When determining what type of security measures to use, many companies start by establishing a set amount that they’re willing to spend on physical security, and then picking and choosing which measures will fit within that predetermined budget.
Though this may seem like a good way to save money, it can be disastrous for your business in the long run. Such an approach often fails to account for all the risks and security needs your company faces, and can easily leave you vulnerable. When determining your budget, physical security software needs should be accounted for first so that you know how much you should spend to keep your company safe.
So how do you go about establishing a security budget that will actually protect your company? Here are a few key factors you should keep in mind that will help you make smarter decisions.
1. Business Risks & Valuables
When it comes to defining your security needs, start by considering the primary areas of value that must be protected. For pretty much any company, security hazards can affect your finances, data, competitive advantage, and even your reputation with your customers. However, it is best to take a deeper dive into which assets need the greatest level of protection.
For example, a manufacturing facility’s most important assets will likely be the machinery and equipment they use to produce their goods. They may also have storehouses containing finished products or the materials needed to create them. If something were to happen to any of these things, your business would suffer, and as such, these areas would receive top priority in a well-thought-out physical security software.
Not all of your most important assets will be a physical product. Many companies (particularly healthcare providers) store vast amounts of confidential data in on-site or digital filing systems. Even your employees could be considered a top asset! By understanding which areas need the greatest protection, you can better understand what type of security you need and better prioritize how you spend your security budget.
2. Know the Tools & Resources
Once you’ve determined the value of the business assets you need to protect, you should then research the current tools and security resources that are available. Exact needs will vary from company to company, but in general, every business should account for both their physical and cybersecurity.
Market research will help you get a better idea of how much you can expect to pay for the security services you need. Keep in mind that cheaper isn’t always better — when it comes to protecting your company’s property and reputation, quality should be your top priority during this search.
Remember, people play a big role in your security expenses. Updated physical security software isn’t going to resolve your concerns if your employees forget to lock the door every night. As you evaluate which security measures will be best suited for your company, be sure to consider the value of employee training.
3. Determine the ROI
While you should certainly try to avoid overspending on security, you should also avoid looking at this area as an “expense.” In reality, security is an investment, much like an insurance policy. What you pay now offsets what could be significant financial losses if an incident were to take place.
Making preparations now ensures that you won’t have to deal with unpleasant surprises later, by helping you avoid many security incidents altogether.
It’s important to remember that your security investments don’t merely prevent potential losses — in some instances, they can also contribute to your revenue. Security compliance helps you avoid government fines. It builds a greater level of confidence in clients, suppliers, and others who contribute to your company’s growth. Some security measures can even improve employee productivity by helping them feel safe on the job.
By increasing your understanding of how security improvements contribute to your company’s growth and stability, you’ll be better inclined to set a budget that fully addresses your needs.