Cyber security setups are a necessity for starting a business because it protects important information that is being stored and transported throughout a company’s networking system. In fact, about 40% of companies claim that cybersecurity is and will continue to be the top priority in their budget allocation for technology reporting (Eisenstein 2020). This is because the main error that occurs in networking systems that are in the workplace is due to human error. Although, cybersecurity systems provide many benefits for a business these systems can be very costly. And if a business does not have one it may damage a business in a multitude of ways and the damages it causes the business may be way more costly. There are various factors that go into budgeting when choosing a cybersecurity system for a business. For example, putting aside money to train employees to be cyber defenders, risk assessments, incident response, reducing the danger of phishing emails and other social engineering attempts, and much more. The company owners should also take into account their direct and indirect costs such as monetary theft, system repair, and loss of business customers or intellectual property. This is so even if the business still takes damages to their systems with the extra protections the size and costs of the damages will be lessened. When budgeting for a cyber security systems, business owners should take into account industry and company size, compliance and regulation mandates, sensitivity of the data you collect, use and share, and requests from company stakeholders or customers. estimates of what companies currently pay vary, ranging from an additional 5.6% to up to 20% of the company’s total IT spend (mdsny 2019). Which may cost $168-600 for small businesses, or for up to a 40 person company it may be about $3000 a month.

Reference list

The cost of cybersecurity and how to budget for it. Maureen Data Systems. (2019, November 22). https://www.mdsny.com/the-cost-of-cybersecurity-and-how-to-budget-for-it/.

Eisenstein, W. by L., & Eisenstein, L. (2020, March 5). Business Benefits of Practicing Strong Cybersecurity. BoardEffect. https://www.boardeffect.com/blog/what-business-benefits-practicing-strong-cybersecurity/.