As you start to finalise your Cyber Security Budget for FY24, ask yourself what a cyber attack might cost your business?
In 2022, the Australian Cyber Security Centre reported that the average cost per cyber report was between $39,000 and $88,000 for small to medium sized businesses.
However this cost is likely understated and does not include impacts resulting from business disruption due to system or operational downtime, reputational damage and costs for ongoing business or customer remediation.
It is important to consider what Cyber Security mitigations your organisation would like to implement or continue in the new financial year and ensure you have budgeted appropriately.
A conversation with a Cyber Security provider like Vertex can help to clarify projected one off and ongoing financial commitments.
And if you can’t find any budget for defensive Cyber Security measures, then we would recommend including a budget line item for Cyber Incident Response costs which could be more than 2-3 times the annual Cyber Security budget of a small to medium sized organisation.