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How Much Should My Business Spend on Cyber Security?

17 September 2021

There will be thousands (if not millions) of businesses across the world asking this same question. Unfortunately, there is no simple answer as it really does depend on a number of factors. These might include the sort of area the company is in, the regulations it faces, whether or not it’s likely to be targeted by hackers and the types of sensitive information it handles.

With this in mind, we highly recommend choosing a managed service provider (MSP) to come up with a solution tailored to your individual business needs. As well as helping you determine a suitable budget, they can also help you decide where your budget would be best spent and provide any of the necessary services. At ICT Solutions, this is something that we offer to companies right across the UK. 

If you do end up going down this route, we recommend asking yourself and answering the following questions that will help you make the most of working with an MSP.

The basics:

Answering these questions will help your MSP establish a core cyber security budget for your business – the minimum you’d want to spend. 

  • How many people are in our company?
  • What is our company worth? 
  • What is our industry?
  • What data do we need to protect?  
  • What kind of devices/technology does our company use? 
  • What laws and regulations do we need to comply with? 

Evaluating your business:

This next set of questions will help your MSP understand your current processes, and determine how much money should be invested in order to improve them or replace them, and to eliminate any vulnerabilities.

  • How do we currently collect and store data? 
  • Are third parties involved? If so, how much does this currently cost us? 
  • What softwares and products do we use?
  • What are their vulnerabilities?

Once you’ve answered these questions, we recommend taking these to your MSP who will then look at all of your requirements and come up with a bespoke cyber security package that works for you. 

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ICT Solutions are here to support you

At ICT Solutions, we make sure that our bespoke packages are as personalised as possible. As well as speaking to you personally in order to gain an understanding of your business, we also do our own research and use our own knowledge and experience to create a successful yet cost-effective solution. 

If you’d like to find out more about how we can help you, check out our dedicated cyber security page or get in touch with us directly today.