Bigger Budgets For Cyber Security In 2020

Digital technology is rapidly advancing and now encompasses previously unrelated industries.  But for every innovation in the online world it seems that more backdoors are opened for cybercriminals to access, compromise, and mishandle sensitive data.
 
Financial institutions have experined a particular surge in data breaches  and the numbers are only expected to continue to rise across all industrial sectors. 
 
With this rapid rise in cybercrime many organizations, big and small, are  beginning to get a lot smarter about securing their data and dedicating a significant budget to cyber security. 
 
Let’s find out if your company is spending enough on its cyber security budget.
 
High Importance of Cyber Security
According to a research conducted by Academist Help, organizations are spending around $2300 on cyber security for each full-time employee. It goes on to show that cyber security comes with a considerable price tag. And to consistently keep it updated, it can get expensive for organizations. But to achieve higher levels of security, your company needs to revise their security tactics.
 
With increased risks of cybercrimes with new methods being followed, keeping data secure is a high priority. Manyo rganizations have already automated many of their departments, and each department may require its own customizable security protocols. Companies now identify their strengths and weaknesses to mitigate cyber threats and vulnerabilities.
 
Increase in Cyber security Budgets
Instead of trade sectors, Government and National Defense Agencies have also recognized the need to secure their various digital channels and operations. This can be proven by the additional $15 billion dedicated to cyber security measures in the 2019 US Budget. However, despite increasingly high budget allocations, some industries are spending more on cyber security than others. This trend of increased cyber security spending is expected to continue into 2020.
 
How Much Should Your Company Invest?
Cyber security should not be taken as an added expense when it comes to budgeting. It is a long term investment that pays off over time. It is essential for employers the same as it is for managers to exercise cyber security within their individual domains.
 
Although it can be difficult to prioritize one factor over the other in this rapidly growing world of cyber security, here are three primary areas where the company can invest to ensure a secure business pathway.
 
1. Outsourcing IT
Not only will it be economical for the company but will add an extra security layer to their IT department. A security vendor providing 24/7 network monitoring, designated alerts, reports, and mitigation of threats are features that an organization will appreciate. It will ease the burden on current IT employees, and they can easily focus on other business aspects of the company.
2. Cyber Security Awareness Training
Not only IT members but every employee who is a part of the organization poses a threat to it if they are not aware of what risk they pose. It is why organizations should invest in cyber security training of their employees and management to make them aware of how they can practice safe business duties without posing a threat to the network of the organization.
3. Security Software
Antivirus and anti-malware software are now available from your smartwatches to phones, laptops, and personal computers. There is no excuse in not having downloaded one to aid in keeping unnecessary scams, viruses and links, and bay.
 
The Cyber Security Skills Shortage
Rising interest in cyber security has resulted in an increased demand for professionals within the field. It is safe to assume that this has created a need for well-versed professionals. With rapid digital transformation, there are more available positions than qualified professionals. Ethical hackers can benefit most from this newly-created void as organizations attempt to recruit hacking professionals for combatting digital threats.
 
This gap in supply & demand will also raise the average yearly salary for cyber security professionals to an impressive $86k, according to the US Bureau of Labor.
 
Professionals will be able to choose between industry leaders, high-ranking government, and military positions in the said domain of work. Therefore, given the situation, cyber security can prove to be a successful career path for beginners now entering the field in its longevity.
 
The Bottom Line
Considering the high stakes involved, allocating higher budgets to relevant cyber security solutions has become essential. This will ensure that your business continues to grow and thrive well in the new decade about to begin!
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About The Author:  Claudia Jeffrey is a digital analyst specializing in Cloud Computing and Cyber security. She is currently working as Assistant Manager for Networking at Crowd Writer where she shares her vast experience in information security with industry professionals. 
 
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