Planning Budgets for The New Year

IT team working on law firm project

When it comes to planning your budget for the new year, there are a few things that are critical to account for. It is important to budget for effective IT, because good IT management could save you from expensive IT repairs and budget-breaking recovery post ransomware or cyber attacks.

Analysis conducted by the Ponemon Institute, a US research group that specializes in IT security, indicates that ransomware attacks have quadrupled since 2015.

Ransomware is a computer malware that consists of software designed to block access to a device or documents until a ransom is paid. The attack typically involves some type of social engineering where the victim is tricked into opening an attachment or clicking on a link that installs the ransomware on the device.

Once installed, ransomware will encrypt files on the device and then demand a ransom payment to unlock them. The ransom payments can be quite large, with some victims paying millions of dollars.

In fact, it is estimated that 50-70% of ransomware attacks target small businesses. A study by the Unit 42 security consulting group found that the average ransom payment demand in H1 2021 was $50M, which is a colossal increase from the average ransomware payment of $847,000 in 2020. Unless you keep your data backed up and regularly tested, you could be forced to pay the ransom or lose your data altogether.

This is where investing in IT comes into play. By implementing good IT security practices and investing in quality IT management, you can reduce your risk of ransomware attacks and other cyberattacks. Below are some ways that you can ensure you are budgeting for essential and effective IT practices.

Make sure you have an accurate estimate of your IT needs. This includes understanding your current IT solutions and needs, keeping in mind the goals you want to accomplish with IT for this upcoming year.

Be sure to take a look at IT trends that could impact your budgeting process. For example, if most of your IT expenditures are going toward maintaining servers or hosting sites then it might be time to upgrade to more cloud-based solutions.

Compare the cost of IT services with the benefits you stand to gain from them. This will help you to make more informed decisions when budgeting for IT in the new year.

Be prepared to make some adjustments as your needs change throughout the year. Your IT budget should be flexible enough to accommodate these changes. If an upgraded version

Review your cybersecurity with your IT company to make sure it is supporting the aims and goals of your company as they develop over the course of the year.

Planning your budget for the new year can be a daunting task, but it’s important!  By following these tips, you can make sure that your budget is aligned with your company’s needs and protect your business from any looming threats.

Outsourcing your business’s IT is one great way to guarantee that your IT budget is being used as effectively as possible to keep you safe. A managed service provider, like Stasmayer, will provide IT support, monitoring, cybersecurity solutions, and everything else your business needs to implement effective IT. Contact Stasmayer today!