A 2018 study by Radware shows that a single cyberattack can result in a massive $1.1 million loss to companies. For that reason, many enterprises choose to invest in cybersecurity technology, not only because it'll reduce the security risks, but also because it'll most likely cost them less.
The problem is, because cybersecurity technologies are becoming more in-demand, their prices are also growing. However, it's not like you can't ignore the risks. Before you invest in this venture, you must first know the potential cost of cybersecurity. Then there are other things you must know, too, like potential threats, before we begin to talk about costs:
6 Most Common Cyber Threats
Security risks are like viruses, and cybersecurity is the medicine. They both come in different forms. To eliminate the security risks, you must implement the appropriate cybersecurity technology. In other words, you must know the different types of cyberattacks to come up with the best way to solve them. Below are the five most common cyber threats:
- Malware: Malware is short for "malicious software," and it refers to any program or file that can harm the user or the hardware. Harm is a vague word and can mean different things such as spying on people, corrupting files, and more. Examples of malware include Trojans, viruses, spyware, and others.
- Ransomware: As the name suggests, ransomware refers to programs or files that encrypt a user's files while demanding a ransom from said user. Ransomware is also a type of malware. This security risk often comes in the form of emails.
- Phishing: Phishing is similar to ransomware in the way that it comes from emails. These emails are almost identical to emails sent by reputable sources, but in reality, their primary purpose is to steal data such as login credentials or banking details.
- Identity Theft: You’ll also encounter identity theft attempts where one tries to obtain financial information of a company or personal information of an individual and use this data to make unauthorized transactions.
- Property Theft: Also known as intellectual property theft, this cyber threat involves getting access to ideas or creative expressions from an individual or companies without their permission, even if the purpose is for the group's betterment.
Although it usually happens on a smaller scale, companies can suffer repercussions if their ideas are stolen and sold to competitors.
No matter the type of cyberthreat, nothing good will come from ignoring them. Moreover, numerous factors decide the costs.
4 Contributing Factors of Cybersecurity Costs
Many businesses neglect their security procedures mainly because they think that it'll cost them a lot. After all, cybersecurity technologies nowadays are becoming more and more expensive. However, not all businesses need expensive cybersecurity services as there are reasonably priced ones like Ntiva Cybersecurity. The costs will differ according to the following factors:
- Company Size
Large companies often have more employees, and most employees work on desktops or other forms of hardware. That's why the more extensive your company size is, the easier it is to experience cyberattacks due to having more paths for security risks to enter.
Having around 50 employees means that you're a small business. Medium-sized businesses employ approximately 100 to 250 employees, while large companies have more than 250 employees.
Naturally, the more employees there are, the higher the chances of encountering security risks such as malware, spyware, and the likes. Management of sensitive data will also become much more difficult the more people you employ.
By that logic, larger companies tend to require more complex cybersecurity technologies, resulting in higher costs than small- and medium-sized businesses.
- Data Types
Retail companies often require their customers to input their credit card information for transactions to take place. Because these companies deal with sensitive data, they'll need more security, leading to cybersecurity costs. Simply put, the more sensitive the data is, the higher the expenses will be.
- Personal: Personal information is any data about your individuality. An employee's personal information is not very important for companies, but hackers can use it to blackmail these individuals. In other words, personal information deals with individuals and not organizations.
- Business: Business information refers to any data that competitors can use to get an edge. It can be a revolutionary idea, creative innovations, and more. Business information can also include the business email that employees use, which cybercriminals can use to sabotage a company's management system.
If you're planning on protecting only your business, cybersecurity would naturally cost less. However, if you intend to protect your employees' personal information, you'd have to chip away on the company budget more than usual.
- Cybersecurity Technologies
Cybersecurity technology can come in different forms. Some require a one-time payment, while others are available in recurring costs. Furthermore, some cybersecurity products are more complex than others, making them more expensive.
