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3 Guidelines for Cybersecurity Budgeting

Recent research confirms ransomware remains the leading cybersecurity threat across the business spectrum. Here are some sobering statistics:

  • 85% of companies experienced a ransomware incident in the last five years
  • 60% of organizations have had more than one incursion over the same period
  • The average cost of these attacks exceeds $1 million
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Certain industries – such as healthcare, public utilities and government entities – deal with higher ransomware risks than others, but many studies demonstrate that no size or type of organization is immune. As attention turns to 2023 planning, how should you budget for this intensifying cybersecurity challenge? We offer three guidelines:
  1. Assume risks will continue escalating – International watchdogs like the U.S. Cybersecurity and Infrastructure Security Agency (CISA) discover new strains of malware every month because cybercriminals relentlessly innovate techniques like ransomware as businesses shift operations to the cloud and expand hybrid working environments. As these trends continue to expand, your cybersecurity investments will need to keep pace.
  2. Provision for increasing cyber insurance – Analysts predict cyber insurance premiums will increase at an annual rate of 20% to 25% in coming years, a steep curve directly related to increasing cyber assaults like ransomware. One way to mitigate this expense is by investing in cybersecurity monitoring and maintenance practices as some insurers take these safeguards into account.
  3. Consider fortifying with managed IT services – One study shows nearly half (46%) of companies surveyed reported their organizations did not have the internal talent to keep up with the latest technology solutions in critical areas like cybersecurity. Augmenting your IT team with tactical support from a managed services provider (MSP) enables businesses to focus on more strategic matters.

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