What to Consider When Setting a Security Budget for Your Business

The security of your business is vital in preventing break-ins to protecting the building from fire to protecting your computers. You must take measures to protect your business on all fronts or you could see it all go down in flames faster than you could have ever imagined.

When it's time to set up your security budget for your business, you need to know what the most important factors are. You cannot just protect yourself on one front and avoid another. It's important to have full protection as this is your livelihood and the livelihood of all your employees.

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How Big Should Your Security Budget Be?

On average, small businesses will spend about 6% to 7% of their annual budget on security. The number is a bit higher in the financial industry and a bit lower in the education industry. It will vary depending on the industry from 1% to 12%.

When considering your security budget, it's important to focus on prevention first and response second. You want to be proactive and protect your business on all fronts. However, it's also important to have a plan in place to deal with a potential incident.

Prevention and Protection Come First

Protecting your business from break-ins, fire, environmental disasters, employee theft, cyber-attacks and any other possible attack is the first step. If you can prevent an issue from happening, you won't have to deal with the consequences.

Make sure you consider all the possible prevention methods in your budget. You don't want to simply install a security system with cameras and call it a day. Instead, you want a full business security system complete with fire protection, environmental disaster protection (carbon monoxide, leak detectors, etc.) and security cameras. Of course, you also want a system to protect your computers and sensitive data. You may want to install a safe too for the most important documents.

Consider the Entry Points

If a break-in is one of the major concerns, consider beefing up your entry points. Installing locks and other hardware making it much more difficult for a criminal to enter your business will go a very long way. You can also use controlled entry to ensure the only people getting in and out of the business or at least certain areas of the business have to have a code or a swipe card.

Ongoing Expenses

Along with protecting your business from threats, you need to consider the ongoing expenses of security in your budget. Some forms of security will only need to be paid for once, but others require a monthly fee to keep them current. Make sure you consider these expenses in your business security budget.

Response Plan

How will you deal with a break-in or someone attacking your computers? What if a fire happens or environmental disaster strikes your business? Make sure you consider the necessary insurances and protections you will need to carry to protect your business from the worst case scenario.

When setting up your business security budget, there are several things to consider. You have to protect your business on all fronts. Having an expert assess the risks of your business is a good place to start when trying to figure out how much security will cost each year.