How to Budget Cybersecurity Spending at Your Firm (AccountingWeb)


Businesses understand today that poor cybersecurity protocols are not just a security risk, but a financial and reputational risk which can cost firms greatly whether through a data breach or ransomware. As a result, global cybersecurity spending is set to reach new highs in 2017, with global spending on informational security to reach $90 billion in 2017 and $113 billion by 2020.

But while cybersecurity is important, not every business or nonprofit can afford to just throw gobs of money at cybersecurity given their other priorities. While accountants and financial professionals should emphasize the importance of cybersecurity spending, it is better to spend smart rather than spend a lot. An organization can take cost-effective, smart approaches, ensure reasonable security, and prevent their books from being crippled by spending on IT.

Here are certain things to consider and ways that businesses can effectively spend on cybersecurity.