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What Needs To Be In Your 2020 Cybersecurity Budget?

Your 2020 Cybersecurity Budget

In today’s competitive environment, businesses must rely on technology in order to compete and survive in the marketplace – all of which must be secure.

Binary Code Overlay Over Office Employees Discussing Their 2020 Cybersecurity Budget

There are a number of reasons why IT security should be top of mind going into 2020:

  • Advancing cyber threats: Techniques employed by cybercriminals are improving and your security strategies need to meet that challenge
  • Compliance: Industries are starting to adopt security standards such as NIST 800-171 which require a considerable investment to maintain
  • Insurance Costs: Cyber insurance is becoming standard in many businesses. Most insurers have a lengthy qualification form that evaluates your security posture. Your premium (or even eligibility) may depend on how well you are protected.

Why Is Your Cybersecurity IT Budget So Important?

With IT shifting from just another piece of equipment in the office to the core of operations and a key aspect of how you defend your business, you should designate it as a central part of your budget.

This also means that you must assess and clearly define how IT aligns with your business objectives to decide what you’ll need for the coming year(s). Proper IT budgeting will help you lay a foundation for success for the future. Using the right IT solutions can help you:

  • Increase your operational effectiveness
  • Ensure optimal productivity from your employees
  • Overcome operational challenges
  • And, most importantly, stay protected!

What Should You Budget For In 2020?

1. Cybersecurity Solutions

  • Advanced Endpoint Protection: With integrated anti-malware, data loss prevention (DLP), and simplified data encryption, you can rest easier knowing your systems are secured end-to-end.
  • Data Encryption: Centralized data encryption and complete protection of your PCs and removable media ensures that your vital data is kept safe in a range of formats.
  • Dark Web Scanning: Digital credentials such as usernames and passwords connect you and your employees to critical business applications, as well as online services. Unfortunately, criminals know this — and that’s why digital credentials are among the most valuable assets found on the Dark Web.Dark Web Scanning services and software detect compromised credentials in real-time on the Dark Web and notifies you immediately when these critical assets are compromised before they can be used for identity theft, data breaches, or other crimes.

2. Cybersecurity Insurance
Often referred to as cyber liability or data breach liability insurance, Cyber Insurance is a type of stand-alone coverage.

Cyber Insurance is designed to help businesses cover the recovery costs associated with any kind of cybersecurity incident including:

  • Breach and event response coverage
    A very general and high-level form of coverage, this covers a range of costs likely to be incurred in the fallout of a cybercrime event, such as forensic and investigative services; breach notification services (which could include legal fees, call center, mailing of materials, etc.); identity and fraud monitoring expenses; public relations and event management.
  • Regulatory coverage
    Given that a range of organizations (such as The Securities and Exchange Commission, the Federal Trade Commission, the Department of Homeland Security, and more) have a hand in regulating aspects of cyber risk in specific industries, there are usually costs that come with defending an action by regulatorsThis covers the costs associated with insufficient security or “human error” that may have led to a privacy breach. Examples may include an employee losing a laptop or e-mailing a sensitive document to the wrong person.However, this type of coverage is not just limited to governmental and healthcare-based privacy breaches. It can also be useful for nongovernmental regulations that intersect with the payment card industry and are subject to PCI standards.
  • Cyber extortion
    This type of cybercrime event is generally a form of a ransomware attack, in which a cybercriminal keeps encrypted data inaccessible (or, alternatively, threatens to expose sensitive data) unless a ransom is paid.Coverage of this type addresses the costs of consultants and ransoms, including cryptocurrencies, for threats related to interrupting systems and releasing private information.

3. Backups & Ransomware Protection
The best way to defend against ransomware is to implement a range of cybersecurity protections that will keep your data protected, no matter what happens:

  • Firewall: Your firewall is your first line of defense for keeping your information safe. A firewall is a particular type of solution that maintains the security of your network. It blocks unauthorized users or suspicious connections from gaining access to your data. Firewalls are deployed via hardware, software, or a combination of the two.
  • Network Monitoring: Your IT company should be keeping an eye on your systems around the clock, identifying and suspicious activity and addressing it immediately to prevent any negative effects.
  • Data Backup: If you have you have a data backup solution, then it doesn’t matter if your data has been encrypted. You can just replace it with your backup, simple as that.That’s why you should make a considerable investment in a comprehensive backup data recovery solution so that you can restore your data at a moment’s notice when necessary.Be sure to:
    • Back up data on a regular basis, both on and offsite.
    • Inspect your backups manually to verify that they maintain their integrity.
    • Secure your backups and keep them independent from the networks and computers they are backing up.
    • Separate your network from the backup storage, so the encryption process is unable to “hop” networks to the backup storage device. This keeps your backup data from being encrypted.

4. Disaster Recovery

Without the right Business Continuity contingencies, your business won’t be able to stay in operation during an emergency. While many assume that a simple data backup solution is sufficient, the reality is that true Business Continuity and Disaster Recovery means planning to keep your business operating, no matter what. It requires a comprehensive approach.

It’s unlikely that you have the budget for a secondary site or the time to manage offsite storage. That’s why fully managed, Disaster Recovery As a Service (DRaaS) models are becoming so popular. They offer long-term retention and disaster recovery spin-up at an affordable, predictable cost.

Benefits include:

  • Fully integrated solution with cloud storage and DRaaS Linux appliance hardened against ransomware
  • Integrated, automated testing tools
  • Predict hardware failures
  • Premium DRaaS with 1-hour & 24-hour service level agreements (SLA)

Often available as an all-in-one physical or virtual appliance, DRaaS combines protection, analytics, compliance reporting, ransomware detection, and Disaster Recovery automation for a single site, cloud, or unlimited remote sites.

Like this article? Check out the following blogs to learn more:

Watch Out! You’re IT Provider May Not Secure Your Data Properly

URGENT/11 Zero-Day Vulnerabilities Impacting 2 Billion Devices

8 Essential Reasons to Outsource Your IT Services

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