With technology ever-evolving, it’s likely your IT needs are changing, too. It’s important to reevaluate your IT budget each year as you learn where the best areas are to invest your spending and how you can make the most of your IT dollars.

You should consider the entire needs of your infrastructure such as where upgrades need to be made and whether it is still sufficient for the scale of your enterprise. Investing in new technologies may be applicable in some circles, however, experts agree that the top priority for every business should be investing in cybersecurity and disaster recovery.

Here’s how you can make the most of your IT budget and better allocate your spending toward advanced security, backup, and disaster recovery:

Determine Your Budget

The first stage in planning where you will spend your IT budget in 2020 is to establish your budget. Knowing what you can spend will involve evaluating previous performance and considering in-depth projections of the year ahead. 

Comparisons with previous years’ spending should consider the factors that affected spending decisions and any infrastructure improvements that may have been carried out. Your IT budget for 2020 should be viewed in the wider context of the ongoing development of your company’s IT systems.

Understand Trends

Planning ahead means looking to see what is happening in the world of technology. What are the emerging trends and how will they affect your business? These trends could come in the form of opportunities for you to develop your IT infrastructure in ways that support major business growth. 

Before investing in a new technology, however, it is essential that you get a real feel for its features and benefits and how much value it is likely to bring to your business. Before investing in new areas, seek out the advice of a trusted expert. As mentioned, your main priority should be bolstering your systems’ security, so it’s wise to make sure the new technology you invest in, if any, is promoting that end goal.

Why You Should Invest in Cybersecurity 

Cybercrime is a continually growing and developing threat to all businesses. As technology evolves, criminals will always look for new ways to exploit your business systems and data. One of the most concerning cyber threats currently is ransomware, which is a form of malware that hackers use to hold your data hostage until you pay a specified ransom. 

This is a particularly worrying threat facing businesses that experts worldwide are urging businesses to work harder to combat. Cyber crime doesn’t seem to be slowing down any time soon, and if anything, it shows signs that it will only become more prevalent if businesses don’t change the way they’re investing in cybersecurity.

In fact, one study showed that last year alone, 81% of small to medium-sized businesses were affected by a cyber attack, and 35% of those attacks were caused by ransomware. These statistics are evidence enough to show that no business is immune to such widespread threats, yet experts also say that only 5% of companies have adequate cybersecurity measures for their data.

What some businesses have realized is that these threats are far more likely to occur in businesses who manage their own IT. Many companies pay for break/fix IT support and assume all is well if problems aren’t visibly affecting business operations. However, cyber attacks are inconspicuous—many businesses aren’t even aware their data has been compromised until months after malware has infiltrated their systems.

A great way, therefore, to mitigate these threats is by outsourcing your IT to a Managed Service Provider (MSP) who offers advanced cybersecurity. MSPs continually monitor your systems, ensuring that any new threats can be immediately detected and addressed before they lead to more serious issues.  

Getting ahead of the threats with regards to cybersecurity is paramount, and the best way of doing this is with the help of industry-leading experts. With new threats emerging constantly, it is essential that you have someone keeping an eye out for weaknesses in your systems so that these can be repaired before a hacker finds them. 

Why You Should Invest in Disaster Recovery

Disaster recovery should also be high on the agenda in terms of continued IT investment for any business. Planning for the worst may seem like an unnecessary expense, however, with the potential for unforeseen disasters to ruin your business overnight, disaster planning and recovery is truly an investment, not an expense.

Disaster strikes when you least expect it, so by having plans for data backup and recovery already in place, you can ensure your business is protected, even if the worst happens. Working with an expert to strategize reaction plans in the event of a malware attack, property destruction, or even human error is a wise move to make sure your clients’ data remains protected at all times.

Additionally, with a greater reliance on cloud-based technologies, much of your business’ data may be held away from your servers. It is important to plan and budget for cloud-based disaster recovery as any event where you lack protection in this area could have a dramatic effect on your business.

As you budget your IT dollars this year, keep in mind the benefits of investing in advanced cybersecurity and disaster recovery. Businesses who neglect these areas of their IT are becoming more and more likely to face the costly effects of data breaches or losses, so protect your business today by investing where your IT needs it most.