Cost of Cybersecurity – Part 1
When discussing cybersecurity expenses, we often find ourselves talking about the cost of cybercrime – or cybersecurity after the fact. For instance, we know a data breach will incur around $3.79 million in damages and/or losses.1 But what about the actual cost of cybersecurity itself? In this 3-part blog series, we will cover key cybersecurity costs (personnel, technology, and maintenance), to provide insight and a better understanding of what to consider when working towards implementing and budgeting your cybersecurity strategy.
While we may be tempted to talk about technology, and nothing else, the reality is that simply purchasing and installing hardware (or software) without the right personnel is the wrong approach to protecting your network. Cybersecurity is a specialized field even within the IT sector, and not all IT personnel are equipped to handle it. The depth and breadth of their knowledge base is even more vital when it comes to configuring a network; hackers are determined to find a way in, and a misconfigured server,2 for example, is a fast pass to accessing highly confidential company data.
Cybersecurity experts cost money, though, with the average salary currently being around $92,000.3
If your company were to handle all its cybersecurity needs in-house, then, at a bare minimum, you need 3 full-time network security engineers. Why? It boils down to the fact that your network must be monitored 24x7x365 – holidays and weekends included – because cybercrime never sleeps.
The cost of 3 full-time trained cybersecurity experts: $276,000/year.
A staggering amount for many businesses, regardless of size.
In our continuing post scheduled for Wednesday, June 22nd, we will touch on the technological aspects of cybersecurity – what it entails and what you need. Stay tuned.