With inflation rising and rumors of a recession haunting boardrooms all over the country, smaller security budgets are expected to be a reality for businesses in 2023. As a result, companies will tighten their belts to adjust to the changing economic landscape.
If you’re responsible for managing your company’s security funds this year, your biggest task will be maximizing your security budget while still keeping your business safe. With a bit of pre-planning, analysis, and prioritizing, your security budget may look smaller, but it will feel as strong as ever.
Security budgets shrink as crime increases
Security budgets everywhere are expected to shrink for the same reason that crime is expected to increase in 2023: inflation. Inflation and crime go hand-in-hand. As inflation squeezes the American economy, it contributes to an increase in property crime and theft rates.
“75% of businesses say security budget cuts will increase organizational risk.” – JumpCloud
With your business at higher risk for theft and property crime than ever before, it is the worst time to cut your company’s security budget. But with inflation on the rise, as well as supply chain issues and economic uncertainty continuing, cuts will likely be inevitable.
With a smart security solution, you can still keep your business safe, on a smaller budget. Here are some tips to optimize your security budget in 2023.
1. Consider what’s working and what isn’t working
When it comes to any kind of budgeting, the first step is to look at what money is “well spent” and what is wasteful. Are these areas where you have room to update, consolidate, or streamline your security processes to decrease spending? In terms of your security budget, opportunities for streamlining can include:
- Eliminating a security guard (or guard service) with a high salary (or fee) and replacing it with a lower-cost system that produces the same or better results. Ideally with less human error.
- Replacing camera systems that need constant, expensive updates with a security camera subscription service that’s easier to budget for.
- Replacing fencing and fence enhancements like the barbed wire that does little to deter thieves and costs money to repair after every breach with an electric fence that keeps intruders out 24/7.
- Rethinking inefficient processes such as employees spending hours on the clock moving high-risk cargo and equipment in and out of your warehouse every night with more efficient perimeter security.
2. Create a culture of security
Security systems aren’t just technology. Creating a culture of security in your company can help prevent theft, errors, and inefficiencies that can make your business more vulnerable to threats. Make sure to train your people on security best practices, security threats to watch out for, and what to do if they spot a threat.
3. Assess risk by probability and impact
As crime trends change, your security spending should adapt to keep your business safe. Make sure your security team stays up to date with what aspects of your business are at the greatest risk.
For example, in 2023, catalytic converter theft is expected to continue rising, so you may want to invest in systems to protect your property.
Also, think about what crimes would cause the greatest amount of damage to your business – and not just in terms of repair costs. It’s important to consider the indirect consequences, for example, the impact an incident that involves your customer’s property, or worse, their well-being would have on your business’s reputation.
Proactive is better than reactive, every time
In our years working with security teams across a number of industries, we’ve seen that teams who are proactive about threats rather than relying on reactionary security spending are best able to maximize their security budgets.
Ready to get proactive about maximizing your security budget in 2023? Request your complimentary Threat Assessment today. AMAROK’s security experts will assess your current security system, identify hidden threats and vulnerabilities, and help you create a security plan that protects your business.
Want to hear from other security industry experts about how a proactive security strategy can ward off potential intruders, protect your employees, reduce your business’s overall risk and improve business operations as a whole? Download our Proactive vs. Reactive Security Expert eGuide.
