Tech Budgeting

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As we move into the new year, it’s a great time to examine your organization’s budget closely. Make sure your business has the financial resources it needs to keep growing and thriving in the months and years ahead.

Technology is becoming increasingly important in today’s world, so having a clear and well-defined IT budget is crucial. In addition, an unanticipated technology problem can cause severe disruptions, so it’s best to have a plan and be prepared.

Here are a few things to keep in mind as you budget for your IT needs.

Constantly assess your business needs

Assuming you’ll have the same IT budget next year is a dangerous game in today’s rapidly changing technological landscape. It’s essential to regularly reassess your company’s needs and see how upgrading or changing platforms could help you meet those goals. You’ll always stay ahead of the curve by taking the time to do this.

Just like most technology-backed businesses, you should allocate your IT budget to improve these four areas:

Projects
Many companies fail to prioritize important IT projects, such as securing their networks, leaving them vulnerable to attacks. Hackers can exploit unsecured Wi-Fi networks and easily access sensitive data. It is best to set up a secure VPN for your virtual workforce to avoid these risks.

Refreshes
As businesses increasingly rely on technology, it is critical to ensure that their IT infrastructure is up to date. Legacy systems can decrease employee productivity and leave companies vulnerable to hacking. Annual technology refreshes are essential to maintaining optimal performance and security.

Accidents or incidents
You’ll need a plan to tackle an accident or incident, such as a cybercriminal demanding a ransom. An event like this can be disastrous not only financially but also for your reputation. So, plan your technology budget, and strengthen your cybersecurity plan to manage your business risk.

Routine IT services
Hackers are always on the lookout for weaknesses in your business network. It would be best if you were proactive in identifying these weaknesses in your IT infrastructure so that your business network isn’t compromised. Ensure you continuously monitor your network with a vulnerability scanning solution to identify potential problems and develop the best preventive measures.

An IT service provider might be what you need

IT service providers can help you with a wide range of IT-related tasks, including cybersecurity, backup, compliance, budgeting, and more.

An IT service provider can help with the following:

Internal support: Internal IT department or IT team
The most common type of support is through an internal IT department or IT team. Usually, businesses with a committed IT team are enterprises, while small businesses may have only one IT staff member or none at all.

Hybrid support: A combination of internal and external IT services
If you have an existing internal IT team but have areas they cannot cover, you can outsource those areas to an external specialist.

External support: Outsourced IT service provider
An external IT service provider can support your business in multiple ways, such as assessing your IT infrastructure to formulate a plan for budgeting decisions, providing advice on the best IT solutions, and assisting with implementation and setup.

A combination of internal and external IT services
Outsourcing your IT needs or opting for hybrid support alongside your internal IT team can reduce a great deal of stress since our specialists can help lighten the load and show you the right way to prepare a budget. To get started, contact us today for a no-obligation consultation.

In addition, you can download our infographic “How to Budget for Your IT Needs,” which will walk you through the basics of IT budgeting.

How an IT Service Provider Can Help with Cyber Insurance

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When looking for cyber insurance for your small business, you may find it hard to navigate technology and insurance jargon. There are even different types of cyber coverage, and you might not be sure what you need because you’re not a cybersecurity expert. Plus, once you do have coverage, there’s always the risk of not receiving a payout in the event of an incident if you didn’t meet your policy’s requirements.

Partnering with an IT service provider can make your journey to qualify for cyber insurance easier in so many ways. Keep reading to find out how.

An IT service provider can help you

Although an expert IT service provider can bring a lot to the table on matters regarding security, backup and compliance to help you stay protected, in terms of cyber insurance, you can get assistance with the following:

Auditing and complying with insurance policies

Meeting your cyber insurance policy requirements is ultimately up to you, you can improve your chances of receiving a payout following an incident by partnering with a specialized IT service provider.

The majority of insurance policies require you to take specific actions to reduce your risk of a cyberattack. These actions may involve maintaining strict security protocols and procedures, regularly backing up data and more. An IT service provider can help handle all of these and ensure that the appropriate security measures are followed to protect your data and comply with policy requirements.

An IT service provider can also help make documenting your security measures easier.

Picking the right coverage for your business

It can be difficult to know which type of cyber insurance is best for your company out of the many available options (theft, liability, and extortion). An IT service provider can evaluate your company and direct you toward the right coverage. The drawback of not having the right insurance coverage is that you’ll have to pay the premium and get nothing in return when you really need it.

Improving your cybersecurity posture

Insurance companies are wary of taking on too much risk due to the skyrocketing rate of cybercrime. Although this makes obtaining cyber insurance coverage challenging, it is not impossible. If you have a strong cybersecurity posture, your chances of getting coverage will be higher.

An IT service provider can help you assess your cybersecurity risks and recommend ways to improve your overall cybersecurity posture. They can also help you implement security controls and monitor your network for threats. If you do suffer a data breach, an IT service provider can help you with the incident response process.

The decision is yours

If you’re hoping to qualify for a cyber insurance policy, a specialized IT service provider like us can help. We can use our expertise and experience to help you choose the right policy for your business and meet your policy’s requirements. Feel free to reach out for a no-obligation consultation where you can decide if we’re the right partner for you.

To help you learn more about cyber insurance, we created a comprehensive checklist that you can download by clicking here.

