A new business startup undergoes a lot of steps and procedures to get to a stable position in the market. No matter what type of business you choose, the competition is tough and the risks are high. While you are handling other major tasks such as hiring new people, making ad signing agreements, setting up the office, and meeting up with new partners, security should never be overlooked. A part of your investments must belong to the security of your business as well as your employees. However, it is a difficult question to answer for new startups as to how much they should spend on security. In simple words, the answer to it is that it depends on the threat model, budget, and size of the company. Let us see how these factors help you get an estimate for spending on security.
Understand Your Threat Model
The threat model of your company will be different from another company, and you will have to understand what risks you have and how to tackle them. To understand the threat model of your company, you will need the help of your IT specialists you will analyze the security threats, vulnerabilities, assess the risk, and provide new techniques to mitigate any potential attack to the company. A threat model is structured and systematic. The threat modelling team will work on different areas and assess what they are working on, what can go wrong, and what will they do about it. Determining and ranking the threats according to their severity can help you a great deal in mitigating any attack or invasion.
Know Your Budget
Once you have got a clear idea about the types of threat your company can face, determine how much can you spare from the budget for security purposes. Of course, managing your budget is the hardest when you have just started a business. However, some security implementations are mandatory. You need to have proper security cameras, CCTV, burglar alarms, wireless fire alarms, secure entry/exit, and motion sensor devices. These are basic security devices that every company should have. If you are a company that has threats of cybercrime, make sure you invest in a program or in people who are experts in their filed for keeping all your business information and data safe.
Set Up Your Security According to The Size of the Company
Most of the new startups work on a smaller scale for the beginning years, which is why they don’t need to spend so much on their security budget. The fewer the people, the easier it gets to manage everyone and everything. However, general security measures must be taken.
When you cross the number of more than 10 employees, the responsibility starts building up you need someone who can monitor everything to keep your employees and your office secure. You can hire physical security and invest in a security system including security cameras and alarms.
A complete security system, proper surveillance, monitoring, and assistance is needed when your company grows to more than 20 employees, The people you work with trusts you, which is why you must keep a reasonable amount aside from the revenue that you are generating. When a company starts working on large-scale, the expenses also increases, but you have to make sure that security budgeting is your priority.