Since large businesses devote a vast amount of their budget to cybersecurity, many hackers rather target smaller businesses since they would be an easier target.  Small businesses have most of the information that the big corporations have that hackers crave. Such as social security numbers, credit card numbers, and bank information. Small businesses tend to have little to no budget devoted to cybersecurity, so hackers tend to go for this low-hanging fruit rather than the fruit on top of the tree.

The benefits of having cybersecurity services in small businesses because of the high costs when there is a data breach. In a study that IBM and the Ponemon Institute conducted, an average cost of a data breach is $2.98 million per incident. Most businesses go out of business within six months falling victim to a cyberattack. What the small business pays for is the operational downtime, reputational damage, penalties, loss of business, legal costs, and ransom payments if applicable.

Because of the high costs of data breaches, it is highly desirable to develop a cybersecurity program in a business. The cost to integrate a cybersecurity program into a small business can vary. The type of business, size of the business, and the complexity of the network structure in the businesses are all factors that apply in determining the cost. However, the average business spends around 10% of its annual IT budget on cybersecurity. There are many services that are provided and should be considered in developing the cybersecurity program. The Endpoint detection and response service monitors all the endpoints, from personal smartphones to laptops, in the company. The EDR detects, investigates, and stops any malicious activities that have happened inside the company. This service can cost around $5 – $8 per user per month. Another common service that is available is Firewalls. These act as the first line of defense between the business network and the outside network. It filters out malicious traffic and cost on average $400 on the low end and $6,000 dollars on the high end.

Source: atlanticIT.net https://www.atlantic-it.net/cybersecurity-costs-for-small-businesses/