Given that nearly 85% of business projects go over their budget, if you want to figure out how much of your resources should go to cyber security services, you’ll need to do some serious research.
While IT and data protection services are certainly one of the best investments you can make, with so many options available it can be tough to know how much things should actually cost.
This post is here to help you define an IT security budget that doesn’t break the bank but still protects your most important digital assets.
Don’t risk overspending and still leaving your company exposed to risk from hackers, cybercriminals, and even employees with bad intentions.
Instead, read on.
Identify the Services You Need
Your first step should be to determine which IT and cyber security services you’re company can’t live without — your most basic IT expenses.
Usually, these are things like a web hosting company, cloud storage, registering your URL, and paying for software licenses.
Then, consider what you’re looking for in ongoing professional cyber security support. Especially as a smaller business, you likely don’t have the budget for in-house IT security support services.
The good news?
It’s never been easier to outsource your companies IT needs and to select only the specific services you need.
For example, as a small business, you may not need to pay for 24/7 support, additional website data analytic tools, and daily cloud backups.
However, you certainly need one that offers website monitoring, employee training, and emergency assistance in the event of a cyber attack. Ensure that you choose a company that allows for scalable IT resources and support, like Atlant Security. After all, just because you’re a smaller company with more limited IT needs now doesn’t mean your needs won’t exponentially expand in the future.
You want to be able to avoid the time and expense of having to switch IT companies because you’ve outgrown your old one.
Differentiate Between One-Time and Recurring Expenses
What’s one of the biggest mistakes that companies make when they’re developing a budget for IT security and support? Recurring expenses.
Remember that you’ll need to pay a monthly, yearly, or quarterly fee for things like website hosting, your outsourced IT service providers, your domain certification, your phone system, the Internet, and more.
Be certain to calculate your yearly costs to avoid sudden expenses that completely destroy your budget.
We also suggest that you collect several quotes when it comes to one-time IT expenses and that you use these quotes to negotiate with multiple IT vendors. When speaking with these providers, be sure to ask about potential termination fees should you need to migrate your data to another system.
Now is also the time to consider the cost of IT expansion in the near future.
For example, if you’re building a second office this year or planning on hiring several new employees, determine how these additions will impact your overall IT costs.
Consider Equipment Costs
Keep in mind that your IT budget shouldn’t exclusively include services and support. You also need to factor in the total cost of any equipment you will need to purchase.
We also suggest adding a bit of padding to your equipment budget in the case of repair or replacement needs. The same goes for the overall expected lifespan of your equipment.
What are some common pieces of IT equipment your small business will need?
Consider your computer monitors, internal/external hard drives, your business phone system/cellular business phones. You’ll also need a router and Ethernet cable, printers and scanners, keyboards, and more.
IT Consulting Services
Over the course of reading this article, perhaps you’ve realized that you don’t actually know what your company’s IT needs are.
You’re also not sure how to select the right equipment. You struggle to properly evaluate your current risk level. You’re not even entirely sure whether or not you need to follow specific IT regulations and laws within your industry.
Don’t worry — you’re certainly not alone.
That’s why more and more companies are making the investment in IT consulting services.
These experts won’t just help you to correctly evaluate your IT needs and point you towards the best services. They’ll also help you to get a much more accurate estimate of the cost of these services.
We suggest that you continue to meet with cyber security consulting services before you renew major contracts with IT firms or at least once a year.
If you don’t want to hire a consultant, then we suggest you take a close look at what your competitors are spending in terms of IT, as well as the services and they have.
You’re Ready to Develop a Winning Cyber Security Services Budget
We hope this post has helped you to better understand what you need to include in your IT support and cyber security services budget.
Remember that you don’t need to pay for services that you don’t currently need and that you should clearly differentiate between one-time and recurring expenses.
When in doubt, get professional assistance by connecting with an IT consultant.
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