As you can anticipate, from 2019 to 2020, the cost of cybercrime climbed by more than 50%. McAfee’s report estimates that the overall cost will exceed $1 trillion and that the financial losses will total $945 billion. System downtime, decreased productivity, brand harm, and loss of confidence are a few examples of hidden or intangible expenses that are challenging to quantify. Consultant services, legal expenses, and cyber risk insurance premiums are direct costs that are simpler to calculate.
You will hear this query frequently if you are in charge of the IT budget. “Do you devote enough funds to cybersecurity? Customers, shareholders, regulators, board members, and executives all question aloud if there is a cost associated with obtaining peace of mind.
A security investment level of 3 to 6 percent of the overall IT budget is often regarded as typical. The IT budget will increase by 3 to 6 percent if compliance expenses are included. Spending on business continuity adds another 2 percent, bringing the total to 10–14% of the IT budget. Given today’s sophisticated threats, it is advised that if you spend significantly less than the norm, you should review your security assumptions and posture.
If you’re considering hiring more security personnel or investing in new technology to address your cybersecurity concerns, you’re probably seeking advice on how much money to set aside. However, it’s challenging to evaluate a company’s spending in relation to any standards. Some of the most influential people in the sector suggest vastly diverse methods for estimating cybersecurity costs.
CYB3R-X can help you finalize your IT budget plans, and suggest, and implement best practices in cybersecurity budget allocations. Learn more today.
