What Should Be in Your IT Budget for 2020?

What Should Be in Your IT Budget for 2020?

The money you spend on IT will send ripples through your business. This will impact just about every one of your employees, with the vast majority of modern workers using computers for at least some of the work each day.

Allocating enough for IT growth and security is crucial, and with 2020 just beginning, now is the perfect time to restructure your budget according to the most recent advancements in the business technology landscape. 

Here are some of the primary areas you should be investing in to keep up with technology trends and developments in 2020:

Cyber Security

By far the biggest area of IT that businesses should invest in is cyber security. According to recent cyber security statistics, a cyber attack occurs once every 39 seconds, and by 2021, cyber security damage is expected to reach $6 trillion. It’s no secret that hacking attempts—especially in the form of ransomware and phishing attempts—are a serious concern for businesses across all industries worldwide. 

A ransomware attack on your system can cost a fortune in loss of income, data recovery, and system repairs, with IBM stating that the cost of a data breach is, on average, a lofty $3.92 million. Even with these staggering risks facing businesses, however, it’s estimated that only 5% of companies have adequate cyber security defenses on their systems. 

It’s clear that if there’s any time to start investing in professional cyber security services, it’s now. The costs of a data breach not only exceed financial affordability; they also cause loss of customer trust and major reputational damage. Any business would be wise to ensure that a good portion of their IT budget is spent building up a strong cyber security defense.

Data Backups and Disaster Recovery

As can be seen from the growing rate of threats such as ransomware, data is valuable. It can be extremely costly to recover if lost—in fact, the Ponemon Institute found that the cost per each data record lost is $141. A data breach can lead to a loss of thousands of data records, which, if you do the math, can leave your company in a highly precarious financial situation.

Information about customers, your internal files and documents, and other sensitive data you store should therefore be regularly (and continuously) backed up. Backups can be automated and optimized to ensure that your data is protected in any circumstance, even if the worst occurs.

Furthermore, it’s wise to invest in disaster recovery services to ensure you have a plan that prepares your business for unforseen IT disasters. You should be confident that if your systems were compromised, or a power outage occurred, you could restore your data without having to deal with extensive (and costly) downtime. By having a plan that outlines the quickest and most efficient ways to respond to an IT incident, you can make sure your data remains safeguarded.

Cloud Solutions

While cloud computing has become a major global industry, some businesses may still be concerned as to whether or not it’s safe to operate within the cloud. It’s important to understand and assess the risks that are associated with hosting your data on a third-party server.

However, by partnering with a provider who offers secure cloud solutions, you can ensure your business makes the best decisions when it comes to operating within the cloud. Some options for cloud services include hosted email, anti-virus protection, mobile computing, and virtual desktops. By working with a professional such as Mentis Group, you can ensure your migration to the cloud is both secure and seamless.

In sum, reevaluating your IT budget is a business must for 2020, especially considering the changes that have been made across the technology landscape in recent years. With data breaches on the rise and cyber crime only becoming more advanced, it’s imperative that you invest in comprehensive, sophisticated cybersecurity to ensure your data remains securely stored and out of the hands of hackers.