With cyber threats on the rise, your company’s cybersecurity is more important than ever.  Now is a great time to reassess your IT spending and review if enough of your budget is being allocated to cybersecurity.

How do you know if you’re spending enough? We gathered data from Write Technologies and Tech Vera to see how various companies budgeted for IT and cybersecurity in 2020. Here is what we found.

Cybercrime took an upward swing during the pandemic while companies shifted their models to work from home and schools restructured their learning to online or hybrid models. Cybercrime has always been a threat however, and we see that in a stat from Wright Technologies that details, “In the first half of 2019 alone, there were over 100 million cyberattacks on Internet of Things (IoT) access points.” Allotting an appropriate part of your budget to IT and security efforts will have lasting benefits and lower risk, reducing overall costs. So where do you start when determining how to allocate tech funds?

Research shows that previously many companies split the majority of their IT budget into six categories:

  • Hardware
  • Servers
  • Communication and collaboration
  • Networking
  • Storage
  • Backup

However, two other categories on the rise as viable pieces of IT budgets are Managed Services and Cybersecurity.

The infographic illustrates 2020 IT budgets that include all eight important categories.   Some companies report budgeting nearly twice as much on cybersecurity as many other critical IT needs, truly reflecting the increased risk of cyber threats.

The increased focus on strategic IT budgeting can have lasting and widespread benefits.  These include:

– Reaching more potential customers and developing a better business relationship with your consumer base

– Providing a better and unique service along with supporting current relationships with partners

–  Increasing overall security and placing preventative measures to act against future cybercrime attempts.

-Reducing costs, maximizing profits, minimizing waste and improving efficiency

-Providing the opportunity to rise above competitors and establishing your company as a forward-thinking business in the industry

It is important to note that your IT budget will not remain the same each year. Trends and choices of investment will play a role in how your allotments shift. In addition, reassessing your cybersecurity strategy and managed service needs on a yearly basis will both help to ensure you keep a comprehensive security strategy and provide a clearer picture of your IT needs when budgeting for the next year.

Have questions regarding your company’s IT needs? Drop us a line at solutions@thetek.com