Could managed cybersecurity actually save you money? Is the cost of implementing cyber security actually worth it? Is it possible that cybersecurity costs could actually pay for themselves?
The answer is — yes! We’ve seen time and time again how managed cybersecurity has protected a business by helping to minimize the costs that will arise before, during, and after a cyberattack.
IBM’s Cost of a Data Breach 2021 reported some interesting findings in regards to costs of losing data:
- Customer PII* = $180 per record
- Employee PII = $176 per record
- Intellectual Property = $169 per record
(PII*: Personally Identifiable Information)
A cybersecurity breach may feel like a one-time event but the impact is not. There are costs that occur before, during, and after the breach. Whether it’s identifying a breach, working to get your business back up and running, or providing redress for victims, a breach can cost a business.
(Read more here: 5 Costs Of Cybersecurity Breaches And How They Impact Your Business)
Before a Cyberattack: How Investing Now Can Mitigate Future Costs
The period before a potential cyberattack is the most crucial time to protect your business financially. Managed cybersecurity saves you money by saving you time and preventing future costs and losses.
Saves You Time
A managed cybersecurity company can free you up to do what you do best: effectively manage staff, build relationships with clients, or focus on innovation.
Imagine this:
- Instead of worrying about whether you’ve got the latest security patch on software, you can focus on launching a profitable new service.
- Instead of spending hours Googling what you should be doing to prevent a cyberattack, you could be calling a client.
- Instead of spending time managing backups, you could be managing staff to succeed.
Each one of these options is an action that could potentially build your business. How is your time best spent?
Prevents Cyberattacks
Employee Training
Another important role of a cybersecurity company is training your employees in best practices to prevent a cyberattack. Employees should be trained in how to recognize malicious links, use strong passwords, and implement best practices that prevent fraud. Your employees’ diligence can save you money in the long run.
Managed Back-Ups
Managed back-ups are critical to a quick recovery from a cyberattack, and the faster you recover, the less it will cost your business. Unfortunately, we see many businesses that either are not backing up their data or their backup is out of date. Managed cybersecurity will ensure that you’re prepared when the worst happens and that backups are done properly.
Plus, preventing cybersecurity attacks in the first place, minimizes the costs associated with the fallout both during and after a cyberattack.
During a Cyber Attack: How the Cost Of Cyber Security for Business Pays for Itself
Even with training, employees can make mistakes. We’re human after all, and cyberattacks are becoming increasingly sophisticated. Although a managed cybersecurity partner can significantly reduce the possibility that a cyberattack will happen, it’s still possible that you could be affected. All it takes is one employee clicking on one malicious link and hackers can have access to your systems and data.
But even if you are attacked, all is not lost, especially if you have up-to-date backups and a response plan. Significant costs occur during a cyberattack, but with the right managed IT company in place you can lessen the impact.
A managed cybersecurity company has the expertise to quickly identify when a breach has happened and therefore can help reduce the overall impact and cost of:
- Legal/regulatory costs
- Lost intellectual property
- Data loss
Further, a managed cybersecurity company can get your business up and running quickly to minimize the financial impact of:
- Losing customer trust
- Experiencing employee downtime
- Losing business
After a Cyberattack: How Managed Cybersecurity Can Reduce Your Liability
In IBM’s Cost of a Data Breach 2021 report, they define post-breach costs in this way: “Activities to help victims of a breach communicate with the company and redress activities to victims and regulators.”
According to IBM, these could include:
- Help desk and inbound communications
- Credit monitoring and identity protection services including Issuing new accounts or credit cards
- Legal expenditures
- Product discounts
- Regulatory fines
Managed cybersecurity can ultimately save on these costs by either preventing an attack altogether or identifying an attack quickly so fewer people are impacted. It’s simple: fewer victims will equal reduced costs and less liability for your business.
How Much Does Cyber Security Cost?
Now that you’ve seen the cost benefits of cybersecurity management before, during, and after a cyberattack, you’re probably wondering whether managed cybersecurity will fit in your budget. At SandStorm IT, we serve clients in the Greater Memphis area (including East Memphis, Germantown, Bartlett, and Collierville) to find solutions that meet your business’s specific needs. Contact us today to schedule a free consultation.