How much does cybersecurity cost? Maybe less than you think.
It seems like you can’t open a web browser, scroll through your LinkedIn timeline, or turn on the TV today without hearing about the latest data breach or threat to your cybersecurity. With high-profile breaches like Equifax and global ransomware outbreaks like Bad Rabbit, we’re in a very different world than just a few years ago.
Perhaps you find that cyber threats and cybersecurity in general is annoying, overwhelming, or even frustrating but it’s imperative that cybersecurity protection become part of your business strategy. It doesn’t have to be as complicated or costly as you might think.
A Quick Reminder of Why Cybersecurity is Crucial to Your Business
Heavy media coverage might make you numb to the rampant growth of these cyber threats, however ransomware, hackers, data breaches, and employee mistakes pose a tangible and costly threat to your organization. Just ask the victimized businesses that will contribute to the $5 billion global cost of ransomware damages in 2017 or the 20% of small-to-medium businesses that had to stop operations immediately when hit by ransomware.
Companies of all sizes are under attack and even a single incident can be devastating. FedEx knows that pain – the Petya/Not Petya cyber attack alone cost them roughly $300 million this year. Not to mention the possibility that you could find yourself being grilled by U.S. Senators about how you let a data breach happen at your organization like former Equifax and Yahoo executives.
These are some imposing numbers and it’s fair to say that you don’t want that bill to come due in your company. More than 4,000 ransomware attacks occur daily and it’s likely for an organization to be impacted more than once.
Putting a robust cybersecurity defense in place probably costs less than you think.
How Much Does Cybersecurity Cost?
It’s difficult to pin down an exact answer for this question as there are many factors that come into play such as:
- The size of your organization
- Your industry
- Your organization’s risk appetite
- Your organization’s cybersecurity posture
- Compliance considerations
- Your IT budget
- And others
A proper cybersecurity solution should be tailored specifically to your company’s needs. Let’s get an idea of what you’re looking at to secure your organization in one of two ways.
1. An In-House Approach
Some organizations consider taking an in-house approach to their cybersecurity – an option that requires a considerable amount of cap-ex to get started.
Perhaps you’d start by adding a full-time employee to your organization to handle all of your cybersecurity concerns. In that case, you’d likely want to find a candidate that is a Certified Information Systems Security Professional (CISSP). CISSPs are information security experts who have gone through a rigorous process to obtain this globally recognized and vendor-neutral certification to prove that they’re up to the task of implementing and managing a security program. Median salaries for CISSPs vary based on geography. In Boston for example, that number is $103,520 annually.
Now that you’ve got your certified information security professional on staff, you’ll want to determine how best to build out your defenses. Things like internal and external vulnerability tests, cybersecurity training for employees, centrally managed anti-virus, along with other supporting software and hardware solutions should all play a part in a layered approach to cybersecurity.
Depending on your organization, it wouldn’t be out of the ordinary for these costs to exceed tens of thousands of dollars for an in-house deployment. To put the scope of that spend in context, organizations are expected to spend more than $170 billion globally on IT security by 2020.
These numbers may raise a few eyebrows and understandably be challenging to wrap one’s head around. In-house funding and managing of a layered cybersecurity program can be challenging and costly, though still probably less than even a single successful cyber attack.
2. Fully Managed Cybersecurity-as-a-Service
By comparison, Kelser’s Cybersecurity-as-a-Service solution called Defend Forward is delivered through an op-ex model with little up-front cost. Though it can vary by organization, it’s not uncommon for a monthly subscription to Defend Forward to cost less than 30% of a single full-time, certified security professional on your staff – let alone security hardware, software, upgrades and other costs.
Better still is that Kelser’s Cybersecurity-as-a-Service puts more than just a single cybersecurity asset at your service. With Defend Forward, you have the expertise of an entire team of Kelser engineers with a variety of certifications across disciplines in security and technology - including multiple CISSPs. Core components of a typical Defend Forward solution include:
- NextGen Firewall
- NextGen Malware Protection
- vCISO Risk Management Services
- Centrally Managed Endpoint Anti-Virus
- 24/7/365 Monitoring, Alerting, and Proactive Services
- Employee Cybersecurity Training
- DNS-based Protection
- Internal and External Vulnerability Assessments
- Vulnerability Remediation
- Incident Response
- Incident Response Plan Development and Maintenance
- Additional Layers of Protection as Needed
It’s true - cybersecurity this comprehensive could be protecting your organization today with little in-house effort and in many cases for less than 30% of the cost of hiring a single, full-time, certified security expert.
Evaluating Your Cybersecurity Options
It’s safe to say that implementing a cybersecurity solution in your organization is critical to its safety and longevity. If not addressed properly before, during, and after, even a single cyber attack could ruin the reputation you’ve worked so hard to build, maintain, and grow.
Whether you choose to go with a more cap-ex model by running that cybersecurity program entirely in-house or partnering with a trusted ally like Kelser to carry out an op-ex friendly Cybersecurity-as-a-Service model, the most important thing is that you start protecting your organization today before a crippling cyber attack strikes.
We believe that Defend Forward is the most comprehensive Cybersecurity-as-a-Service solution available today.
See just how powerful Kelser’s Cybersecurity-as-a-Service can be by getting started with a no-cost Security Study. This Security Study, funded by our technology partners, will find dangerous gaps in your security posture, drains on your network performance, and identify steps your organization can take to be safer today.