Make no mistake: a proper cyber security strategy is essential for all companies that deal with intellectual property, customer data, financial information, and other sensitive materials. However, all too often small and mid-sized companies can feel lost in the marketplace since the majority of mainstream cyber security companies only offer services with a hefty price tag attached.
Yes, cyber security solutions can be expensive. But so are cyber attacks.
According to a cyber security study conducted in association with the experts at IBM and the Ponemon Institute, the average cost of a single security breach rose to $4 million in 2016.
If you're a large business, you might be able to weather a storm that ends up costing you $4 million. If you're a small business, we’re guessing that’s money you just don’t have.
So, being a small to mid-sized company is a bit like being between a rock and a hard space: you can’t afford the most obvious current cyber security solutions on the market, but you also can’t afford a potential attack. The situation's looking a bit desperate, no?
According to Cybersecurity Ventures, cyber crime is predicted to cost the world $6 trillion annually by 2021. Additionally, the marketplace is growing; Business Insider Intelligence predicts $655 billion will be spent on cybersecurity initiatives to protect PCs, mobile devices, and Internet of Things (IoT) devices between 2015 and 2020.
With costs and competition both on the rise, the cyber security marketplace is frazzled, especially for small to mid-sized companies. However, there is still good news. Although the threat is seemingly bigger than ever before, the core issues have remained the same. To optimize security and ensure peace of mind, small to mid-sized companies need only to take a pragmatic approach.
So, how can SMB’s take a pragmatic approach?
Basic tools that offer solid firewall protection and email filtering are sold at multiple price points for businesses on a budget. More sophisticated tools such as real-time monitoring, logging, correlated threat intelligence, predictive analytics, workflow and active blocking are also available.
In order to properly utilize all resources available and cut through the noise of the current cyber security market, small to mid-sized companies need technology solutions that aren’t built for Fortune 500 companies. With that approach, businesses still get access to innovative solutions to remain protected, but at a fraction of the cost.
Surprise! The marketplace is not one-size-fits-all
The marketplace - although complicated - isn’t only reserved for the richest of companies, especially if you know where to look. For small to mid-sized businesses, the trick is doing your research on the current landscape and looking beyond the traditional options to find a solution that makes the most sense for you and your company’s finances.
Remember, just because the big kids are doing it, doesn't mean it’s right. Same goes for business and cyber security solutions.