Cybersecurity has become something of a buzz word in recent years, and frankly this discourse hasn’t emerged out of the blue. The past decade or so has seen a monumental shift in the capabilities of both ransomware and the hackers or developers behind this malicious software.
And with the simultaneous development of digital business technologies alongside the evolution of cyber threats, business owners have experienced an accelerated need to both invest in technology, as well as measures that can help protect them against the dark side of digital.
But what exactly should you be spending on your cybersecurity? After all, this is a section of your business budget that could feasibly have no limit. That and the security needs of your business may look wildly different to similarly sized businesses in different industries or sectors.
We’ll be outlining some of the primary expenses and investments your organisation can expect to make when developing your own cybersecurity strategy. Read on to begin shaping the cybersecurity budget for your business.
Developing cybersecurity processes
Most cybersecurity processes are standardised across the globe. For instance, the process of securing ISO 27001 certification in Australia is virtually identical to securing this same information security certification in the UK. This is advantageous for both businesses as well as consumers, as being able to list compliance with ISO 27001 Information Security Management Systems (or ‘ISMS’) Standards communicates your commitment to prioritising cybersecurity to your employees as well as your customer base. That, and consumers can easily scan your organisation’s website for mention of ISO 27001 certification to help them determine whether they can trust your company with their personal and device data.
But ISO 27001 certification isn’t a standard that’s just relevant to companies within the IT sector. Effectively all corporations that offer their services via digital interfaces can benefit from securing ISO 27001 certification for themselves. In fact, you could consider investing in your compliance with this international standard to be a strong foundation upon which you can build up your company’s cybersecurity protocols. These additional protocols can include items such as using multi-factor authentication on all staff accounts and updating applications automatically to ensure that all employees are using the most up-to-date software versions.
Firewalls, VPNs, VLANs, and anti-virus packages
Now, let’s have a look at some of the most commonly used cybersecurity measures in workplaces today. For many of us, when we think of ‘cybersecurity’, we’re likely to think of anti-virus software packages. Downloading anti-virus software onto your work devices can naturally help you detect any traces of malware before they have the chance to wreak havoc.
But there are generally many other components to an effective cybersecurity strategy. And having a working knowledge of security basics for businesses can help flesh out the rest of your company’s security measures. For instance, networking security assets like firewalls, VPNs, and VLANs can play a vital role in monitoring traffic into and out of your company’s office network. The ability to keep a watchful eye on your network traffic can help to stop potential hacking or malware activity firmly in its tracks.
Naturally, these network security assets are accompanied by their own set-up costs and time investments. VPN services usually operate on a subscription basis. As for firewalls, these are usually available either as software or even as hardware components. Securing the ideal firewall solution for your company’s cybersecurity infrastructure will typically require an assessment of the scale of your enterprise and how your office network is configured and accessed on a daily basis.
The same goes for VLANs as well. VLANs can be set up by investing in a heavy-duty ethernet switch for your enterprise. This ethernet switch can then be used to configure separate VLANs (or ‘virtual local area networks’) across your office network. VLANs can be particularly useful for segmenting your office network traffic into distinct segments, such as by department or even by floors. That way, any trace of malware detected within a VLAN will be isolated to that VLAN rather than gaining access to your entire office network. This segmentation makes it easier for companies to identify the root cause of cyberattacks if and when they occur. And pairing VLANs with VPNs, firewalls, and anti-virus software can, in turn, help drastically reduce your company’s risks of falling victim to a cyberattack in the first place.
Do you need dedicated network security staff?
As you can see, investing in cybersecurity for your business can involve so much more than just purchasing an anti-virus software package. This naturally raises another valid question: should you invest in an in-house security specialist?
Granted, there are many benefits to having dedicated network security specialists in your staff roster. But the reality is that this particular investment may not be necessary for many small to medium sized enterprises. Existing IT staff can easily be trained up to take on the helm of the head of network security for your company. This figure can even be tasked with conducting internal audits to ensure your company stays compliant with ISO 27001 ISMS Standards.
If your enterprise already has a dedicated IT department, then ensuring that these team members are involved in developing and maintaining your company’s cybersecurity processes can help take a lot of additional pressure off you and your wider management team. You may find that the expert eye of your IT team members should provide plenty of support in the development, maintenance, and periodic updating of your company’s cybersecurity protocols, as well as in the facilitation of security training sessions.
Be dynamic and proactive, not static and reactive
So we’ve had a comprehensive look at some of the most widely used cybersecurity measures in modern workplaces. With all this newfound information at your disposal, the last thing that’s left to do is to start building up your company’s own cybersecurity infrastructure. And before you embark on this endeavour, we’d like to leave you with two vital tenets.
The most important thing to remember when it comes to making cybersecurity investments for your company is that it’s always best to be proactive rather than reactive. Responding to an active cyberattack is typically a lot more costly than preventing that cyberattack from occurring in the first place.
Alongside this, remember that cyber threats are evolving more rapidly now than ever before. AI-powered malware attacks have the potential to learn from your cybersecurity strategies and grow to counteract them, much like a physical viral infection. With that, you should always make sure that your company’s cybersecurity strategies are as dynamic as possible. This means ensuring that your cybersecurity measures consist of many consistently used processes and micro-measures (i.e. using firewalls, multi-factor authentication, and updating passwords regularly, all alongside using anti-virus software).
The more dynamic and proactive your approach, the less likely you’ll become a target for malevolent hackers, ransomware, and all the other threats that lurk online.