There are several factors1 that indicate a budget increase for cybersecurity spending in 2023. Therefore, businesses need to tighten their budget to absorb all factors and remain relevant while increasing profit margins.


Two major factors point to increased Cybersecurity spending by 2023- inflationary pressures and the advancement in cyber risks or threats.


The high rate of inflation resulting from the food, energy, and gas sectors has made businesses more intentional about spending. Most of these companies focus majorly on the essentials. They are more interested in balancing budgets and navigating the potential effects of the recession.


2023 is the year to take all necessary steps to ensure funds are not unnecessarily allocated to the wrong things. Avoiding spending on cybersecurity without getting the desired result requires using a third-party IT solution company. They know how to access the problem and offer advice on the solutions or best practices to use. This strategy also saves many businesses from overspending.

• Budget Adjustment

Businesses experience high and low cash flows at certain times of the year. Therefore, it’s important to take advantage of favorable times. When purchasing IT services, it’s expedient to go for the IT solutions that apply to the business needs. One way to successfully achieve this feat is to outsource the services. IT companies are the experts and can proffer the solutions; that fit a business budget need.

A business budget should include:

i) Managed IT services

ii) Employee training in cybersecurity

iii) Continuous cyber risk assessments

iv) Security management services

v) Compliance management

vi) Cloud Security3 Risks management

• Business Continuity Plan

Organizations need to have structures that guarantee a continuous increase in their profit margin. Any new business initiative adopted should be assessed and have a security budget applied to it.

• Create Contingency Cuts

Contingency cuts should include all possible avenues to streamline a budget. For example, one area to consider is asking for discounts from the IT-managed service providers or the IT consulting firms the business partners with regularly.

Cybersecurity spending in 2023 is not expected to decline. Therefore, what businesses need to focus on is a recession-resistant approach. However, the best practice remains for security leaders3 to prioritize solutions that help to generate the most revenue. They need to focus on cloud technology management, financial solutions, improved user experience, and more.

It’s time to choose the right IT solution your business will ever need. Contact LogixCare;for the best IT solutions your business will ever need.

References

Gartner. (2022, October 13). Gartner Identifies Three Factors Influencing Growth in Security Spending. Retrieved from https://www.gartner.com/en/newsroom/press-releases/2022-10-13-gartner-identifies-three-factors-influencing-growth-i

SC Media. (2022, October 17). Cloud Security Expected to Drive 11.3% Growth in Security Spending in 2023. Retrieved from https://www.scmagazine.com/news/cloud-security/cloud-security-expected-to-drive-11-3-growth-in-security-spending-in-2023

Forbes. (2022, December 19). Big Challenges and Opportunities: Where’s Cybersecurity Heading in 2023. Retrieved from https://www.forbes.com/sites/forbestechcouncil/2022/12/19/big-challenges-and-opportunities-wheres-cybersecurity-heading-in-2023/?sh=5c5e49d95af7

CSO. (2022, August 24). How 2023 Cybersecurity Budget Allocations are Shaping Up. Retrieved from https://www.csoonline.com/article/3671108/how-2023-cybersecurity-budget-allocations-are-shaping-up.html