Cybersecurity Investment Recommendations

We recently presented you some figures from a study conducted by Deloitte on investments in cybersecurity by companies with mature and proactive cybersecurity programs. Today, let's take a closer look at recommendations for SMBs that want to increase their resilience through cybersecurity investments.

SMB Recommendations from the Canadian Centre for Cybersecurity

In the previous blog on the Deloitte study, we saw that mature companies spend 0.5% of their total budget on cybersecurity or 11% of their overall IT budget.

For SMBs, a market analysis conducted by Gartner shows that organizations spend up to 13% of their IT budget on cybersecurity. On the other hand, the Canadian Centre for Cybersecurity recommends that SMBs dedicate 4 to 7% of their IT budget to cybersecurity in order to increase their resilience. While SMEs can assess their spending against these figures, the center's recommendations also state that it is important to consider their cybersecurity priorities first.

All in all, what's important to keep in mind is that the percentage of your budget you’ll need to spend on cybersecurity shouldn’t be based on the maturity of your business, nor should it vary too far under the averages recorded for your industry. It’s crucial to know where your risks and vulnerabilities lie in order to invest intelligently. If you need help, download our express audit template for manufacturing companies or contact us directly at 1 877 208-9040. Cybersecurity isn’t optional anymore. And your security capabilities need to evolve along with today’s new, increasingly serious, threats.

Need help? StreamScan is here.

If you are a victim of ransomware, need help creating a cybersecurity strategy, or are looking to implement a Managed Detection and Response (MDR) solution to guard against ransomware attacks, StreamScan has experts with years of experience who can help. Contact us at securitepme@streamscan.ai or call us at 1-877-208-9040.