Cost Breakdown to Fully Cyber Secure Your Business (2023)

Cost Breakdown to Fully Cyber Secure Your Business (1)

Cyber criminals target businesses of all sizes and industries. Cyberattacks affected 42% of small businesses in the last 12 months (2021), and 68% of companies experienced targeted attack on their networks that resulted in data loss. The frequency of attacks is growing at an unprecedented rate since 2020.

If you’re thinking about cyber securing your business, but don’t know how much investment to prepare, then this article is for you. Additionally, you will discover the little-known cost and resources needed to achieve true cyber resilience.

TABLE OF CONTENTS

Cost Breakdown of Cybersecurity Solutions

  1. Layer 1: Protecting Your Devices

  2. Layer 2: Protecting Your Network

  3. Layer 3: Protecting Your Databases

  4. For All Layers: Protecting & Controlling Access

Estimated Cost Varies by Business Size and Type

(Video) 🔴 Cyber Security On A Budget: Protect Your Small Business From Hackers

Using Cybersecurity Services as Another Option

Using Mamori.io Freemium as an Option

Why All Business Should Invest in Cybersecurity

Cost Breakdown of Cybersecurity Solutions

A strong cyber security framework requires layers of protection, as recommended by FTC’s cybersecurity guide (which includes the NIST framework). That means you need physical items and software to defend your devices, network, applications and databases from threats.

When you deploy the recommended layers of protection, the minimum cost is $2,577 annually per user and $18,368 per server.

The minimum cost is based on entry-level software with the most basic features. If you’re looking for more advanced features, then the cost can go up to $18,088 annually per user and $47,312 per server.

If you’re a small business, you may be eligible for Mamori.io Freemium, which secures the most technical areas recommended by the FTC for free. See how in this datasheet.

Layer 1: Protecting Your Devices

Endpoint Security

Endpoint Security protects your devices. It is typically a software installed onto your laptop, PC, or mobile device that routinely scans files for any potential threat. For businesses, we recommend a more professional security solution, such as Endpoint Detection and Response (EDR). This typically combines monitoring and data collection for immediate threat detection and remediation.

Cost of endpoint security ranges from $60 to $96 annually per user and $108 to $216 annually per server.

Antivirus Software

Antivirus software is a less expensive solution (cheaper than EDR) that manages fundamental risks and keeps an eye on the activity of potentially harmful websites, files, programs, and apps.The downside of this kind of software is that they only block known threats. That means newer threats, such as new strains of ransomware, can easily bypass this software layer.

Basic antivirus costs $36 to $60 annually per user and $60 to $96 annually per server.

Email Protection Solutions

Almost 50% of malware originates from email, and 96% of phishing attacks are delivered by email. For organizations that choose to host their own email servers, email protection solution is a must-have to protect against spam, phishing and other types of attacks delivered through email. This cost can be negated if you use email providers such as G-Suite.

For those that host their own email servers, expect to pay between $36 to $72 annually per user for an email protection solution.

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Layer 2: Protecting Your Network

Firewall

A firewall is an essential security tool that serves as the first line of defense to safeguard the valuable assets on your company’s network. A firewall safeguards your network by filtering traffic and by serving as a barrier between your internal network and the outside world.

A commercial grade firewall costs between $1,500 to $20,000 (one-time purchase) plus configuration fees if you organization lacks the technical expertise.

Intrusion Detection

This solution blocks any unauthorized access or activities on your network. When a hacker manages to gain access to your company network, their next step is to scan the network to find other devices connected to the network. Intrusion detection detects and blocks malicious presence and activities.

Price varies greatly here. Starting prices can range from $4,600 and $35,000 annually. It can be billed by a combination of $1.75 per deployment hour, $0.016 per GB processed, $0.80 per one million events, and more.

Mamori.io offers Intrusion Detection for free to small business.

Zero Trust Network Access (ZTNA)

ZTNA secures all types of access to your company network, whether remote or internal. This is what stops network penetration attacks and any type of unauthorized access. ZTNA also enables you to micro-segment your network to protect against hackers from moving laterally on your network.

ZTNA solutions typically cost $150 to $200 annually per user plus setup costs if your organization lacks the technical resources.

Mamori.io offers ZTNA for free to small business.

Layer 3: Protecting Your Databases

Data Privacy Solution

If you’re in an industry that has data regulations, such as medical or finance, you’ll need a data privacy solution to protect sensitive data, such as Personally Identifiable Information (PII). In short, these solutions mask sensitive data while allowing your employees to work on those data. This layer of security prevents a hacker from revealing sensitive data even when they managed to gain access to your data.

Compliance-driven data privacy solutions range from $1,440 to $15,600 annually per user per month plus setup costs.

