We know that not many companies have a large budget to spend on IT and, more precisely, on cybersecurity. That's just not the reality for most organizations in the world.
Just think that we live in a world of small and medium-sized businesses (SMB), which are typically defined as companies with up to 250 or 500 employees. In Europe and in countries such as the U.S. and Brazil, for example, businesses with up to 50 employees account for about 90% of all companies.
Ok, but how much is recommended?
In general, experts say that you should spend 10% to 15% of your IT budget with protection against data breaches, and hacking threats and attacks. But that is not a simple and complete answer.
You have to think about the following key questions:
• What kind of data do you work with?
• How important is the information your company store?
• Where and how is the data shared and storaged?
• Do you need to train your employees?
• Which devices and assets does your organization use?
• What are their vulnerabilities?
• What kind of solutions can help you improve your protection?
• What are the options and how much do they cost?
• How long will it take to deploy them?
If you cannot answer these questions, you will probably need the help of a specialist. If you do not have someone in mind, maybe a Managed Service Provider (MSP) can help you manage your needs; and, of course, you can ask questions directly to vendors. It is important that you fully understand what each solution can do for your business.
As a decision maker, you simply cannot base your decisions and budget on a trial-and-error game or take actions only after a data breach has already occurred. It is wiser to instead take some preventive measures.
Remember that by investing in cybersecurity you:
• Protect your reputation and brand.
• Reduce intellectual and financial losses.
• Meet legal requirements and regulatory compliances.