Cybersecurity stands as a cornerstone for any business, and the pivotal allocation of budget towards this realm is paramount. While a rule of thumb suggests earmarking 10% of the IT budget for cybersecurity, the appropriate amount can vary. In the domain of cybersecurity, determining what qualifies as sufficient is often subjective and contingent upon the particular challenges and risks confronted by each organization.
The primary goal of cybersecurity is to safeguard an organization’s data, systems, networks, and other digital assets from potential cyberthreats. Hackers frequently prioritize cost-effectiveness and employ existing tools to target vulnerable organizations. One prevalent cyberattack method is phishing, a tactic that tricks individuals into disclosing sensitive information, jeopardizing an organization’s security. In 2023, nearly half of all cybersecurity incidents in Hong Kong were classified as phishing attacks*. A single error could result in substantial financial losses, potentially surpassing the entire cybersecurity budget for the year.
To mitigate these risks, businesses should prioritize maintaining a 24x7 managed firewall to fortify the organization’s network against external threats, ensure minimal downtime, and reduce the risk of configuration errors. This facilitates ongoing monitoring of network traffic and the identification of potential attacks. In the market, Managed Firewall Services and Unified Threat Management (UTM) service play crucial roles, with UTM service providers specializing in providing their proprietary appliance, encompassing software platforms and firewall appliances from the same company. Consequently, their monthly cost can range from as low as HKD 2,000 to 3,000.
Moreover, if your business solely relies on antivirus software for protecting user computers, upgrading to more comprehensive endpoint protection solutions is highly advisable. The prominence of phishing attacks stems from their ability to bypass firewalls and infiltrate networks to compromise machines.
Advanced endpoint security offers numerous supplementary features compared to standard antivirus software, which is effective primarily against known threats. These advanced endpoint solutions often incorporate artificial intelligence (AI) for threat detection and response, earning them the classification of endpoint detection and response (EDR) solutions. EDR solutions typically offer prevention mode deployment, relying heavily on real-time information to identify threats and proactively avert incidents. The cost per user generally ranges from HKD 150 to 400 annually. Given the real-time nature of these products, many are delivered as cloud services.
While there exists no definitive formula for determining the magnitude of cybersecurity investments required by businesses, emphasizing robust measures to counter potential threats remains critical. The implementation of fitting cybersecurity strategies enhances business resilience and curtails the risks of financial losses and reputational damage.
At FUJIFILM Business Innovation Hong Kong, we recognize the critical role of robust cybersecurity in today’s ever-evolving threat landscape. Our wide range of comprehensive cybersecurity solutions are designed to empower businesses to navigate the complexities of the digital realm with confidence. Partner with us and discover how we can assist you in securing your digital future effectively.
Stay tuned for the upcoming chapter of our Cybersecurity Budgeting series as we delve into the topic of Managed Security Services for Everyone.
*Source: The Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT)