What Does it Cost to Protect My Small Business from Hackers?

Protecting your small business from hackers involves various cybersecurity services, each with its associated costs. Understanding these costs can help you make informed decisions to safeguard your business. You may not need all these services, and all of them may not be in your budget either. You can decide what your business needs most and prioritize the different services. Use this article as a guide to gain insights into the average costs of cybersecurity services, allowing you to make informed decisions about securing your business within your budget. 

Cybersecurity Costs for Small Businesses 

According to the National Cyber Security Alliance, small businesses can expect to invest

between $1,000 to $10,000 annually on cybersecurity, depending on their size and needs. This investment is crucial to mitigate the risks posed by cyber threats, which can result in great losses without cybersecurity protection. An investment in cybersecurity helps to ensure breaches do not occur and if they do, cybersecurity experts can put a stop to it and keep your business going admist a crisis.  

Why Invest in Cybersecurity Services? 

Investing in cybersecurity services is essential to protect your business's sensitive data, customer information, and reputation. The costs of a data breach or cyber-attack can far exceed the investment in preventative measures. Depending on the severity and type of attack, the cost can range from $5,900 - $3.31 million per incident. Here are just a few reasons your small business should invest in cybersecurity services: 

• Data breach prevention  

• Cyber-attack protection 

• Protects private data  

• Compliance with industry regulations  

• Cyber-attacks are becoming more common  

• Saves you time and money 

Types of Cybersecurity Services 

Every year, small to medium-sized businesses are targeted more and more due to their lack of cybersecurity protocols. While many small businesses have a strict budget for their cybersecurity services, it is important to know what you can afford to protect your small business. This section will go over the average pricing for some important cybersecurity services a small business should consider.  

1. Managed Security Service Provider (MSSP) 

MSSPs offer comprehensive cybersecurity solutions, including ransomware protection, security event monitoring, threat detection, and incident response, typically starting as low as $100 a month up to $1000, depending on the size of your business and the infrastructure of your systems. Overall price is also dependent on how many employees and devices you need coverage for and how much coverage you want for each aspect. 

Cybersecurity companies price these services on several factors, including: 

• Company size and complexity: Businesses with more users and devices (laptops, computers, mobiles, etc.) will normally pay more. They should receive a discounted per-user or device rate. Businesses with less users and devices will normally pay less than larger businesses. 

• Service Offering: Cybersecurity companies may bundle different security solutions into their service offerings, which is reflected in their pricing. For example, a cybersecurity company may bundle anti-virus management, firewall management, cloud protection, and other services into one package.  

• Response Times: Depending on the agreement between the cybersecurity company and the business, response times may also factor into the price of services. Faster response times typically are more expensive. 

• Types of Response times can also impact the pricing of a service. For example, cybersecurity companies have access to advanced technologies that can isolate computers when infected with a virus. These technologies are more expensive and require advanced expertise and skill to manage, but they can be business-saving when implemented correctly. 

• Here are some other factors that impact the response times and cost of cybersecurity services: 

• Advanced Threat Intelligence: provide proactive and targeted services to protect against cyber attacks 

• Artificial Intelligence (AI): improves threat detection and streamlines tasks, potentially lowering the cost of security services. 

Important Note: Most businesses outsource their IT to an IT services company. Some service companies provide comprehensive cybersecurity protection, and some provide basic protection. In today’s threat landscape, it’s essential for businesses to regularly assess their protection from cyber-attacks and consider dedicated services for a more comprehensive defense. 

2. Firewall Management 

Firewall management services ensure your network security by updating software, monitoring network traffic, and responding quickly to any security breaches, with costs ranging from $150 to $300 per month. When outsourcing, these monthly costs cover listening fees and general firewall management and upkeep. There may also be some costs associated with the initial installation of a firewall, but that is dependent on the make, model, and complexity of the initial firewall installation.  

3. IPS Management 

Similar to firewall management, Intrusion Prevention System (IPS) management helps prevent network attacks, with costs averaging between $99 and $500 per month but can vary based on the number of devices and complexity of the network. IPS management is essential for identifying and blocking potential threats in real-time, ensuring that your network remains secure. Investing in IPS management can significantly reduce the risk of data breaches and other cyber threats.  

4. Endpoint Protection Management 

Anti-virus/Anti-malware management services protect your devices, with costs varying based on the number of endpoints, users, and devices. The cost of endpoint protection management can range between $10-$500 per device, depending on the level of protection offered. 

