Keeping the physical assets of big enterprises secure is no small job. If your company has an annual revenue of over $500 million or more annually, you know exactly what we’re talking about. The task of creating a spot-on security budget can feel like an uphill battle. The common culprits? Lack of complete information about your security system and data that’s scattered across too many platforms. In this article, we’ll talk about five things you can do to get your budgeting done right. Table of Contents Kick things off with a physical security risk assessment Conduct a physical security system audit Estimate the cost of your physical security program Create a budget you can get behind Expect the unexpected 1. Kick things off with a physical security risk assessment A recent Ontic 2022 State of Protective Intelligence report found that 9 in 10 security leaders had experienced a dramatic increase in physical security threats. Protecting your organization against these threats requires knowing where you are and building a security program that supports your organization’s goals efficiently and cost-effectively. But with threats constantly evolving, how do you know where to start? Leading security experts say you start with the classic physical security risk assessment. What is a physical risk assessment? A physical security risk assessment is a systematic analysis and review of your organization’s current security measures. It is intended to identify the risks to your facilities, evaluate existing security controls and procedures, and recommend improvements to reduce risks. Here’s a basic outline of what you should plan to cover in your assessment. In sequence, they are:  Identify potential threats and risks Analyze the impact of each identified risk Compare the analyzed risks with established criteria to prioritize the risks that will be treated Build a strategy to mitigate prioritized risks Implement the strategy Monitor the implementation and review at regular intervals And, of course, the entire process should be documented and reported so it is easily understood by both your internal team and stakeholders.  One activity that is part of the risk assessment is a security system audit. We’ll cover that next.  2. Conduct a physical security system audit A full-on audit of your current security system isn’t a task for the faint-hearted. It’s resource intensive but well worth the effort. This audit should help you identify any physical security gaps you have in addition to providing useful information about the devices in your security system, such as device age, warranty status, failure rates etc.  Typically, the lifecycle of a video surveillance system is ten years, access control is seven years, and intrusion detection systems are three years, depending on the system manufacturer, usage, maintenance, and other factors. Download Security System Lifecycle Self-Assessment How to identify physical security gaps? While there isn’t a one-size-fits-all answer to this question, there are some common physical security gaps that you may want to focus on: Identifying areas that are not covered by surveillance systems.  High-traffic areas that lack access control. Information technology (IT) systems and equipment that are not monitored for unauthorized access. Public spaces that lack sufficient lighting.  In reality, this type of information is rarely centralized in most organizations. From spreadsheets to asset tracking systems to CAD Drawings, device-level information is rarely in one place.  With SiteOwl, security teams can aggregate device lifecycle information and generate readily accessible reports at the click of a button. This is a game changer for the security industry, which has traditionally resisted the integration of technology and relied heavily on legacy systems to manage physical security. 3. Estimate the cost of your physical security program You’ve figured out what your security needs are. Now comes the tricky bit – figuring out how much it’s all going to cost. Prices can swing wildly when it comes to security measures, a little homework can be helpful. Make sure to reach out to a few vendors to get quotes. This should give you a ballpark figure for your budget. Crunching the numbers for your security budget When the budget season rolls around, frame your budget in a way that keeps your organization’s security needs front and center. Many organizations make the mistake of focusing on Capital expenditures (CAPEX) and Operational expenditures (OPEX), but neglecting to include the Total Cost of Ownership (TCO) of your security infrastructure can cost you more down the road. As you work through your budget, don’t forget to include Installation and maintenance costs. How much will it cost to install your security infrastructure, keep it up and running, and operate it? Will a service contract work well in the long run?  Cost of hardware and software components. While the price tag for these items can vary widely, the more information you have about security costs, the more accurate your budget will be. The cost of training your team. This is one category that is often overlooked. But here’s the bright side – you can spread out the cost of training over the entire life of the system. And by working with top-notch integrators and consultants, you can be sure that the right people are trained to use the system effectively. Upgrades and replacements over time. Physical security is changing rapidly, so it’s vital to understand how the cost of your security infrastructure will change over time. By using a data-driven approach to budgeting, you can better predict and plan for these costs. Making budget planning a data-driven process Historically, planning a security budget has been a manual process prone to human error. Also, security leaders often had to rely on other departments for their budget planning data. This is not good for security management, as it encourages short-term thinking and creates a lack of alignment between departments. Times have changed, and security budgets are more complex now than ever. You need a robust budgeting process to ensure your figures are accurate. That’s where SiteOwl comes in. With SiteOwl, security leaders can plan for the future by gaining visibility into the current state of