Mamori.io offers Data Privacy Solution for free to small business.

Database Activity Monitoring (DAM)

DAM monitors your databases for anomaly, such as unauthorized access and unusual activity. This means, even when a hacker bypasses all the previous layers and starts accessing your database, DAM will immediately notify you of any unusual activity, such as a large data extract.

DAM solutions range from $6,000 to $12,000 annually per server.

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Mamori.io offers DAM for free to small business.

SQL Firewall

SQL database firewall protects your data in your database, whether on-premise or in the cloud. Similar to a firewall, a SQL firewall allows you to set rules to prevent unauthorized access and operations.

Pricing for SQL firewall varies, ranging from $13,000 annually per server, or $1.25 to $1.75 per deployment hour.

Mamori.io offers SQL Firewall for free to small business.

For All Layers: Protecting & Controlling Access

Multi-factor Authentication (MFA)

MFA or 2FA requires at least two credentials to grant access, with the second authentication typically using an authenticator app or text message. This access protection is said to have prevented 90% of cyberattacks.

Some MFA providers offer free versions with limited users. For additional users, MFA typically cost around $60 annually per user.

Mamori.io offers 2FA for free to small business.

Protecting Overall Access with Privileged Access Management (PAM)

Privileged Access Management (PAM) secures identities and how employees access data. It prevents passwords from getting stolen and greatly limits the damage of a cyber attack even when a device is compromised.

PAM solutions range from $795 to $2,000 annually per user depending on scale and features, Implementation, training, support and maintenance costs are calculated separately.

Mamori.io offers PAM for free to small business.

Estimated Cost Varies by Business Size and Type

As you might have noticed, every business is different, and your business may or may not need all the solutions mentioned above. For instance, you might not need email protection if you use G-Suite. Or, you wouldn’t need database protection if you don’t have any database to manage.

That is why the cost of cyber securing each business varies. Here, we summarize the different factors that affect the total cost.

Damage and Losses of a Cyber Attack

When a breach occurs, every second counts.

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For a typical SMB, a breach that’s almost immediately discovered costs around $28,000. If it goes unnoticed for more than a week, the cost could get up to $105,000. Even with immediate identification, 417 records of data are compromised, on average. When the attack goes unnoticed for more than a week, compromised records increase to more than 70,000.

For enterprises, the damage could easily skyrocket from 10 to 100+ times, depending on the size, complexity and potential liability issues.

Larger Companies Incur Higher Costs

The more personnel you have, the more opportunities and entry points a cyber criminal has for phishing scams or drive-by attacks. The same goes with training cost, number of networks, devices, employee accounts, cybersecurity solution licenses, databases and applications. This is why bigger companies spend significantly more on cybersecurity than their smaller counterparts.

Compliance Requirements Drive Up Cost

Businesses that collect more sensitive data will require extra security measures to comply with legislative requirements or industry standards. For instance, the Health Insurance Portability and Accountability Act (HIPAA) and Payment Card Industry Data Security Standard requires that certain data be protected. The challenge for most businesses is to protect those data while making them accessible and usable at the same time. (Combining PAM, Data Privacy Solution and SQL firewall is the best solution to this.)

Human Capital Cost

Implementation, training, support, and ongoing maintenance costs are often overlooked. For businesses who have the technical expertise, those costs can be reduced. For small businesses without the technical expertise, additional human capital costs are required.

Using Cybersecurity Services as Another Option

For companies that lack the technical expertise and don’t want to deal with cybersecurity, their other option is to hire a cybersecurity services firm. These firms help businesses create and maintain a cybersecurity infrastructure and monitors your network for any potential threats.

The price for cybersecurity monitoring range between $1,200 to $6,000 per year for a small-sized network, and $6,000 to $24,000 per year for a medium-sized network.

Using Mamori.io Freemium as an Option

Mamori.io has a free, all-in-one cybersecurity solution that protects your network, database, and applications. If you have a firewall and endpoint security implemented, Mamori is the ONLY solution you’ll need to achieve cyber resilience.

With our free solution, not only do you pay nothing for licenses, your overall training and implementation cost is minimal because our solution is extremely easy to implement and configure.

Additionally, we offer cybersecurity services for businesses that lacks the time and expertise to deploy cybersecurity solutions. We can help deploy our all-in-one cybersecurity solution on your infrastructure (self-hosted) or on our infrastructure (as a managed service). This is ideal for businesses who don’t have the expertise or time to deal with all the cybersecurity complexities, such as implementation, maintenance, and monitoring.

If you’re a small business concerned with cybersecurity cost, deployment and maintenance, Mamori.io is your best option. Get started by requesting your free license here.

