Are you in charge of making the big decisions in your company, and deciding which security investments are worth it? If so, we don’t envy you one bit because it can be a real double-edged sword. But don’t worry, help is on the way.
The first step on the road to making big decisions on security investments is doing research. You need to figure out why the investments are crucial, what your organization needs, and just how much you’ll need to accomplish your goals. After that, you’ll be well on your way to making sound (and profitable) investments.
If this all sounds like too much information at once, don’t worry. We’re going to break down all the steps today, as well as give you some of our top choices for investments in today’s market. So let’s get into it.
Why Security Investments Are So Important
We’re sure that you know what makes security investments crucial to a company’s development. However, sometimes the higher-ups might need a bit more convincing, which is what we’re here to help with.
As we all know, 2020 was the year of unrest, with countless protests, riots, and security breaches happening all over the world. It caught almost everyone off guard, but the companies with bad security infrastructures suffered huge blows.
No matter the size of a company, everyone can experience breaches and lose a lot of profit simply because they weren’t prepared enough. In fact, according to Digital Guardian, the average cost of security breaches in 2020 was $3.68 million.
However, sound and smart security investments are precisely the tools that are going to prevent that.
Identifying Your Needs
If you’re unsure what you should invest in, you need to start by identifying your organization’s needs. The best way to do that is by analyzing potential threats through a risk assessment. That alone should give you a great idea of which areas you should be focusing on.
But if you want to narrow down your needs even further, you need to ask yourself these three things:
- What kind of outcome am I looking for?
- What is the total budget?
- Which tools do I need to achieve my goals?
Of course, the first thing you’ll want to do is address any critical vulnerabilities. Are there any issues in your organization that require your immediate attention? If so, that has to be your first order of business. Then, start going through the list of threats, and consider how much money you’d need to fight them.
Let’s give an example of what that would look like. Say that you’ve figured out that a lot of the employees in the company are taking part in shadow IT. That shows you that the personnel isn’t aware of the potential risks that this practice could bring.
So the first thing you’d have to do is make sure that everyone is working with approved and legal software and programs. You also might want to hold a seminar on all the potential risks that come with shadow IT and try to prevent them in the future.
Getting the Budget Right
Depending on your organization, you might be given a budget for your security investments ahead of time. However, more often than not, your company will ask you to create a detailed report and account for all the money you’ll be spending.
During this time, you need to be extra careful, and ensure that you’re including the right things, and setting good priorities. Now, figuring out the budget for the investments is a pretty tricky business.
According to Integrity360, the average company spends about 6% of its total budget on security. However, and this is a big one, that’s just the benchmark, and it might not work for your business at all.
For example, even though 6% is the average, internet service providers and software companies are more likely to spend around 8.7%. Also, banks, companies that are in the finance industry, as well as government facilities will spend more than 6%.
So take every recommendation with a grain of salt, and consider that you probably know your company’s security needs best.
The 3 Best Security Investments You Can Make
Here are our top selections for the best investments you can make right now, regardless of your budget and objectives.
1. Creating/Upgrading Your Cybersecurity Infrastructure
In today’s world of fast-paced security, you can’t be running an organization without a good cybersecurity infrastructure. It’s honestly one of your first and best barriers against constant threats.
If you don’t already have one, talk to your IT admins about creating a structure that’ll protect your business. But if you do, make sure to update it every once in a while.
Also, as part of your security infrastructure and policy, you need to think about training and educating your staff. Don’t assume that they’re well-versed in tech updates and policies, but consider establishing a training program. You can also hold seminars every once in a while to ensure that everyone’s up to date.
2. Using Virtual Security Guards
If the pandemic has taught us anything, it’s that big parts of our jobs could be done remotely, with the help of a fast internet connection. If you can’t afford to have a security guard on-sight, you need a team that’ll remotely monitor the locations.
They should have constant and current streams, as well as two-way audio ability. It’s a cost-effective alternative to having a team on the premises, and it might be a good move for your organization.
3. Data Breach Insurance
In the event of a worst-case scenario, you don’t want to be unprepared. If you don’t have breach insurance or cybersecurity insurance, for that matter, you need to invest in it right now. That way even if the worst should happen, you’ll at least have some backup and peace of mind.
In the era of budget cuts and layoffs, you need to ensure that you’re making sound security investments. Otherwise, you might find yourself on the wrong side of the termination of services agreement. Now, we’re not trying to scare you, we’re just saying that when it comes to investing, make sure you’re doing it wisely and strategically.
Of course, security investments are just one of the countless things you might have to do as a security manager or agent. That’s why your best bet is to sign up for our newsletter and get helpful updates on what’s going on in the industry.