Whether you’re a business owner or someone in a management role, managing return on investment (ROI) is one of the most important aspects of a business. For many, the highest ROI possible is the goal. Regarding cybersecurity, one survey concluded that 92% of companies with 50 or fewer employees don’t have a dedicated cybersecurity budget. Additionally, six months after a cyberattack, 60% of small enterprises go out of business. While larger corporations allocate substantial budgets to cybersecurity, medium and small-sized businesses tend to treat it as an afterthought.
Today. we’ll cover the risks of not having cybersecurity support services, MSSP benefits and cost savings, and how to find the right MSSP.
Costs of Not Having Cybersecurity Protection
This blog will only cover medium and small-sized businesses, as those larger-sized businesses usually have the proper budget for their own in-house IT team. For SMBs, partnering with an MSSP offers scalable, effective cybersecurity solutions with an impressive ROI. To prove this point, here are some statistics on the costs faced by having inadequate cybersecurity defenses:
Cost of Cyberattacks: Small and medium-sized businesses lose around $25,000 from cyberattacks. In 2020 alone, over 700,000 attacks were targeted at small businesses, costing around $2.8 billion in total damages.
Financial Impact of Data Breaches: IBM and Ponemon found that the average cost for a data breach for a small business was $2.98 million. The financial impact of data breaches is a big risk due to the costs of legal fees, reputational damages, downtime, investigations, and many other expenses. Sometimes businesses may be forced to close their doors.
Downtime Costs for Businesses: Downtime halts all business activities due to some incident, the cost per minute for a small business is $427, or $25,620 an hour. Without proper defenses, the length and frequency of downtime events can quickly spiral out of control.
Photo by Astra
MSSP Benefits for Medium and Small Businesses
Partnering with an MSSP is a strategic and cost-effective decision for medium and small businesses. It provides access to top-tier expertise without the high expenses of an in-house team. At Kirkham IronTech, we pride ourselves on delivering tailored solutions for businesses. Here are a few key benefits:
Affordable Cybersecurity Solutions: Costs for an in-house team can range from a few hundred thousand to millions of dollars annually, factoring in salaries, infrastructure, and setup costs. Partnering with an MSSP is a cost-effective way to give your business the proper security for your clients and employees. At Kirkham IronTech, each of our clients is unique, and based on factors relating to your business, we will give you a price that is a fraction of what it would cost for an in-house team.
Proactive Threat Management: Many cyberattacks occur due to improper threat management. Stopping or minimizing a cyberattack before it happens will give you the least amount of risk and financial loss if an attack were to occur. We specialize in helping businesses prevent cyberattacks, with our 3 pillar methodology, we ensure your business stays ahead of emerging threats.
Scalable Solutions: Every business has unique needs. Based on the size of your business, number of endpoints, and other factors, we can ensure you receive the lowest cost and highest ROI possible.
How to Find the Right MSSP
Choosing the right MSSP is crucial for protecting your business. Here’s a quick checklist to guide your decision:
Experience: Make sure the MSSP you partner with has plenty of experience, the MSSP Alert covers the top 250 MSSPs. If the MSSP is on there, you know they have the experience and the expertise in the cybersecurity and IT sector.
Scalability: Make sure the service provider you choose has scalable solutions, being able to align with your business needs should be an important thing to consider.
Affordability: Cybersecurity and IT aren’t cheap, but going with a managed service over an in-house team can make those costs a fraction of what they would be. Also, not choosing to have any protection could cost a business greatly, just as you wouldn’t drive a car without insurance, why would you not protect your customers and your business?
Why Choose Kirkham IronTech as Your MSSP?
Throughout this blog, we’ve covered the costs of inadequate protection, the benefits of MSSPs, and how to find the right one. Kirkham IronTech has consistently been recognized as one of the top 250 Managed Security Service Providers. What sets us apart is our commitment to providing high-quality service at a lower cost. Our clients trust us to deliver scalable, flexible, and effective solutions tailored to their unique needs. With Kirkham IronTech, you can rest easy knowing your business is secure.
Take the Next Step, Protect Your Business Today!
Call Us: (479) 434-1400 – Get in contact with our team of cybersecurity specialists.
Visit Our Website: www.kirkhamirontech.com – Learn about our scalable solutions.
Email Us: info@kirkhamirontech.com – Let us know how we can help you and your business.
Tom Kirkham brings more than three decades of software design, network administration, and cybersecurity knowledge to organizations around the country. During his career, Tom has received multiple software design awards and founded other acclaimed technology businesses.
