Budgeting for cybersecurity is complicated and can seem overwhelming, but most experts recommend allocating about 5-20% of the total IT budget toward security. The cybersecurity budget range depends on the company's size, industry, and type of risk. Companies should reassess their budgets regularly according to evolving threats and new technology. Here are some factors to consider when budgeting for cybersecurity: Risk assessment: Conducting a thorough evaluation helps identify potential cybersecurity threats and vulnerabilities specific to the business. This assessment can guide businesses in prioritizing their cybersecurity initiatives and allocating resources accordingly. Compliance requirements: Businesses operating in regulated industries may have specific cybersecurity compliance requirements to be met. Addressing these compliance requirements thoroughly and efficiently is key to staying out of trouble. Security infrastructure: Investing in firewalls, anti-virus software, intrusion detection systems, and encryption tools is essential for the security of your IT infrastructure. These technologies' costs and ongoing maintenance should be factored into the budget. Employee training: Employees play a crucial role in maintaining cybersecurity. Including costs for cybersecurity awareness training and regular employee education programs can strengthen the overall security posture of the business. Incident response and recovery: Cybersecurity incidents can occur despite preventive measures. It’s important for any organization to allocate a budget for incident response and recovery, including hiring external security experts, conducting forensic investigations into breaches of systems or infrastructure—and implementing remediation measures to mitigate the impact of a breach.