The Hidden Costs of Cyber Security

There’s no denying that modern business is conducted increasingly online. That being said, the safekeeping of customer data, financial information and other confidential materials has become important for ensuring customer loyalty and business success.

Take Mike, for example. Mike runs a family-owned car dealership in a small town in Wisconsin. Every day, Mike helps his fellow community members - in addition to close friends and family - apply for loans to to buy cars, which requires personal information from each customer. Mike knows he should do more to protect his customer’s information. But Mike is overwhelmed with choices. Every company out there is trying to scare him into buying products he can not afford, install or operate. It is hard enough running and growing his business… Mike does not have time to wade through the noise and hype.

The problem is, the current cyber security marketplace is expensive, and full of hidden costs.

If your company - much like Mike’s car dealership - can’t afford to employ an army of analysts or spend millions of dollars on cyber security, then it’s easy to feel lost in the marketplace.

When small to mid-size companies look for solutions within the cyber security marketplace, they’re typically met with three very poor choices:

  1. Buy and integrate expensive security software in-house
  2. Outsource cyber security to a third-party vendor
  3. Do nothing and hope for the best

For companies who choose to take an in-house approach, not only do they need to purchase the expensive technology, but they also need employees to operate the products, which means lengthy hiring processes, extensive salaries, and ongoing training.

On the other hand, third-party vendors can be just as expensive. Quality cyber security companies tend to be expensive - like, $10,000 - $30,000 per month expensive. While that budget isn’t out of the question for large corporations, it’s a solution that smaller businesses just can’t afford.

While there are many hidden costs of cyber security solutions, no option is worse than sitting back, doing nothing, and hoping for the best.

Thankfully, there’s good news.

The problem isn't nearly as difficult as certain people want to make you believe, and a fourth option is emerging.

To get quality cyber security services without breaking the bank, many small to mid-sized companies are beginning to turn to a new solution that monitor networks in real-time, provide accurate alerts and information, provide the tools necessary to take action, and follow through with monthly reporting.

Yes, cyber security is complicated. But it doesn't have to be.