If you’ve been asking yourself, “Do small and midsize businesses (SMBs) need cybersecurity?” the answer is a resounding YES. You might think a cyberattack only happens to big corporations — the ones that make headlines — but the truth is, these malicious hackers don’t discriminate based on business size. They’re often more interested in finding easy targets, and small businesses that underinvest in cybersecurity make perfect prey.
Small Business, Big Targets
If you’re thinking, “I have nothing valuable enough for hackers to steal,” you should reconsider. From customer payment details to employee personal information, proprietary business data, and financial records — all the sensitive information your business stores makes it a goldmine for cybercriminals.
Data shows that SMBs deal with the same cyberattack threats as established enterprises. In fact, around 43% of breaches are aimed at small businesses. Yet only 14% of small businesses have the resources to bounce back, unlike most large corporations. This is why investing in prevention is essential for your company. As we like to say here at Mirazon, an ounce of prevention is worth a pound of cure.
The Cost of Ignoring Cybersecurity
Wondering how much a cyberattack could cost your small business? A lot more than you’d expect.
A single event can result in thousands, if not millions, in losses. For instance, businesses in the healthcare sector lose $9.42 million per data breach on average. An SMB that experiences a security threat… Well, it could shut down within months due to the damage.
But it’s not just about the lost revenue when a cyberattack hits. It takes time, money, and effort to get your systems back online. It could strain client relationships and even your company’s reputation. However, no matter how spooky (hey, it’s Halloween time) these cyberattacks may seem, they shouldn’t stop you from working to grow your business – with the right defenses, of course.
So, How Much Should Cybersecurity for SMBs Cost?
How much you should spend on IT services budgeting depends on several factors:
- Your industry’s regulatory requirements.
- The type of data you handle.
- Your current security posture.
- Specific business risks.
Businesses tend to spend between 10% and 17% of their budget on IT support services. High-risk sectors, like healthcare, might need to invest even more due to stricter data laws and the higher price of breaches. The costs may seem high, but cutting corners on security will cost you far more in the long run. I’ll remind you: an ounce of prevention is worth a pound of cure.
Managed Service Providers: The Smart Approach to IT Security
You don’t need a Fortune 500 budget to have effective cybersecurity. Having a dedicated internal IT team is every business owner’s dream, but we understand this might be out of reach for SMBs with budgeting constraints. Here’s where a managed service provider (MSP) like Mirazon comes in. We can give you access to top-tier security solutions at a fraction of the cost.
Here are just a few of the benefits you’ll see when you outsource your IT support:
- 24/7 monitoring: You get round-the-clock monitoring of your systems and rapid response when issues arise. It’s like having a security guard who never sleeps and knows what to look for.
- Cost savings: Hiring full-time IT staff can be costly. Outsourcing to a Louisville IT support provider like Mirazon can help you save money without sacrificing protection.
- Expertise: We’ll bring specialized knowledge to the table, along with our decades of experience, and we provide regular security updates with expert guidance on the best solutions for your SMB.
- Compliance: When it comes to all matters of data security, every industry has specific legal and regulatory requirements for businesses to observe. We’ll keep tabs on your behalf, ensuring you stay compliant at all times.
Working with a local MSP like us lets you focus on what you do best — running your business — while we take care of the tech issues. Not only that, our services come with the advantage of predictable, scalable costs, which will help you plan your SMB IT budget more effectively.
Cybersecurity Budgeting Tips for SMBs
Creating a budget for IT support is all about balancing your security needs with your growth goals. To get it right, start by identifying your business’s essential requirements. Do you need better data protection, a more robust firewall, or more regular security updates? Understanding your needs will help you know where to invest.
Remember, your IT needs will grow as you expand. So, consider scalable solutions, like cloud-based services, which can grow alongside your company. But most importantly, train your team so they know how to recognize and deter common cyber threats.
Protect Your Business With Louisville Managed Services
Ready to protect your business without breaking the bank? Let’s talk about creating a layered security strategy that works for you. Protecting your business starts with a solid IT plan. At Mirazon, we provide a full suite of managed services, including cybersecurity, cloud solutions, and IT consulting. Whether you need help managing your budget, setting up a disaster recovery plan, or implementing new technology, we’re here to help. Browse our services today to learn more.