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How Much Does Cyber Security Cost? Common Cyber Security Expenses & Fees

How Much Does Cyber Security Cost? Common Cyber Security Expenses & Fees

An effective cybersecurity strategy is vital, regardless of the size of your business. Nonetheless, too many smaller companies still consider themselves off the cybercriminal radar, as it were. It is true that government bodies and enterprise-level organizations have proven to be the most lucrative targets in the past, but they are now among the most difficult to crack.

Criminal hackers are well-organized and highly opportunistic. When it comes to a vulnerable target, they rarely discriminate. In recent years, one way they’ve been optimizing their profits is by targeting companies that many businesses and IT professionals would otherwise perceive as low-lying fruit. Smaller companies represent a double-edged sword in this regard. These companies are vulnerable because they’re often responsible for housing sensitive business data while maintaining a less-than-adequate security infrastructure and digital hygiene practices.

Evidence will always bare out that a significant number of small businesses today are too financially strained to make a meaningful investment in cybersecurity solutions that protect their private employee and customer data and secure their critical networks. For many companies, the training and personnel required to sustain a robust security operations center are too cost-prohibitive. This inability to absorb the cost of cyber security invariably leaves their organizations exposed to a potentially devastating cybersecurity attack.

Fortunately, prepared business owners can take a proactive approach to cybersecurity by installing the right protections beforehand. Acting before an attack will drastically reduce the likelihood of falling victim to a serious one later. Managed IT service providers like PCH Technologies can streamline your path to building a cyber-resilient organization that isn’t plagued by system disruptions and unplanned employee downtime.

Let’s explore more closely below how you can start budgeting for cybersecurity services now before reviewing some of the common costs and fees associated with these plans.

Why consider cyber security services?

If you haven’t experienced a cyber attack yet, consider yourself fortunate. It is bound to happen at some stage in your company’s future. And while cybersecurity threats are a known problem, they can be challenging to budget for because IT disasters often cost small business owners in ways they never could’ve expected. This uncertainty is just one reason why 60% of small to medium-sized businesses shutter after falling victim to a cyberattack that leads to a significant breach.

You will ultimately lose not only your data after a successful attack but you’ll also find yourself battling operational downtime and lost productivity when your employees can no longer access your critical systems. Depending on your circumstances, if the breach entailed any kind of leak of your customer data, you might expect a slew of costly litigation fees and even regulatory fines. In the case of a ransomware attack, if your information isn’t backed up, your only choice may be to pay your victimizer out of hopes that you might get the decryption necessary to restore your data.

Businesses that leave themselves unprotected expose their organizations to a potential onslaught of cybersecurity problems that could make it impossible to restore their operations successfully. This decision ultimately puts their brand reputations and financial security on the line. A clear lack of suitable protection is why smaller companies operating on thin IT budgets have turned to managed service providers like PCH Technologies for their cybersecurity solutions. Several different variables go into establishing which digital security solutions you’ll need. In the following section, we’ll cover a few factors that establish cybersecurity costs, including your industry, company size, and regulatory requirements.

The cost of cybersecurity explained

As previously mentioned, cyber security costs can be difficult to figure out because so many factors and variables exist. This makes it a challenge for IT service companies to offer a one-size-fits-all budget to inquiring parties. A reputable managed service provider, however, can supply you with a comprehensive risk assessment that gives you expert insight into how you should start protecting your business from cybersecurity attacks now. This analysis will break down any costs specific to your industry and regulatory requirements.

With that much disclosed, let’s look at a few industry averages to offer a better sense of what you could expect to pay for cybersecurity services. Recent surveys and market research have shown that businesses commit between 0.2% and 0.9% of their gross annual revenue to cybersecurity solutions. On average, assuming you operate a small to medium-sized company, you can expect cybersecurity services to cost anywhere between $1300 and $3000 per every full-time employee you support.

The main determining factor in the overall cost of your cybersecurity services is your employee count. After that, other considerations like the appetite of your industry’s threat actors and the type of data you handle will determine your risk profile and, thusly, set your service fees and costs. The best way to avoid underestimating the cost of cybersecurity for your business is to familiarize yourself with the many nuances that go into establishing its price.

What are the types of cybersecurity services?

Your cybersecurity costs are also determined by the type of service you choose. Here are a few of the most common service types:

  • Endpoint detection and response (EDR) – EDR secures all your company endpoints, from laptops to wireless phones. It’s the most effective approach for reducing potential entry points for criminal hackers.
  • Two-Factor Authentication (2FA) – 2FA gives companies an extra layer of security. This tool makes it more difficult for threat actors to gain access to your systems via phishing or stolen passwords.
  • Cyber risk assessments – A comprehensive vulnerability assessment from a managed service provider will help you identify holes in your security that you never knew existed.
  • Firewall protection – Firewalls stop cyberattacks before they start. They form the first line of defense between your network and criminal hackers. You have several options for firewalls. Be sure to do your due diligence to ensure you select one that matches your network’s size and configuration.

Protecting your business with robust cybersecurity solutions

If it’s time to strengthen your cybersecurity plan, PCH Technologies offers a comprehensive risk assessment to help secure your sensitive business data and strengthen your overall digital security posture. For more on our cybersecurity solutions, contact us today at (856) 754-7500 or book your free discovery call online now.