What you need to plan for in the year ahead to ensure your IT infrastructure stays connected, competitive and ensures business continuity.
As the annual budgeting season continues, it’s crucial to reassess and realign your technology budget to stay ahead in a landscape where cyber threats constantly evolve. The significance of seamless operations and safeguarding client privacy cannot be overstated. Hence, adapting your budget to address these aspects becomes imperative.
In this blog, discover the top 9 essentials to integrate into your IT and Cyber Security Budgets. We’ll delve into why it’s prudent to allocate separate budgets for IT and Cyber Security (including Cyber Liability) while offering fundamental budgeting tips for effective planning in 2024.
Additionally, we’ll highlight two vital areas to prepare your company for the ongoing digital transformation. Ready to explore further? Let's delve into the essentials!
Top 9 Crucial Elements for Your IT & Cyber Security Budgets in 2024
1) Hardware Upgrades
Consider allocating resources for hardware upgrades, including new laptops, phones, and electronic devices essential for your company's operations.
Evaluate the need for improvements in existing hardware, ensuring your workforce has up-to-date tools. If hiring new employees, factor in additional hardware requirements to equip them adequately.
2) Software Subscriptions & Fees
Budget for software subscriptions and associated fees vital for ensuring business continuity and potential expansion. Updating and acquiring new software can significantly impact your business, hence necessitating financial provisions for licensing and application fees.
3) Managed IT Services
Contemplate investing in Managed IT Services in 2023 for proactive data protection and infrastructure oversight. A Managed Service Provider can monitor backup systems, network security, antivirus software, and provide comprehensive maintenance, offering peace of mind and potentially a fixed pricing structure.
4) Cloud Services
Consider integrating cloud computing to centralize IT infrastructure, reducing costs, and leveraging scalable enterprise platforms. Cloud services encompass hosted email, website hosting, enhanced business agility, access to the latest software, and decreased infrastructure expenses.
5) Major IT Projects
Allocate resources for significant IT projects such as system upgrades, implementing new programs, or enhancing departments like customer service with advanced technology solutions like VOIP phone systems, web or mobile app development, and network configuration.
6) Energy Costs
Factor in energy expenses pertinent to your IT systems, accounting for electricity requirements. The nature of your IT infrastructure, whether cloud-based or on-premise, will influence energy costs. Review current expenses and plan for potential increases in the upcoming year.
7) Employee Training
Allocate resources for both cybersecurity and general IT training for employees, emphasizing the importance of their role in defending against cyber threats. Consider incorporating Phishing Testing & Training to bolster cybersecurity awareness.
8) Risk Assessments
Include an annual risk assessment in your budget, providing insights into potential risks and their effects on day-to-day business.
Allocate time and resources to address findings from assessments and other tests, ensuring the implementation of recommended actions.
9) Managed Security Services
Consider a separate budget allocation for Managed Security Services to combat evolving cybersecurity threats. Include expenses for measures like Dark Web Testing to proactively protect your business against cyber threats.
Budgeting Separately for IT and Cyber Security/Liability: Why Is It Essential?
While there’s overlap between IT and Cyber Security, it’s crucial to delineate separate budgets for them. Develop these budgets concurrently to align goals effectively and avoid duplicating costs. Additionally, consider Cyber Insurance and allocate budget for premiums or required investments for coverage.
Enhancing Cybersecurity Budget for 2024: Due to the dynamic nature of cyber threats, a heightened cybersecurity budget for 2024 is advisable. Invest in preventive services to safeguard your business, ensuring protection against potential cyber-attacks that could jeopardize your reputation, operations, or client trust.
Fundamental Budgeting Tips for Effective Planning in 2024:
1) Forecasting for Change
Anticipate potential changes that may impact IT, such as shifting to a hybrid work model or remote operations. Budget for added costs, vendor delays, and price increases necessitated by these changes.
2) Additional Staff Training
Allocate funds for additional training, encompassing soft skills and remote collaboration, catering to evolving work models and communication methods.
3) Increased Network Equipment Pricing
Factor in higher prices for network equipment due to market fluctuations and buy early to mitigate delays or shortages.
Planning for the Unforeseen:
Budgeting involves educated guesswork, yet preparations can be made for uncertainties:
1) Comprehensive Inventory Review
Assess your hardware inventory, identifying aging equipment for potential upgrades. Consider transitioning to cloud-based systems for remote work capability.
2) Licensing & Subscription Evaluation
Review current licenses and subscriptions to eliminate redundancies and optimize cost savings.
3) Data Analysis & Risk Management
Gather feedback from staff to identify recurring IT issues and manage risks with updated technology or partnerships with reliable IT providers.
4) Goal Setting
Align IT and cybersecurity budgeting decisions with overarching business goals to ensure growth and success.
Looking Ahead to Digital Transformation:
In an era of rapid technological advancements, prioritize modernizing your workplace and consider future trends like hybrid or remote work. Seek guidance from trusted providers like Tech 2020 Solutions for budgeting, training, or managed IT & security services.
Stay proactive, adapt swiftly, and allocate resources wisely in your IT and Cyber Security budgets to foster resilience, growth, and protection in 2024 and beyond.
