As a business, you’re likely to have physical security measures in place such as alarms on your premises, surveillance systems and water-tight insurance policies. While these are required to keep your tangible assets safe, a cyber security budget also needs to be considered to protect the technical aspects of your business.

According to statistics, 85% of organisations suffered at least one cyber attack in 2023, proving that a reliance on digital activity comes with increased online threats. Unfortunately, putting locks on your doors is no longer enough to protect confidential data, so cyber security is not just advisable, it’s a vital investment to safeguard your financial health and professional reputation. Here’s why Neuways believe you should separate your cyber security budget and your IT support.

Your cybersecurity budget needs to be separate from your IT budget

Allocating a budget for cyber security is not the same as paying for IT support. Both essential for creating a secure environment, IT support is a reactive service that responds to technical issues as they occur, while cyber security is proactive and prevents malicious attacks from taking place. Without either of them, a business would find it difficult to operate smoothly, but their primary functions are very different. If you needed software installing, or were having trouble connecting to your network, then you’d contact your IT support provider. But if you wanted to put the right framework in place to protect your systems and sensitive data from hackers, then a cybersecurity budget will need accounting for as part of a long-term strategy.

What happens without a cyber security budget?

Without factoring a cybersecurity budget into your forecast, your business is more vulnerable to an online attack that could result in financial collapse, loss of confidential information and a damaged professional reputation. Unfortunately, the methods used by opportunists are becomingly increasingly sophisticated and show no sign of subsiding. Last year no less than 73% of organisations were compromised by ransomware, one of the biggest threats of the digital age, with 78% of the attacks including threats beyond encrypted data.

For the 43% of UK businesses whose attacks were stopped prior to data encryption, having a cybersecurity budget has been a worthwhile investment that’s paid off. Ultimately any online activity increases an organisation’s vulnerability, and those who expand their defences have a better chance of survival.

How will a cyber security budget strengthen my business?

The bad news for hackers is that the typical cyber security budget is increasing by more than 5% this year. Businesses are becoming increasingly aware of the importance of preparing for online attacks and that failing to do so could result in economic loss that’s hard to recover from. Compromising a clients’ data brings additional complications, particularly if it isn’t sufficiently protected under the legal guidelines.

Over 44 million euros worth of GDPR fines have been issued by the UK to companies who have failed to take the adequate measures to prevent serious data breaches, which is hardly a good PR move if you want to maintain a client’s trust. By prioritising a cyber security budget, your employees, reputation, and revenue will benefit from safeguarding methods that work together to keep your assets protected and your systems secure.

Contact Neuways for help with implementing a cyber security budget for your business

If you need any assistance with implementing cyber security for your business, or just want to find out how to improve your online safety, please contact Neuways for more information.