Building a Secure Future: Budgeting for Cybersecurity in an Australian SMB

The Australian Advantage: Innovation and Security

Australia’s thriving digital landscape demands a robust cyber strategy for every business. As cyberattacks become more complex, prioritising cybersecurity is no longer optional. This article explores key aspects of budgeting for a cyber strategy in Australia as a professional services business, empowering businesses to strategically invest in their digital security.

Navigating the Australian Threat Landscape

Data breaches, ransomware attacks, and phishing scams are just a fraction of the cyber threats plaguing Australian SMBs. The Australian Cyber Security Centre (ACSC) consistently warns businesses about the rising number of cyberattacks, emphasizing the need for enhanced security measures. Businesses must prioritize a proactive cyber strategy to safeguard their digital assets and ensure business continuity.?

Budgeting for cybersecurity goes beyond simply allocating funds. It requires a strategic approach that identifies the lowest hanging fruit for improvement alongside considering specific cyber threats your organisation faces and their potential impact. By focusing investments on areas of highest risk versus highest reward, you ensure efficient resource allocation and maximize protection against critical vulnerabilities.?

Investing Wisely: Risk and Opportunity

A strategic approach when it comes to investing in cybersecurity as a SMB follows the path of both reducing risk and realising opportunity. Modern cybersecurity systems are made with the business owner in mind when designed and implemented in a thoughtful fashion. Cybersecurity for example can lead to centralised management, that provides opportunities to automate manual processes, and oversight over organisational data, productivity and communication.

Understanding a Comprehensive Cyber Budget:

Before spending money on the newest tool, or a long dormant project from your IT provider considering whether you have budget allocated to the following.

• Risk Assessment and Analysis:?Allocate resources for regular cyber risk assessments to identify and prioritize vulnerabilities within your IT infrastructure and people structures. Consider Penetration testing and executive threat analysis and training.
• Technology Investments: Invest in advanced cybersecurity tools that are commonly available like Microsoft that can provide a suite of modern technology advances for your business. Other great moder products that are becoming available at SMB price points are secure cloud backup solutions, 24/7 Detect, Respond and Recover tools alongside the buzz of the day machine learning and AI for superior threat detection.
• Training and Awareness Programs: Employees are your first line of defense. Invest in regular training programs to equip them with the knowledge to identify and avoid cyber threats. There are many great tools available at a low price point that can begin your journey and provide a value add to your staff.
• Password Management:?The password has long been a bugbear of all users, but many commonly available password managers are now available to remove users’ pain. Tip; many passwords managers come with 5 family accounts securing, helping both your employees and their family be safer on the internet.?
• Incident Response and disaster planning:?Allocate resources for creating an incident response plan to ensure a swift and effective response to cyberattacks, minimizing potential damage and getting your business back to work fast!
• Compliance and Regulatory Requirements: Australian businesses must adhere to various cybersecurity regulations and standards such as APPRA, DCI PSS, ISO 27001 among others. Allocate a budget for compliance to avoid financial and legal penalties and ask your current IT provider if they will help you on the journey.
• Cyber Insurance:?Cyber insurance provides additional financial protection against cyberattacks. Consider it an essential component of your comprehensive cyber strategy.
• The IT provider: No longer is your IT provider, just there to answer the support calls and set up your new laptops. Understand that if cybersecurity is a priority for your business that your provider has to invest more heavily in services, insurance and people. If your current provider does not cover yet cover these points or have firm partnerships, it is sadly time to move on to a provider that has the right capabilities.

Cyber threats are constantly evolving, necessitating agile cybersecurity strategies. Be prepared to adjust budgets as new threats emerge and technologies advance. Stay informed through your technology provider and by following the latest trends and threats to make informed budgeting and provider decisions. If your provider cannot provide these services, please consider other options. As Bob Dylan said, times are a changing.

So how much should it all cost?

This really depends on the business, the risk profile and the existing tech or legacy as we say in the industry. Be prepared at a minimum to allocate, around $200-300 per user month for the technology, training, password and management and IT services (including licenses) of a simple IT system. This should provide you some level of NIST capability (Identify, Protect, Detect, Respond, Recover) and at bare minimum Essential 8 level three compliance. If you are paying these prices but unsure if you are secure it might be time ask some hard questions or review your IT services.

Insurances, governance and compliance, annual assessments or penetration tests and key personnel risk analysis are extra costs that must be considered. These services can vary from $5,000 per Anum up to $100,000s of thousands, buyer be wary. Do your research, rely on trusted advisors and do your research.

The other large factor for your business to consider is the state of your technology, if you are server based or cloud hosted (with your provider) there will be a requirement for expensive projects, equipment, tools and management to achieve desired outcomes.

Finally, the great unknown is your current provider. If they charge a premium service more than $180-200 per user per month (plus licenses) for a local mob or $75-150 for an offshore/offshore hybrid. They should cover a significant amount of both cybersecurity and governance oversight of your technology systems at this price. If they cannot provide this in a timely and regular manner it is time to ask them for clarity or move provider.

Stay tuned for more articles on understanding the IT market, your provider and how to get the best solutions at the best price for your business.