Below are some of the most common cybersecurity technologies:
As one of the oldest cybersecurity, a firewall serves as the first line of defense for most systems. More precisely, a firewall protects the Internet network of a company from the outside world. In other words, its primary purpose is to make sure confidential information is not leaked to the outside. Hence, no matter what kind of business you're running, a firewall is a must.
Firewall software can come in different sizes, and you should choose the most suitable size according to the configuration of your network. In general, a firewall can cost at least $250 up to $5000.
- Email Protection
Businesses often use emails for marketing their products and services. Unfortunately, emails are also prone to cyberattacks which may result in extreme damage.
Although email providers such as G-Suite have filter functions and considerable security, some companies choose to host their own email solutions, which can be disastrous if the security procedures are not up to standards. Email protection can solve this problem, but it'll cost around $4 monthly for each user.
As email attacks usually involve phishing, a great alternative to email protection is phishing awareness training which also has its own price tag.
Antivirus is another necessary cybersecurity technology that monitors a desktop's activity to make sure threats are taken care of. It costs the
same as email protection, with a price tag of around $4 monthly per user.
While it's an excellent cybersecurity technology, it's not as advanced as other programs. The good news is that there are advanced versions of antivirus software, but they usually cost around $10 per user every month.
- Endpoint Security
Endpoint security is quite similar to the firewall as it also involves the protection of networks used by the company server. For example, it protects the connection of mobile devices, laptops, and desktops so that no confidential information is released to the public.
Moreover, having an endpoint security program allows one to control the connected devices and monitor potential threats remotely. This cybersecurity technology usually costs around $6/month/user, but most businesses opt for packages around $15/month for each server.
- Multi-Factor Authentication
Finally, multi-factor authentication, or what most people know as two-factor authentication, allows businesses to protect the accounts of their employees by requiring multiple credentials instead of one password. A simple analogy would be having various locks on a single door.
Due to its simple structure, small- and medium-sized businesses will benefit significantly from this cybersecurity technology. It costs around $5 per user every month.
Although you can forget about a few of these, it's essential to include as many cybersecurity technologies into your business as possible, as it reduces the chances of losing thousands, if not millions, of dollars. It's also worth noting that many other cybersecurity technologies aren't included in this list.
- Cybersecurity Services
In addition to cybersecurity programs, you can also choose to hire cybersecurity experts to ensure your business is safe from cyberattacks. Usually, the price for this depends on the hours worked by the expert. Below are some of the most common responsibilities of cybersecurity professionals and how much they cost:
- Vulnerability assessment involves checking the susceptibility of systems from cyberattacks. This time, it's a one-time payment with a price tag of around $5000 for each network.
- Web application assessment is similar to vulnerability assessment, but it involves websites. If your business runs mostly on websites, this will be the ideal cybersecurity service. Your website's costs will vary according to the number of pages within the website and the rate of the expert, so the price is exceptionally diverse.
- Network security assessment is the same as the other two, but it mostly deals with network security. This service is crucial for businesses with little to no knowledge about network security. It can be a one-time payment, or it can be on a pay-per-hour basis with a rate of around $250 per hour.
Cybersecurity services are the perfect alternatives if you're not fond of installing cybersecurity software. However, as much as possible, you shouldn't be biased in choosing the ideal cybersecurity technologies for your business, as it may make or break your company.
Regardless of your business' nature, you're bound to suffer from cyberattacks if the security procedures are not up to standards. No matter the size of your company, you’ll suffer much from such incidents.
The company budget will dwindle, your employees will have doubts about the company, and confidential information may get released to the public. Considering the consequences, it's only right to invest in cybersecurity once you get proper information on its costs.
About the Author
Samantha Dorsey is a tech writer who loves to share content about artificial intelligence, robotics, cryptocurrency, mobile development and augmented reality. Samantha exerts a lot of time and effort to ensure that her articles are written using simple words, so her readers can easily understand what she’s trying to convey.