Tips for Setting an IT Security Budget for Small and Medium-Sized Businesses

As a business owner, you need to do what you can to keep your business secure. Here are a few tips for setting an IT security budget to help with security needs.  

According to Untangle‘s second-annual SMB IT Security Report, 48 percent of small and medium businesses, or SMBs, stated that they had less than a $5,000 budget set aside for IT security. This is despite that fact that the threats of cyber attacks are increasing. While this is a decline, as last year 54 percent of small and medium business only had a budget of less than $5000, it is still concerning as SMBs remain a target for hackers. If you are setting your IT security budget for your business, here is some information that you need to know.

Why Are Small and Medium Businesses Targets for Hackers?

One of the biggest mistakes that small and medium business owners can make is assuming that they are not a target for hackers. They may think that hackers may not have heard of their company or that they are so small that hackers would not bother with them. The truth is, hackers know that SMBs have limited funds, and as such, typically have fewer IT security measures in place than larger companies. This makes small and medium-sized businesses easier for hackers to hack and attack. They don’t have to invest the time or resources that they do when they attempt to go after larger businesses with stronger security measures in place. As such, you are a target for hackers and you need to be aware of this.

Why is it Important to Have a Healthy IT Security Budget?

It is important to have a healthy IT security budget so you can have the right IT services in place to protect your business. Think about how much bad press occurs when a business is hacked. Customers and clients are upset that their personal information, such as their name, address, phone number, spending habits, credit card numbers and banking information is released. As a small or medium-sized business, this type of bad publicity can be devastating to your business. You may also have to provide your customers with credit monitoring services and/or face fines. The consequences of not investing in IT security are high. Making your IT security budget a priority can help you avoid bad press and harm to your business.

What Can You Do to Keep Your IT Security Budget Low?

For many small and medium businesses, utilizing the services of a managed service provider, or MSP, rather than hiring internal IT professionals, is a better investment. There are also many other benefits associated with using an MSP over in-house professionals, including round the clock care and increased expertise. An MSP can help to provide services that offer IT security and provide updates that ensure your business is always protected.

As a small or medium-sized business owner, you have to balance your overall business budget with the need for IT security. You want to ensure you are setting aside enough money to protect your business, while also ensuring that you are not spending more than you make or financially harming your business. It can be a tough balancing act, but it is one that is extremely important for the overall health and well-being of your business. Working with a managed service provider can help you to keep your IT security budget as low as possible, while still getting the IT services you need. Consult with a managed service provider, or MSP, today to see what security measures they recommend for your business and what their services will cost you. This can help you to set aside a healthy budget for your SMB IT security needs.