Company Cyber and Security Departments’ Budgets on the Rise

Even though the Corona virus pandemic has resulted in loss of business for many companies, most of them are increasing the budgets for their security departments. This is a direct result of the mounting attacks on businesses by hackers.

Many companies put their tech security departments on the wayside, choosing to instead focus on things that would directly make the company money. However, with preventative costs showing more value than recovery costs, it’s a no-brainer that companies are investing more in information security.

One way that department heads are convincing executives to invest is by showing them directly how the higher security will impact their bottom line. One of the easiest ways to show is by using ransomware as an example of how the company could either pay to secure their information or face paying off a hacker to get their information back. It’s a simple decision to make. However, there are still quite a few companies where they cannot see the value in increased informational security. These issues can only be prevented if the informational security team manages to convince the board that it’s a good idea.

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