Where Should You Start When Budgeting for IT Costs in 2023?

team discussion

With steep rises in inflation this year, your business has likely seen impacts on your technology costs and services. One way to fight these costs is to stay on top of your spending.  Cybersecurity and IT costs should not be on the short end of the stick with the digital landscape continuing to shift and businesses under threat from cybercriminals and their sophisticated attacks. 

When it comes to budgeting for IT costs in 2023, there are several important factors that should be taken into consideration.

Eliminate Ransomware Threats with Data Recovery

The rise of ransomware is no joke. The annual share of ransomware attacks experienced by organizations worldwide has been on the rise since 2018, peaking at 68.5 percent in 2021.

It’s no surprise that this type of malicious software has been on the rise for several years and it shows no signs of slowing down. Unfortunately, not only does ransomware cause extensive data loss and disruption in day-to-day operations, but successfully recovering from a ransomware attack can be very costly.

This is why investing in robust data backup and recovery solutions is a must. Not only will it help in the event of a ransomware attack, but also hardware or software failure. Your future self will thank you. 

Win by Avoiding Hardware Failure Costs

Another factor to consider is the cost of hardware failure. As technology continues to be more and more ingrained in our business and much more advanced, it can become increasingly difficult to diagnose issues, much less repair them.

Although preventive maintenance and regular data backups can help reduce the risk of data loss due to a hardware failure, there’s still no guarantee that any of those measures will completely protect you. Investing in this means you combat it by assessing the risk and taking steps to protect yourself with solutions that are designed for your specific needs — the consequences of not budgeting means you’ll be left budgeting a much more costly amount.

Here’s the deal: we don’t want that for you. Get ahead of the game and stay there with an investment you won’t regret when budgeting for your 2023 IT costs consider partnering with a strategic managed IT services provider like Praxis.

Protect Your Top-Notch Reputation 

Imagine this: you log in on your work desktop one morning and attempt to access your customer’s files, only to find that you can’t. You’ve been hacked. All of your data has been encrypted and shortly after, you receive a ransom demand. You realize you’ll have to notify all of your customers that their data has been compromised — a non-ideal conversation.

The cost of ransomware can be high — with the average cost of an attack in 2022 reaching $4.35 million. And in the event of a security breach or data loss, you also risk losing customers which adds to your business suffering long-term financial losses. After all, customer trust is key to any successful business — once it’s gone, getting back on track becomes that much harder.

To avoid this type of situation, it’s important to invest in security solutions designed specifically for your needs. This way, not only will you be able to protect your website and data from cybercriminals, but also your customers and your brand reputation — something no business owner takes for granted.

Praxis Can Help Secure Your Business And Lower IT Costs

Fortunately, there are solutions out there that can help you manage all of these factors and more. At Praxis we specialize in providing comprehensive IT solutions that can help protect your company from the dangers of ransomware, hardware failure, reputation loss, and customer loss.

Whether you need preventive maintenance services, cloud-based backup solutions, or proactive monitoring systems Praxis has got your back. With our comprehensive IT services and support, we are here to help make budgeting for IT costs in 2023 a breeze. Contact us today to find out how we can help you get the most out of your IT budget.