Why Your Business Needs to Prepare for Cyber Incidents

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As the world continues to digitize, so do the risks associated with conducting business online. No matter the size or industry of a company, cyber incidents can happen and have serious consequences.

The following are some examples of common types of incidents to look out for:

Ransomware

Ransomware works by encrypting a victim’s data, making it unreadable. The only way to decrypt the data is with a key, which the hackers hold. They then demand a ransom from the victim in exchange for the key. Ransomeware can be a hugely costly and disruptive attack for businesses.

Phishing

Phishing is an online fraud in which criminals send emails or instant messages pretending to be a legitimate organization. These communications often include links to fake websites designed to steal your personal information, like your login credentials or credit card number. Phishing attacks can be difficult to spot because scammers use familiar logos and language to trick their victims.

Denial-of-service

A denial-of-service attack makes a computer or other service inaccessible to users. These attacks flood the victim’s computers or network with requests, rendering it unable to respond to legitimate traffic or causing it to crash. Such attacks can be excessively disruptive and can result in significant financial losses.

Malware

Different types of malware exist for various purposes, but all share the common goal of harming computer systems. Malware can be viruses, Trojans, or spyware, used to steal personal information, corrupt files, or even disable entire systems.

SQL injections

An SQL injection is an attack in which malicious SQL code is embedded and then executed in a database. Attackers use this code to change, steal, or delete data. In other words, it allows cybercriminals to gain control of the database and its contents.

Collaborate for Success

You can’t assume that your company is immune to cyber threats. To effectively address incidents as they occur, it’s essential to have adequate security measures and an incident response plan in place. Consulting with an IT service provider may be a good option if you need help identifying the right technologies to prevent a cyber incident or develop an incident response plan.

Feel free to reach out now.

To get you better acquainted with incident response best practices, we have created a checklist titled “Cyber Incident Prevention Best Practices for Your Small Business,” which you can download by clicking here.

Balancing a Proactive and Reactive Approach to Cyber Incidents

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Is your business prepared for a cyber incident? These malicious security events can range from data breaches and system failures to malware attacks and phishing scams. They can severely hinder productivity, revenue growth, and customer satisfaction. 

A cyber incident can have severe consequences for a business, including data loss, downtime, and financial loss. In some cases, a cyber incident can also cause business interruption. 

This blog will explore how to protect yourself from online attacks. We’ll discuss proactive and reactive approaches to keeping your information safe and what to do in the aftermath of a hack.

By taking these proactive steps, you can help protect your business from the devastating consequences of a cyberattack:

Routinely update your passwords

By being vigilant and taking proactive steps, you can help safeguard your business from the disastrous fallout of a cyberattack.

Here are a few tips on how to create a strong password: 

  • Use a mix of upper and lowercase letters, numbers and symbols 
  • Avoid using easily guessable words like your name or birthdate 
  • Use a different password for each account 
  • Don’t reuse passwords

Use a virtual private network (VPN)

A VPN can be an excellent tool for securing your company’s data. By encrypting your data and controlling who has access to it, you can help prevent data breaches and protect your company’s information. But, first, selecting a reputable provider with security experience is essential.

As a business leader, you are responsible for keeping your company’s security awareness training up-to-date and engaging. Educating end users is essential to protect your business from potential threats in today’s digital age.

Run regular phishing tests

Phishing is a malicious online activity that seeks to acquire sensitive information or install malware by deceiving users. Although phishing attacks can be highly sophisticated, regular employee security training can help identify vulnerabilities to this type of attack. Additionally, users can protect themselves from becoming victims of these cybercrimes by being aware of the warning signs of a phishing email.

Reset access controls regularly

It is vital to regularly reset access controls to stop people from getting into places they’re not supposed to. A regular process to do this helps make sure that only people who are allowed to have sensitive information can get it. You can reset access controls yourself or use automated tools to do it.

Use multifactor authentication (MFA)

Multifactor authentication requires employees to provide more than one form of identification when accessing data. Examples of this could include a password, a security token, or a fingerprint. Requiring multiple forms of identification reduces the chances of having unauthorized access to your data.

Reactive Steps to Remember

The National Institute of Standards and Technology’s (NIST) reactive incident response framework covers the following five phases:

Identify

Start by identifying security risks to develop an effective incident response plan. Consider threats to your technology systems, data, and operations. Understanding these risks allows you to respond to incidents more effectively and reduce the impact of security breaches.

Protect

To protect your company, you need to develop and implement appropriate safeguards. Security measures to guard against threats and steps to ensure the continuity of essential services in the event of an incident are examples of safeguards.

Detect

Detecting anomalies, such as unusual network activity or unauthorized access to sensitive data, are needed to limit the damage and get your systems back up and running faster following an incident.

Respond

A plan to respond to detected cyber incidents is critical. This strategy should include breach containment, investigation, and resolution strategies.

Recover

To minimize disruption, you must have a plan to resume normal business operations as soon as possible after an incident.

Implementing the above proactive and reactive steps requires time, effort and skillsets that are possibly beyond what you can commit to at the moment. However, you can still accomplish this by collaborating with an IT service provider like us. Our experience and expertise may be just what you need. Feel free to reach out to schedule a consultation.

Also, to walk you through incident prevention best practices, we have created a checklist titled “Cyber Incident Prevention Best Practices for Small Businesses,” which you can download by clicking here.