A Guide to Cybersecurity Budgeting for SMEs in New Zealand

You bet. A recent webinar revealed that reported cyberattacks are just the tip of the iceberg, with countless others going unnoticed. As these attacks evolve and intensify, one weak link in your system or even your supply chain can lead to devastating consequences, including data breaches, ransomware attacks, and reputational damage. In our recent webinar, we discussed key controls, estimates for these security controls, categorising them  and building a solid business case for executive buy-in.

But how much should you spend to fortify your defenses? 

Budgeting for cybersecurity isn’t a one-size-fits-all solution. It depends on several factors, including: 

• Your industry: Different industries have varying data sensitivity and compliance requirements, affecting spending needs. 
• Customer expectations: Your customers trust you with their information. Secure systems demonstrate your commitment to their privacy. 
• Tech maturity: Are you a tech-savvy startup or a well-established organization? The level of existing infrastructure impacts security complexity and cost. 
• Strategic plans: Are you expanding or undergoing significant changes? These factors influence security needs and budget allocation. 
• Stakeholder management: Be prepared to address concerns and manage expectations after a security incident. 

Think of cybersecurity as an investment in your business’s future. 

Here’s a breakdown of key security controls discussed in our webinar, categorized into four crucial stages: Prevent, Detect, Respond, Recover: 

• Prevent: Antivirus software, user awareness training on phishing attempts, and vulnerability scanning are your first lines of defense. 
• Detect: Security Information and Event Management (SIEM) systems help identify suspicious activity. 
• Respond: Having a well-defined incident response plan minimizes the impact of an attack. 
• Recover: Immutable backups ensure you can restore critical data after a ransomware attack. 

While the cost of security controls varies, understanding your needs and industry trends helps build a compelling case for investment. 

Focus on the ROI: Highlight the financial impact of potential breaches, the cost reduction benefit of proactive security, and the importance of staying ahead of industry trends. 

Remember, even a small investment in robust cybersecurity can safeguard your operations, customers, and reputation in the face of ever-growing cyber threats. Start with a security assessment to understand where you need to invest and leverage our expertise to guide you with a systematic approach.

Ready to learn more? Watch our on-demand webinar for a deeper dive into cybersecurity budgeting best practices and gain valuable insights from industry experts. 

Click here to watch the webinar now!