What Is the Cost of Cybersecurity for Businesses In Reno?
Cost of Cybersecurity For Reno Businesses
Reno is a thriving economy for entrepreneurs that has set itself apart as one of the cleanest states in the US in terms of technology and energy. With an upward trend in economic growth comes multiple threats from people with malicious intent and, most noteworthy, cyberattacks.
The growing number of cyberattacks and their increasingly complex nature requires every business to reconsider its budgeting for cyber security. Supply chain attacks, ransomware, data breaches, DNS hijacking, crypto-jacking, DoS attacks — the list of threats any business in Reno faces is long. Regardless of your industry or business size, you face the danger of cyberattacks.
This begs the question:
How much will you pay to protect your business against cyberattacks in Reno?
There is no one-fits-all answer, but we're going to break everything down into:
- Cybersecurity solution you should expect
- The fees, costs, and rates you'll incur to secure your business
We'll get deep into the costs of different categories of data protection, industry standards, and best practices, but first, let's start with the basics.
What Makes Up Cybersecurity Solutions — Products and Services
Cybersecurity security solutions that one business may need are different from other businesses. The cybersecurity products and services your business requires are unique to your business. For instance, your business might need cybersecurity products such as:
- Email protection
- Endpoint security and antivirus software
- Two FA authentication
To accompany the cybersecurity products, you might need professional services to safeguard your business' technology through planning, implementation, and auditing. The services can include:
- Penetration testing
- Vulnerability assessment
- Monitoring services
- Security program development
- Security architecture review
The cybersecurity products and services your business need will hugely determine the amount you'll pay for cybersecurity solutions. With the idea of what makes up cybersecurity solutions, let's quickly answer the average cost business in Reno incur for cybersecurity.
What is the Average Cost of Cybersecurity for Reno Businesses?
The cost of excellent cyber security will vary depending on the:
- Service provider you choose
- The services your business need
- The cybersecurity products you'll need
However, you'll need to know the approximate amount Reno businesses use for cybersecurity.
According to Deloitte, an average business spends 6% to 14% of its total IT budget on cybersecurity. In other words, enterprises in Reno spend an average of 10% of their IT budget on cyber security.
The Deloitte report further says that average companies across all industries spend 3.2% of their total IT cost. Here's the breakdown:
- Small businesses have an annual budget of less than $5 million
- Mid-size organizations spend between $5–$20 million annually
- Large enterprises have a budget of $20– 50 million a year
From the data, we can calculate an estimate cybersecurity cost for each business size in Reno, assuming that all of the businesses spend about 10% of their budget on cyber security. Per year:
- Small businesses spend $500,000 or less on cybersecurity
- Mid-size businesses pay between $500,000 and $2 million on cybersecurity
- Large businesses spend between $2 million and $5 million on cybersecurity
While the cost estimates for cybersecurity above appear to be huge, the cost of attack is extremely expensive. In addition, the reputation damage a business can suffer in the event of an attack is incalculable.
What Factors Determine the Cost of Cybersecurity for a Reno Business?
Many businesses struggle to figure out how much to invest in cybersecurity. Business owners and CEOs are perplexed and often seek professional advice. Each company has its own level of risk and vulnerability to cyberattacks. Cybersecurity cost factors include;
1. Size of the Business
Firms with a large workforce have more devices to secure than smaller businesses — requiring larger security expenditures.
From the Delloite data, you can derive the cybersecurity cost estimate depending on the business size. The figures estimate that:
- Small businesses in Reno spend $500,000 or less on cybersecurity expenses annually
- Mid-size businesses use between $500,000 and $2 million a year
- Large businesses pay between $2 million and $5 million per year
The more the devices, the higher the chances of attack. As a result, larger companies typically need to spend more on cyber security than smaller companies.
2. The Industry Your Business is Serving
Different industry firms that handle data that is subject to compliance will require extra funds. If your data is subject to Health Insurance Portability and Accountability Act (HIPAA) or PCI, for example, you'll need a larger budget to maintain privacy and avoid breaches.
3. Cybersecurity Products and Services
The amount you'll spend on cybersecurity depends on the security products and services you'll need. Your cost will be determined by the number of cyber security services you use, such as the types of antiviruses you use. It will also vary depending on how much your cybersecurity service provider charges.
Ways to Reduce Cyberattacks on Your Business
A cyberattack is an assault launched on your computers or network by cybercriminals. The attack can maliciously disable your systems, steal vital data, leak data or hold it hostage. Companies and organizations should be cautious to avoid such attacks.
Here are some of the ways you can take precautions to protect your company:
1. Train Your Staff
Cyber fraudsters will use employees to gain access to your firm's data. They'll email phishing messages purporting to be from the firm, asking for personal information or file access. Links might look real, and it's easy to fall for them. Employees must be cautious of what they receive.
2. Update Your Software and Systems regularly
Cyber attacks are common because most systems or software are not updated regularly, exposing vulnerabilities. Malicious hackers use these flaws to get access to your network. When they gain access, it's typically too late to take preventative measures.
3. Set Up a Firewall System
Setting up a firewall to safeguard your network is one of the most efficient ways to keep your company safe from frequent cyber-attacks. A firewall system will keep brute attacks on your network or systems from wreaking havoc.
4. Secure Your WiFi Network
Who doesn't own a wifi-enabled gadget in 2022? Any device that connects to the network may get infected, and if that infected device subsequently connects to your company's network, your entire system is at risk.
Securing and concealing your wifi networks is one of the most secure things you can do for your business. Tens of thousands of gadgets that may connect to your network and damage your security become accessible daily as technology advances.
Keep Your Business Secure From Cyber Attacks
A firm's cybersecurity stance needs to include around-the-clock monitoring. Cybercriminals are constantly on the lookout for susceptible access points to attack corporations in the cyber domain.
As a result, they may uncover a few flaws and target your firm in a static defense, and it's much more difficult if you're always on the lookout.
At Integral Networks, we have a staff of seasoned cybersecurity experts who know how hackers think and act: they'll be your human eyes on your network systems at all times. Contact us today for cybersecurity assistance or more information about our services.