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Accounting For Privacy: How to Build a Cybersecurity Budget

Promoted by Digital Next

As the digital sphere continues to shape so much of the future of business, it’s no surprise that a growing number of organisations have begun developing budgets specifically for local network protection and cybersecurity. If your organisation has never had a dedicated budget for cybersecurity,  it can be difficult to know what to invest in.

Sponsored Features Digital Next 13 July 2021
— 3 minute read

We’ve outlined some of the most important factors to consider when developing a cybersecurity budget. Read on for some more insight on how you and your IT crew can get the ball rolling.

Prioritise data encryption

Step 1 of this process would be to assess any potential threats, but considering that data encryption is a valuable asset to all industries and professional environments, finding a VPN should be considered the most crucial and foundational step in this process. You’ll want to ensure your VPN servers are nice and local, so an Australia-based business would ideally have a VPN in Australia (https://nordvpn.com/servers/australia/). 

But what is a VPN? Simply put, a VPN (or virtual private network) is a service that allows your organisation to access the internet from a secure connection, ensuring that any organisational data is kept encrypted and safe from the eyes of third-party software or malware. If you have a VPN, people won’t access your personal information like credit card numbers, bank transfer information, or even your geographical location. Keeping all of this information encrypted is ultimately one of the best and most cost-effective methods of ensuring your organisation stays safe from an array of both basic and advanced potential threats online.

Identify the most potential threats to your business

Next, you’ll want to get more industry-specific and look at the threats that have the potential to cause the most damage to your business. For example, professionals working in finance may need to protect not just their personal information, but also the information of their clients and customers. If you work with any sensitive documents or spreadsheets that can adversely impact on your business if seen by outside eyes, you’ll want to ensure that these documents can only be accessed by employees. This can be achieved in a few ways, but the most common method is establishing a strong wide area network (or a WAN). 

As WANs use public infrastructure, they can be inexpensive to maintain in comparison to LANs (local area networks). Another advantage to utilising a WAN is that whilst LANs are generally isolated to one building or office space, WANs can allow workers to access your organisation’s private network remotely, making wide area networks a perfect addition to any post-lockdown workplace. 

Be proactive, not reactive

Of course, identifying all the most potential threats to your business is a big ask, especially when you consider how instantly digital security risks can hit even the largest and most heavily resourced organisations. Data breaches have been known to occur when you least expect them, and the nature of these breaches can be so complex that it may take days, weeks, or even months to fully assess and address the security concern.

For this reason, it’s recommended that your organisation always takes preventative measures when it comes to handling security concerns rather than acting retrospectively. You always want to try and prevent breaches and minimise potential risks rather than wait until risks have reared their heads before throwing money at the situation. Ideally, you should aim to use your whole budget for preventative measures. Following this model of being proactive rather than reactive will end up costing less in the long term, as well as ensuring the reputability and trustworthiness of your business. 

Regularly assess your cybersecurity strategy

As stated earlier, with the growing prevalence of machine learning tools in digital fraud cases, the digital landscape evolves at a fierce rate, and so it can be tricky to have a firm understanding of the threats surrounding your organisation at any given time.

How do we ensure our cybersecurity game plan is as strong as it can be? The answer is simple: assess it regularly. Revisit your security strategies on a regular and planned basis, and consult with cybersecurity experts to ensure that your strategies stay fresh and up-to-date with the most modern forms of third-party malware and other malicious digital threats. 

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Of course, security concerns will differ from company to company and are largely influenced by the nature of your business or industry. If you have industry-specific questions regarding your organisation’s cybersecurity needs, it’s worthwhile consulting with a local cybersecurity services firm.

Accounting For Privacy: How to Build a Cybersecurity Budget
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