IT Support in Los Angeles: Why Budgeting for IT Security is Necessary

IT Support in Los Angeles: Why Budgeting for IT Security is Necessary

IT security is becoming more important with each passing day. If you have not budgeted funds for cybersecurity, it is time to allocate some money to combat ever-evolving digital threats. An IT support provider in Los Angeles can help you thwart viruses, hackers, and other threats before they wreak havoc on your business. These threats are highly dynamic as they change on a daily basis. Your organization won't enjoy top-notch IT security unless cybersecurity is a component of your budget. Here is a look at the importance of budgeting for cybersecurity:

Consider the Costs of Security Problems

If your company endures a data breach, the cost will likely be higher than originally anticipated. The Cost of Data Breach study reports the average aggregate cost of such a breach is $3.6 million. This figure accounts for lost employee productivity, lost business relationships and other costs associated with the data breach. After all, your team won't be productive if a data breach compromises their ability to work. Such a breach will also likely send clients fleeing to competitors.

Furthermore, there are costs associated with investigating the breach's cause. There are also costs associated with implementing the appropriate repairs. These potential costs are precisely why spending on digital security services and products will likely hit 93 million this year$. It would be quite the increase from $86 billion spent in 2017. The fastest growing portion of IT security spending is digital security services, with a particular focus on IT consulting and services.

Costly Regulatory Fallout

The type of business you own or manage and the industry or niche you work in determines whether you face stiff security regulations. As an example, companies operating in the medical sector must comply with HIPAA. A data breach that prevents your business from achieving compliance with the nuances of your industry's regulations will prove quite costly. Regulatory penalties cost hundreds, thousands or even tens of thousands of dollars.

Costly Damage to Your Business's Reputation

A digital data breach has the potential to ruin your company's reputation. If clients, business partners and others are angry about the incident, they will spread the word. Consider providing affected clients with some sort of compensation, even if it is nominal in nature. Any gesture of goodwill is better than none in this sensitive period of time. Ideally, you will ally with an IT support provider in Los Angeles for preventative assistance that nullifies attempts to breach your system before they are carried out.

How to Budget for IT Security

IT experts can help you determine the appropriate level of funding for your IT security. They will perform a thorough review of your current digital security status, pinpoint the appropriate solutions and services and help you settle on a reasonable figure for your IT budgeting. They can also perform an IT security assessment to gauge your IT environment. This assessment will also help pinpoint weaknesses cyber thieves might tap into.

DCG Technical Solutions is here for your tech needs. As an IT support provider in Los Angeles, we provide managed services, disaster recovery, digital security assessments, computer/internet employee training, breach prevention and more. Contact us today to schedule an initial consultation.