Why All Business Should Invest in Cybersecurity

Most experts agree that being targeted by a cyberattack is not a matter of if, but a matter of when. If you think you’re safe because of your business size or industry, then think again. Cyber criminals do not discriminate – their motive is either financial or political. Additionally, the damages of a cyberattack far outweigh the cybersecurity costs mentioned above.

That is why all business should invest in cybersecurity. If you’re a small business looking to minimize this investment, Mamori.io will be your best option.

(Video) Cyber Security: Protecting Your Small Business

*** This is a Security Bloggers Network syndicated blog from Zero Trust Data Security Blog - mamori.io authored by Victor Cheung. Read the original post at: https://www.mamori.io/blog/cost-breakdown-to-fully-cyber-secure-your-business

FAQs

How much does cyber security cost for a company? ›

On average, companies spend around 10% of their annual IT budget on cybersecurity and about $2,700 on average per full-time employee. So, if your business has an IT budget of $3 million, you'll likely spend $300,000 on cybersecurity costs.

How much do cyber attacks cost businesses? ›

It may come as no surprise that as more organizations evolve and scale their digital business models, the median cost of an attack has surged — from $10,000 last year to $18,000 in 2022. The US is bearing the brunt of generally higher cyberattack costs, with 40% of attack victims incurring costs of $25,000 or higher.

How much should companies invest in cybersecurity? ›

From our research, the average organization spends 10% of their IT budget on cybersecurity. The variables that impact this percentage include company size, industry, among many other factors. We have found most business leaders are keenly aware of the value of investing in security programs.

What percentage of IT budget should be spent on security Gartner? ›

On average, companies worldwide allocate at least 12 percent of their IT budget to information security.

How much should a small business spend on cyber security? ›

SMBs typically spend around 10% of their annual budget on cybersecurity. The amount of money that many businesses spend on cyber security services varies but usually falls around 10% of the yearly IT budget.

How much does IT cost to outsource cyber security? ›

This depends on many factors, but generally you can expect to pay between $80.00 to $150.00 per month per user. Most businesses choose to outsource their IT needs to save money but there are many other benefits as well.

What is the average cost of a cyber breach? ›

The average cost of a single record involved in a data breach and total cost both hit a seven-year high in 2022. The global average total cost of a data breach increased by GBP 0.099 million to GBP 3.93 million. The global per record cost of a data breach was GBP 148, a 1.9% increase from GBP 145 in 2021.

What is the average cost of a data breach in a small to medium size business? ›

For a small or medium-sized business (SMB), the average cost of a breach is $108,000, as stated above.

How much is IT estimated that cyber attacks cost? ›

Over $200 Million Lost to Cyberattacks in 2022 Alone, Study Shows.

How do you justify cybersecurity budget? ›

So, to make sure your cybersecurity budget proposal looks appealing to security leaders, make sure to stick to the following:
  1. ROI-oriented strategy.
  2. Demonstrate the return on investment in a practical manner.
  3. Align your cybersecurity goals with your business goals.
  4. Invest in advanced technologies such as SOAR.
Sep 13, 2021

What is the average profit margin for a security company? ›

After labor, materials, and overhead expenses, most guard firms average a 5% profit margin.

Is there calculations in cyber security? ›

Most entry-level and mid-level cybersecurity positions like cybersecurity analyst aren't math intensive. There's a lot of graphs and data analysis, but the required math isn't particularly advanced. If you can handle basic programming and problem solving, you can thrive.

What percentage of revenue should be spent on technology? ›

The 4-6% average is a great guideline, but the final number will depend on your company's individual needs and goals.

What is included in security costs? ›

Security Costs means all fees, costs, expenses, stamp, registration and capital taxes incurred by the Company (or any other member of the Group) in connection with the execution and registration of the Security Documents.

How much does phishing attacks cost companies? ›

Phishing continues to represent not just a mainstay threat but also a significant cost to enterprises, with some large organizations with a robust IT and security staff spending $1.1 million per year to mitigate phishing attacks, new data shows.

How do cyber attacks affect businesses? ›

Disruption of service or operations

Cyberattacks like DDoS and malware infection, among others, may cause major interruptions to your business's day-to-day operations, which can result not only in lost revenue but also potential damage to your brand reputation.

How much does a DDoS cost a company? ›

According to Ponemon Institute study, a DDoS attack will cost an average of $22,000 for every minute of downtime it causes. This means significant losses for businesses since an attack will last 54 minutes on average, with some attacks taking a day to resolve.

How much do DDoS attacks cost companies? ›

Even a small company could lose up to $120,000 after experiencing its effects. According to a report from Bulletproof, the price tag on a DoS attack has risen to over $2 million for enterprise companies. Defending against these threats can actively save your business money and time.

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