As global internet access and use continues to incline, the fear of falling victim to cybercrime is reflected by worldwide budget increases. For many businesses, this means higher allocations to preventative cybercrime services, softwares, and hardwares. Recent research released by the International Data Corporation (IDC) shows global spend on cybersecurity is expected to exceed $100 Billion by 2020, a 38% increase from their 2016 projections. On average, businesses that suffer from cyber attacks report losses of over $500,000. With fear being the primary cause of action, increases in spend are seen across many industries. From financial institutions to social networking sites like Facebook, who recently announced that sensitive profile information was stolen from over 30 million users. Like Facebook, who is now looking to acquire a cybersecurity company, many industry leaders are looking to increase their protection from the rise in cybercrime.
How to Budget for Cybersecurity in 2019
The best way to determine a budget often begins with a proactive approach, understanding preventative measures to combat and deter cybercriminals. Most commonly, businesses are severely impacted by data breaches, allowing attackers to access sensitive company, client, and employee information. A recent study from Juniper Research reports that losses from online payment fraud will reach up to $48 billion by 2023, heavily affecting financial institutions and e-Commerce. The impact of fraud and data breach can be extremely impactful to reputation, and cause for unfavorable legal action. Allocating a budget to protect digital assets and network security can be determined with four easy steps, using the Gordon-Loeb Model:
Step 1: Determine the value of digital assets (company information, website, and resources)
Step 2: Estimate the probability of each digital asset being breached, and determine which assets are more at-risk than others with a vulnerability score.
Step 3: Prioritize assets by calculating potential loss (Value of Asset X Probability of Breach)
Step 4: Identify which assets are the most valuable.
A collaborative effort with a Cybersecurity and I.T. Management Company can ensure safety from cybercrime, and keep sensitive information protected. Complete Technology Solutions provides cost-effective solutions without the fear of obsolescence by keeping our clients updated with the latest trends and technology, keeping their assets and online activity secure
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