Does your business plan include updating your IT security?

When you developed your business plan, you probably knew somewhere in the back of your mind that it would need to be updated over time. But one area where many businesses fail to consider in business plan updates is IT security. With the Equifax security breach earlier this year and regular reports of leaks, viruses, ransomwear and more, it's easy to see why it's important to your company's performance in the digital age. Here's a quick look at updating your business plan and why it's vital to your company's bottom line.

A recent study by SolarWindsMSP found that 80% of small and medium businesses in the US and UK are planning on changing their company's response to IT security threats. Among the largest changes that were being considered was 17% of companies considering switching their current provider, 10% of companies were switching from outsourced to in-house IT management while an astounding 49% were considering outsourcing their company's IT security for the first time. Cost and performance were considered the highest drivers for outsourcing, while poor performance and high costs drove those who were considering switching service providers.

But how do you update your IT security and still keep it in line with your company's goals? Many businesses regularly update their business plans, but don't always include IT security and operations in those plans. However, with the business plan containing your over-arching goals and plans for your company, it makes sense to record changes to IT security policy and planning in the same document. Though these plans don't need to be as concrete as financial and income goals, they should have end goals in mind. Are you integrating a digital core as part of your digitization process? Adding back-office automation into your processes? Increasing your company's transparency into your system? These changes should plan for IT security at the same time.

Including IT security in your business plan allows you to adapt quickly to changes in the industry or market. But what if you don't have time to dedicate to updating your business plan right now? AccountRely provides a wide range of business services to our clients, including helping with initial and updated business plans. Please feel free to contact us today for more information or to schedule a consultation to get started.I

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