Managed IT Services: The Need to Budget for IT Security

As we speed headlong toward the end of the second quarter, you may well be reviewing a range of forecasts and results from marketing and sales, to spending, and indeed, profit. However, there is one area that no organization can afford to leave out of budgeting, and that is IT security. When you examine how managed IT services in Milwaukee support both your day-to-day operations and long-term plans, it’s increasingly important to include the safety of your business technology in your outlook.

Why is Your IT Security Budget Critical?

Unless your business has already been hit by a cyber attack or painful system downtime, it is understandable if you balk at the idea of adding another budget item to your overhead. However, finding out the hard way about the importance of this spending can be so expensive that it can even put you out of business.

Cost of Breaches

A recent study showed that, globally, the cost of data breaches averages a whopping $3.62 million dollars. Data breaches in the US are costing organizations an average of $225 per record. If you operate in the healthcare sector, this rises to $380.

The Cost to Your Reputation

Imagine if all that investment in marketing and sales momentum were wiped out overnight. That’s what can happen if your reputation is damaged by an IT systems breach. At the very least, your customers could see doing business with you as risky. At worst, you could end up with a very public punishment by regulatory authorities that could permanently limit your ability to trade in your most lucrative sectors. To prevent these from happening to your business, partner with a managed IT services provider in Milwaukee.

The Regulatory Penalties

Government and industry bodies have introduced a number of measures aimed at forcing businesses to implement necessary IT security standards. Your organization could be found to not be in compliance with regulations set by government or industry even if you don’t suffer a security breach. This can end up leaving you with a costly bill for penalties and additional work to achieve compliance. If you’ve also suffered a cyber attack, the total price to pay could handicap your operations for several years.

The Alternative – IT Security Budget

Rather than worry about the risk to your business, you can take the necessary steps now. By identifying and implementing an appropriate IT security budget, managed IT services in Milwaukee can support your business as a form of insurance. Don’t see it as a cost, see it as an investment. At Risetech Partners, we can help you lock down your security. Contact us now to learn more.