Companies often budget for everything that they deem essential but often overlook the importance of having a solid security procedure in place. Having the correct security method implemented allows the company to recover fast after cyber attacks or physical break-ins. The obvious security measures are taken into consideration by most companies.
However, things such as properly vetting their customers and suppliers are using batch screening or having adequate cyber security measures in place are often not taken into consideration. This leaves companies open to attack which can then result in major financial loss.
In this article we will talk about why having a good security budget in place is essential for business practice to run smoothly and without loss.
Why should a business give it security budget so much importance?
When a company first opens, it analyses all the risks that may be posed to it by competitors, its surroundings and even the product that they are releasing itself. Security can help minimise all the risks that may be posed towards a company and minimize any stunts in financial growth due to these risks. Things such as batch screening customers and suppliers, having adequate firewalls, encrypting data and insuring the correct physical safety procedures can help prevent large losses in the long run.
Without effective security procedures in place companies could not only increase risk towards their employees’ safety, but it can also affect the protection of their customers, due to potential data leaks. Having the correct security procedures in place can help secure a company from threats that they did not even know existed. However, to ensure you have the right security procedures in place, you first need to determine how much you can afford to invest within your security and also what factors you are looking for include into your security plan.
What factors should be considered when creating a security budget?
Ideally, when creating a security budget, you should take into account both cyber and physical threats:
- Physical security: This is the most obvious type of security that any company thinks about. It involves installations such as alarms, safes, and locks to prevent physical break-ins which can then damage property and even cause property loss. Physical security could also be implemented to minimize the risk posed by natural catastrophes like fires and floods.
- Cyber security: this type of security is often overlooked and on accounted for in security budgets. Unfortunately, a cyber attack cannot only result in loss for the company but also a distrust from the target market due to them not feeling safe if the company has their delicate details stored. Using tools such as batch screening, encryption and passwords can help minimise the threat of a cyber attack from people who already interact with your company or unknown individuals.
What are the benefits of having a good security budget in place?
As stated above having a good security procedure in place helps to keep your company secure from attack. This, however, is not the only benefit of having a security budget put in place to help protect your company.
A good security budget helps to save money:
Throughout the course of its life, a business evaluate its financial performance and where it needs to budget to save money. It puts into place precautions and measures that can be taken to ensure that a company is working at its optimum financial levels.
Having a security budget allows the company to benefit fiscally just in the same way. By having a clearly defined budget that caters for digital security and physical security by factoring in costs of tools such as batch screening, alarms and other methods a company can cater towards all possible outcomes of a security violation.
By setting out all the type of attacks that can affect your business and all the outcomes that may be caused by them you can cater for just those attacks. This prevents money being spent on trial and error methods that are not only costly to implement but can result in financial loss due to an attack. Installing a good security system and budgeting well can also help lower costs in other aspects of your business such as insurance.
A good security budget helps you plan for the case of an attack:
Sometimes security attacks can be unpredictable and unavoidable. In these cases, while you cannot prevent the situation from happening, having a good budget in place allows you to know exactly what measures to take in the unfortunate event that a security breach does occur.
Security budgets allow for a company to react in a timely manner and get up and running as soon as possible. Having an airtight security plan means that a company’s losses can be recovered as fast as possible.
Creating a security budget makes your assets as secure as possible:
Often your assets are the most valuable part of your company. This could be physical assets, your client list or your supplier list. Breach or loss of this could result in serious impacts for your financials status and also consumers trust within your company.
It is important to ensure that all people that interact with your company are screened appropriately to assess the risk that they may pose towards your company later on. For example, a financial company may have a client who is known for money laundering. This could then have an impact on the business itself, and cause investigations into your business tainting its image thus resulting in loss of clients. This process can be made easier by using a batch screening tool that will ensure that all clients, employees, and suppliers are screened appropriately.
While assessing your company to create a security but it also allows you to pinpoint any holes within your companies security plan. Maybe your warehouse needs to be further secured or you may need more cameras put it. What ever the case, a budget can not only help increase security and peace of mind but also save you money in the long run.