Budgeting for the security of your business is essential. Many companies tend to overlook the importance of a security budget and the benefits that it can provide. Most companies budget for other pressing needs in the short-run; however, a security budget can set your company up for success.
In this article, we’ll discuss important security factors and the different reasons why having a security budget in place can help your business function smoothly and efficiently.
Why is business security important?
When there isn’t a robust security plan in place, your company can run the risk of endangering your employees and customers. You also run the risk of exposing sensitive company and customer data, or company assets and monetary value. Investing in your business’s security simply means that you are taking the initiative to keep the company, employees, and customers safe.
Security Factors to Consider
When it comes to business security, there are two factors that every company should focus on:
- Physical Security: Every security budget should account for physical security threats, such as break-ins, the use of access control systems, surveillance devices, commercial door locks, etc. Also, the budget should account for tangible assets as well.
- Cybersecurity: Your business can’t just focus on physical security. A comprehensive security system will factor in cybersecurity, and the protection of Wifi networks, hardware, and personal or professional data and software.
Now, let’s look at the reasons why a security budget is vital for every business.
This is one of the fundamental reasons for a security budget. Companies that have a security budget in place usually save more money. Why? Because a security budget allows companies to set clearly defined goals; therefore, companies waste less money and time because they already have a clear idea of what they want. By allocating specific security costs and a set amount of money to each, companies minimize the risk of wasting money.
Asset management is vital for every business. With a security budget in place, there is a set framework to allocate security resources and protect important assets. Also, it allows companies to find any inherent security flaws that might have been overlooked. For the field service industry, important assets would include employees, tools and equipment, vehicles and fleet, warehouses, inventory, etc.
Allows for Security Upgrades
A security budget isn’t set in stone — it will continuously need maintenance or upgrades over a certain period of time. With a budget in place, businesses can have funds that allow for upgrades or replacements when necessary. As a result, this enables security protocols to function flawlessly, and if a particular protocol fails, the budget will be able to cover it. In a sense, this is similar to an emergency fund or rainy day fund for security budgets.
Helps for Emergencies
Perhaps the most critical part of a security budget is that it allows companies to prepare for emergencies. It’s important to note that emergencies are hard to plan for, but when resources are in place for them, it’s easier to help combat them. However, not having a security budget in place can leave your business vulnerable and leave many of your physical and digital assets without security for an extended period. Your business may even be left in a challenging position that will be hard to overcome.
For example, say there’s an earthquake or tornado that comes and damages your supply house. With a security budget in place, all of your tools, equipment, and inventory are accounted for and replaced in a timely manner. However, without a budget in place, funds will have to be reallocated or cut from other budgets, affecting the overall business and procedures that are in place.
Companies should understand that security is directly proportional to success, efficiency, and safety. By providing your company with an extensive and robust security framework, your company can run smoothly and prepare for any troubles that may arise along the way.