Outsourcing the management of your anti-virus will ensure that any virus or malware gets handled appropriately. Cybersecurity companies have specialized experience and knowledge to manage different anti-virus solutions effectively. Some additional benefits to businesses include: 

• Advanced Technologies: Cybersecurity companies often partner with companies that offer advanced technologies that are unavailable for individual purchase by small businesses. 

• Cost Effectiveness: Because cybersecurity companies have access to these technologies, they often can provide them at a lower cost to businesses through economies of scale. 

• Scalability: Cybersecurity companies can easily scale their services to meet the needs of growing businesses.  

5. Data Encryption Services 

One of, if not the most critical, services offered by cybersecurity is Data Encryption. Data encryption protects businesses against breaches. In a cyber-attack, encrypted data becomes unusable for hackers, significantly reducing the risk of stolen information. The cost of data encryption services can range between $10-$500 per device, per user, or be a tiered model.  

Some other benefits of Data Encryption services include: 

• Compliance with regulations: Many industries have rules requiring data encryption for sensitive information. (e.g., HIPAA, PCI, GDPR, it can also depend on the state where the business is) 

• Improved customer trust: Strong data security practices build trust with customers who share personal information. 

6. Security Awareness and Training  

According to IBM Security, 95% of cyber security breaches are caused by human error. Because of this providing security awareness and training to employees is important.  

The cost of employee training programs for cybersecurity awareness is typically calculated on a per-user basis. The average is about $5 per user per month. This is a great option to prevent additional breaches and cybersecurity issues. You can save time and money by educating your employees on cybersecurity safety practices. This can prevent employees from clicking on phishing emails, going on suspicious sites, and reduce human error. 

7. Cyber-Attack Recovery Management (Backups) 

Backups are crucial for several reasons, but an important one is that they provide peace of mind in knowing that businesses' critical data is backed up, removing the worry of potential data loss and allowing for focus on operations. Backup solutions for data recovery after a cyber-attack typically range from $500 to $3000 per year. The cost can depend on different factors such as: 

• Amount of data being backed up: The more data you backup, the more storage needed, which can increase the cost. 

• Data location: depending on where you want to backup the cost can vary. Local vs cloud backups are going to be different costs. 

• Recovery options: How quickly you want to recover your data can influence the price. Faster recovery times come at a premium. 

• Other factors include: Management complexity, backup frequency, and data retention periods. 

8. Security Awareness and Training  

According to IBM Security, 95% of cyber security breaches are caused by human error. Because of this providing security awareness and training to employees is important.  

The cost of employee training programs for cybersecurity awareness is typically calculated on a per-user basis. The average is about $5 per user per month. This is a great option to prevent additional breaches and cybersecurity issues. You can save time and money by educating your employees on cybersecurity safety practices. This can prevent employees from clicking on phishing emails, going on suspicious sites, and reduce human error.  

9. User Account Management (Identity Access Management) 

Cybersecurity companies have specialized expertise in managing user accounts. Placing best practice controls around user access can significantly reduce the risk of cyber-attacks. Outsourcing the management of user accounts to a cybersecurity company can cost between $500 to $2000 annually. 

The cost can vary depending on how many users, complexity, level of management, and other factors.  

10. Security Policy Management 

 Some cybersecurity companies can oversee the creation, implementation, and ongoing maintenance of the rules and procedures that govern how users and systems (computers, network devices, laptops, mobile, etc.) acces and utilize the business’ IT resources. Developing and maintaining security policies may incur costs of $500 to $2000 per year. 

Outsourcing individual cybersecurity and IT services can be expensive, so most companies in this field bundle them into one comprehensive package that aligns with your specific needs. Neglecting cybersecurity protection for your business can be even more costly in the long run. A cyberattack or data breach has the potential to cripple your business, leading to lost revenue, damage to your reputation, and potential legal consequences. 

By understanding the different cybersecurity services available and their associated costs, you can make informed decisions to safeguard your business within your budget. Consider these three things: 

• Complimentary Resources: There are many free resources online, specifically through government agencies to help small businesses improve their cybersecurity protections. 

• Scalable Solutions: Look for a cybersecurity company that can offer solutions that grow with your business. 

• Security Awareness Training: Look for a cybersecurity company that can offer to train your employees in a cost-effective way, to reduce the risk of human error.  

Remember that cybersecurity is an ongoing process, not a one-time fix, especially for businesses. Ensure you have the proper cybersecurity professionals providing oversight potential issues.   

Protect Your Small Business with Castile Security  

Castile Security offers tailored cybersecurity solutions for small businesses, combining these essential services to provide comprehensive protection. Our pricing depends on the specific services and level of coverage your business needs, with customizable plans starting at competitive rates. Schedule a call today to learn more!