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Teleport Research: Cybersecurity for Teleports
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Budgeting for Cybersecurity

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Description

An executive with a major cybersecurity firm recently conducted an experiment via Twitter. She sent a tweet to industry decision-makers for her service and asked them the following question: “Cybersecurity budgets come in many sizes. How does your company determine yours?” Among the answers that surprised her were: “Pick a number and subtract that number from itself. That’s your budget.”

Even if you’re a bit hazy on cybersecurity, you probably agree that this is not smartest ways to plan for the costs of protection. Particularly when the average cost of a data breach to small businesses ranges from US$120,000 to $1.24 million, and the average across all businesses is $3.92 million, according to IBM’s 2019 Cost of a Data Breach report.

Good planning and budgeting are needed. According to Gartner Group, worldwide IT spending is growing at 3.2% per year, while information security spending is growing at more than twice that rate or 9.4% CAGR. That’s not surprising given the financial, operational and reputational damage a successful hack can inflict and the seemingly explosive growth in people making a living at it. In this report, WTA provides benchmarks on IT and cybersecurity spending and a structured approach to establishing and justifying a budget.

WTA Members may directly download the report by following this link (Sign In Required)

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