How much should you spend on your company’s Cyber Security?

Why is Cyber Security knowledge is crucial?

I have been writing a lot on the importance of cyber security, for both personal and corporate. There are various reasons why I emphasize so strong on the importance of cyber security, but the main reason is fairly simple. Our world is advancing from day to day, non-stop.

This result in a lot of non-technical people using technology stuff now. Regardless of what age they are in, you can easily find someone with a network connected device on their hand. From 10 years old to 90 years old, everyone has a device. This will result in a very serious security threat because, honestly speaking, they are not aware of the danger that the internet can result in. same goes for companies.  

I have worked in few companies from the day I graduated, and to my surprise, regardless of what industries, or how big and advance the company is, there is always someone who will do something that will put the company’s cyber security at risk. It’s not their fault, to be honest, it is simply because they don’t know. Not being over exaggerated, some of them don’t even know what cyber security is.

So, want can a company do for its cyber security?

Obviously, implement cyber security is the first step a company can take. We are in a highly connected world now, which means that regardless of where we physically are, our data will still be easily compromised. Only if a business does not plan to move forward in the future, somehow or rather, they will need to move themselves to the digital world, that is what we call, digital transformation.

I have seen advanced company enforcing the use of VPN for the employee who works out of the office, but many of those employees don’t even understand the purpose of a VPN or what it does. This is a very unhealthy situation. One won’t fully embrace something if they don’t understand it.

For that single reason (and a very good one), the company should first focus on increasing the awareness of their employees on the importance of cyber security.

How much a company can expect to spend on cyber security?

Well, the official figure suggested that a company should spend 4 to 7 percent of their IT budget for cyber security. It is recommended that a company should spend higher when they are just starting off to implement cyber security as there is a lot of work required to fine tune everything. As the system gets more mature, the budget can reduce to as low as 4 percent. Many cyber security experts have cited that the lack of security budget is a challenge for them.

For what I think, using common sense, it is important to make sure everyone is aware of the importance of cyber security first. Therefore, equipping everyone with cyber security awareness knowledge is the most important step for what I think. Of course, there are many more items like endpoint protection, network security and such that needs to be check as well.  Here is a list created by GetApp on the average costs of key IT security software.

Final Verdict

Always remember this, it’s cheaper to get it right at the beginning than correcting it later. The money spent at building your business’ cyber security is a worthwhile investment that will lower the chance of disastrous cyber-attack that might cause your business. So don’t wait till it is too late, cyber security so go hand in hand with your digital transformation.

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