security budget

The Importance of a Security Budget

Every business should set time aside for security budget planning each year. Many companies overlook a security budget’s importance and benefits, opting instead to only plan for other pressing short-term needs. However, this budget can help reinforce your company’s resiliency in the face of uncertainty.

In this article, we’ll discuss key factors to consider and why having a security budget in place can help keep your business functioning smoothly and efficiently throughout the year.

Why a Security Budget Is Critical

When you don’t set aside resources for a security budget, your field service business runs the risk of endangering your employees and customers. Also, you have a chance of exposing sensitive company, employee and customer data, as well as company assets and monetary loss.

Investing in your business’ security simply means you are taking the initiative to keep the company, employees and customers safe.

Security Budget Factors to Consider

There are two key factors to consider during security budget planning:

Physical Security

Every company’s security budget should account for physical security threats, such as break-ins, employee safety and onsite accidents. A security budget can be used to allocate funds for access-control systems, insurance, surveillance devices, commercial door locks and other tangible assets.

Cybersecurity

Your business must consider intrusions beyond physical security. A comprehensive security system will factor in cybersecurity – covering the protection of Wi-Fi networks, hardware, software as well as company and customer data.

If you aren’t already, consider operating your business on a secure cloud-based system. Field service software, like FieldEdge, can help business owners rest easy, knowing all the company’s data is secure and easily retrievable anywhere with a signal.

See how FieldEdge can supercharge your field service business’ cybersecurity. Book your FREE personalized demo today!

Book a FieldEdge Demo!

Reasons for Security Budget Planning

Saves Money

The fundamental reason for a security budget is to save the company money. How? Because a security budget allows companies to set clearly defined goals, which wastes less money and time with an achievable roadmap.

By identifying specific security costs and allocating a set amount of money to each goal, companies minimize the risk of wasting money across an entire year.

Secures Assets

Asset management is necessary for every business. With a security budget in place, there is a framework to allocate security resources to protect important assets. Also, it allows companies to find any existing security flaws that could easily get overlooked.

For the field service industry, critical business assets could include:

  • Employees
  • Company data
  • Tools and equipment
  • Service trucks
  • Warehouses
  • Inventory

It is useful to set aside money in the inventory budget to replace old parts or understocked items to ensure safer installs. Also, make sure your property is insured with an appropriate policy. And set aside a portion of your budget to make any updates or repairs needed throughout the year to keep your warehouse up to code.

A good first step in security budget planning is creating a list of additional business assets to consider within that year’s budget.

Reserves Resources for Security Upgrades

A security budget isn’t set in stone — it will continuously need to be revisited over time. With a budget in place, businesses can set aside funds to allow for upgrades or replacements to assets when necessary.

As a result, security protocols will be able to function flawlessly throughout the year, and if a particular protocol does fail, the allocated budget will be there to cover it.

Helps During Emergencies

The benefit of security budget planning is that it allows companies to prepare for emergencies. In a sense, this is similar to a business emergency plan. It’s important to note that emergencies are hard to predict, but resources set aside for them make it easier to help during the unexpected.

However, not having a security budget in place can leave your business vulnerable in the event of an emergency. You don’t want to risk your physical and digital assets falling into the wrong hands during confusion. Your business may even be left in a challenging position that could be hard to overcome.

For example, say an earthquake or tornado damages your supply house. With this budget in place, you’ve already allocated funds and a plan to begin replacing your most necessary tools, equipment and inventory. However, without a budget in place, funds will have to be reallocated or cut from other budgets, affecting the overall business and current priorities.

Begin Your Security Budget Planning Now

Understand that security is directly proportional to a company’s success, efficiency and safety. By providing your field service business with an extensive and robust security framework, your company can run smoothly and prepare for any troubles that may arise along the way.

And consider the benefits of securing your company and customer data with a powerful cloud-based software solution.

FieldEdge can dramatically reduce the stress of securing your company and customer data. Book your FREE personalized demo today!

Book a FieldEdge Demo!


RELATED: Your 4-Step Field Service Business Emergency Plan


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