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How Much Does Cybersecurity Cost Businesses in Kingston?

Cybersecurity Costs in Kingston

Cybersecurity is now a business-critical concern. Today, national news and anecdotes frequently feature stories of cyberattacks against businesses of all sizes. For this reason, most businesses opt to invest in cybersecurity to reduce the security risk.

The problem is, given the demand for cybersecurity services, their prices are increasing rapidly. So how much does cybersecurity cost businesses? In this post, we’ll break down the expectations of cybersecurity and the costs associated with data security.

Cybersecurity Cost In Kingston

What Is Cybersecurity?

Cybersecurity is a comprehensive way of protecting an organization’s network from active cyber threats. Most people think that cybersecurity is a single technique or technology that prevents data from being breached by threat actors. Well, that’s not the case.

A robust cybersecurity framework requires a layered strategy that protects your business with policies, products, and procedures. A strong cybersecurity framework aims to safeguard your business from threats such as:

  • Data breaches
  • Ransomware
  • Phishing attacks
  • Insider threats
  • DNS hijacking
  • Denial of service attacks

What Constitutes Cybersecurity Products and Services?

Let’s get one thing clear: there isn’t a one-size-fits-all cybersecurity solution. Cybersecurity requires a layered approach that’s customized to an individual business’s needs and budget –the products and services needed by one business may not be similar to the ones needed by the other. As such, you should carefully assess your options before investing in cybersecurity.

Here is an outline of cybersecurity products and services.

Cybersecurity Services

These are services that protect your business against cyber threats through auditing, planning, and implementation. They include:

  • Penetration testing
  • Vulnerability assessment
  • Compliance auditing
  • Development of security programs
  • Security architecture review
  • System monitoring services

Cybersecurity Products

These are physical devices, software, and solutions that safeguard your data. They include:

  • Antivirus software and Endpoint security
  • Firewalls
  • Multifactor authentication
  • Email protection

Why Budget for Cybersecurity?

Businesses, both big and small, are at risk of cyberattacks. In fact, a 2020 study found that ransomware affects 68% of small businesses and 32% of large ones. Cyberattacks can have a devastating impact on businesses that don’t have an incident response plan in place.

Every other day, threat actors are designing new ways to infiltrate networks via vulnerabilities. Of the different types of cybersecurity attacks, ransomware has proven to be the most lucrative. There are cybercrime groups that boast of revenues as high as $2 billion. Given that the main motive of threat actors is monetary gain, you can understand why they’re actively looking for vulnerabilities.

According to an IBM report, in 2021, data breach costs went up from $3.86 million to $4.24 million, the highest average total cost in the history of this report. Now, more than ever, business leaders are concerned about:

  • Accounting for third-party cyber vulnerability risk assessment during acquisitions and mergers
  • Storing customer information securely to avoid possible brand damage and public shaming that comes following a successful attack on a business
  • Securing their business’s network to keep up with the compliance requirements and the emerging threats

What Are the Factors That Determine Cybersecurity Costs?

Here is an outline of the factors that determine the cost of cybersecurity:

1. Size of the Business

The size and the number of employees a business has are the most significant factors when determining cybersecurity costs. The more employees a business has, the more opportunities for a cyberattack to occur (more workstations, computers, and devices increase vulnerability). Given that employees are the primary cause of data breaches, the larger your workforce, the more comprehensive cybersecurity solutions you’ll need. This will translate to an increase in cost.

2. Type of Data

Suppose your business collects large volumes of sensitive data; it’ll need additional security layers to ensure that it stays compliant with the industry-standard compliance regulations.

  • Businesses in commerce or those that store credit card information need to ensure that they comply with Payment Card Industry Data Security Standards.
  • Suppose you’re a medical provider or do business in the healthcare industry; your data needs to be secured in accordance with compliance regulations.

3. Custom or Off-the-Shelf Solutions

You can decide to purchase off-the-shelf cybersecurity products that your internal team can use. Alternatively, you can hire a managed service provider (MSP) to create a custom solution for your business. Off-the-shelf solutions may be cheaper, but given that threat actors have sophisticated techniques, many internal IT teams don’t have the expertise to keep their organizations safe.

4. Products and Services

The more cybersecurity protection you purchase in the form of products and services, the higher your cybersecurity cost. Businesses that purchase both cybersecurity products and services should expect to incur more costs than those that only purchase products.

5. Maintenance and Audits

You may need third-party audits to examine how compliant your business is. You could also need regular troubleshooting of your cybersecurity solution from time to time.

6. Cybersecurity Training

Your employees are your first line of defence. As such, it is important that you provide them with training on cybersecurity best practices. Such training will help prevent data breaches and downtimes. While you may have to fork out significant sums of money for cybersecurity training, it is worthwhile given that it’ll help keep your business more secure from cyber threats.

Putting the Price of Cybersecurity Into Perspective

The actual amount of money businesses spend on cybersecurity is usually tied to their IT budget, which helps account for IT infrastructure and company size. The amount of money businesses pay for cybersecurity varies, ranging from an additional 5.6%  to up to 20% of the business’s total IT spend. For instance, a 30-person business pays $2000 per month to an MSP to cover its IT needs. Their cybersecurity budget would be between $112 and $400 every month – a significant amount but not unattainable – and worthwhile given the potential cost of a cyberattack.

This is not to say that you need to spend a lot of money at once. Suppose you haven’t had a cybersecurity budget before; start out small with your 2022 numbers. A little can go a long way. By investing a relatively small amount, you can take the crucial first step of a cybersecurity risk assessment and, from there on, start chipping away at key improvements.

OnServe Offers Affordable Cybersecurity Solutions to Kingston Businesses

Regardless of the nature of your business, you’re bound to suffer cyberattacks if your security isn’t up to standard. OnServe offers comprehensive cybersecurity solutions for organizations in Kingston and Brockville. We can help you identify the best security practices to meet your budget and business needs. Contact us today to get started.