doesn’t have to
break the bank
Discover how you can protect your business on a budget in our guide.
SMEs suffer more than most during periods of economic downturn. Faced with rising costs and shrinking profit margins, business owners have no choice but to reduce operational expenses to keep their businesses afloat. And cybersecurity budgets are often first on the chopping block.
Many business leaders see any cybersecurity investment beyond the basic tools that come with Microsoft Windows as optional. A luxury, like a company holiday. But no matter what industry you work in, cybersecurity is business critical.
Cutting your cybersecurity budget is one of the biggest mistakes you can make. After all, you wouldn’t remove the locks on your office doors to save money, would you? The idea that robust cybersecurity comes at a premium persists, but perceptions are changing.
Read on to discover why cybersecurity is vital for SMEs during a recession, the common threats to be aware of, and how to get maximum value from your cybersecurity budget.
Examples of phishing
Your computer is at risk! Click the link below to install the latest security update.
Hi, I need to complete a wire transfer but I’m in an all-day meeting. Can you please send £5,000 to account number xxxx, please?
According to a 2020 Deloitte survey, US businesses spend roughly 11% of their IT budgets on cybersecurity. However, SMEs have fewer resources at their disposals than enterprises. So, it’s better to think about your cybersecurity budget in terms of potential ROI rather than a percentage of your budget. That is, how much you stand to lose if you were the victim of a cyberattack vs the cost of protecting your business.