to protect and recover -4:00

Recommendations for SMB’s? 4:55

• Partner with an experienced managed service provider 5:19
• Not ignoring employees working remotely 7:10
• Password Vaulting 8:32
• Self-Backups 9:20
• Employee training 10:16

What are the Most Important Security Services that SMBs Should Consider? 11:39

What SMBs Should Expect in Terms of How IT Security Services are Priced? 15:30

For example, companies that have their staff working remotely need additional cybersecurity infrastructure to keep their primary data and employees’ personal devices secure. On the other hand, if a company does not have remote workers, they could do fine with standard in-office security measures. 

When it comes to security solutions, there are many to choose from. Storing backups in physical forms, password vaulting and employee training are some standard cybersecurity measures that small businesses need to consider. 

However, most small companies can skip complex solutions, such as Security Information and Event Management (SIEM), White Hat Penetration Testing, and others of a similar complexity that larger firms have the internal staffing and resources to manage.

Your cybersecurity budget is like insurance: the more you pay, the better protection you get. You can select the features that you want the cybersecurity policy to cover.

Typically a firm's cybersecurity budget comes down to a simple Cost-Benefit analysis. The firm needs to see how spending on cybersecurity will protect them from potential attacks in the future. The budget should increase in accordance with company growth. 

For small businesses, this analysis is challenging, and the decision can generate stress as there is always a risk. However, partnering with a managed IT provider can help SMBs find the right level of needed protection. 

Most MSPs cover basic cybersecurity measures in their agreements. The management of IT and cybersecurity features, like endpoint security and a firewall, are standard clauses of every MSP agreement. If a firm wants additional tools, they can always ask their IT provider to include them as an add-on. 

Some companies may even want to create their own cybersecurity infrastructure but they won’t be able to match the experience and agility that managed service providers can offer. A managed IT provider brings the expertise and cost efficiencies that create a robust cybersecurity environment.

Need Help With Cyber Security? 

Unsure about the factors that small businesses should consider when deciding their cybersecurity budget? 

Reach out to CoreTech and let us guide you through the best security solutions for your current needs.