IT & Tech Business Loans

Cybersecurity investments can quickly strain budgets

Starting a new IT or technical services business comes with unique financial challenges that can quickly overwhelm even the most prepared entrepreneurs. One of the biggest hurdles is the significant upfront investment needed for cybersecurity infrastructure. With cyber threats becoming increasingly sophisticated, even small IT firms need robust security systems. The global cybersecurity market is expected to grow in the coming years and is estimated to reach $19 billion this year alone.

Hiring skilled IT professionals is another challenge. The demand for cybersecurity and tech experts has surged, but there’s a talent shortage, particularly for specialized roles. This has driven up wages, making it difficult for new and smaller businesses to compete with larger firms that can offer higher salaries and better benefits. Research shows that over half of IT companies are experiencing difficulties finding candidates with the necessary skills, particularly in areas like cybersecurity​. For startups, this can mean either compromising on talent or stretching already tight budgets to bring in skilled professionals.