Craig Pepper
January 24, 2024
8 Min Read

Is Cybersecurity Too Costly? The Answer Might Surprise You With Periculo

There's a common belief floating around that cybersecurity is too expensive, especially for small to medium-sized enterprises. However, this is a misconception that needs some serious debunking. Let’s take a look into these frequently asked questions and shed some light on the true cost of cybersecurity.

The Real Cost of Ignoring Cyber Threats

Consider this: the repercussions of a cybersecurity breach are often far more expensive than the investment in solid security measures. For smaller businesses, the impact is particularly harsh. We’re talking about potential losses in the millions, customers jumping ship, and a damaged reputation that's hard to repair. And let's not forget the regulatory fines that come with breaches. Clearly, investing in cybersecurity is not just a precaution; it’s a vital business strategy to avoid these costly outcomes.

Is Investing in Cybersecurity Really Worth It?

Absolutely. Good cybersecurity protects more than just data; it’s about maintaining trust with your customers and preserving your business’s reputation. To put it into perspective, IBM found that the global average cost of a data breach was $4.45 million, marking a 15% increase over three years​​. 

What’s the Right Amount to Spend on Cybersecurity?

Typically, allocating about 10% of your IT budget to cybersecurity is recommended. This percentage may depend on your business type and size. Cutting corners in cybersecurity can leave you vulnerable to attacks. 

How Much Does Cybersecurity Generally Cost?

When it comes to cybersecurity expenses, there's quite a range, as they encompass technology, staff, and training costs. For many small and medium-sized businesses (SMBs), these expenses can be daunting. However, there are affordable options available, even for micro, small, and medium businesses, to ensure robust cybersecurity without stretching the budget too thin.

One such option is the Cyber Essentials certification. Cyber Essentials is a government-backed, industry-supported scheme in the UK designed to help organisations protect themselves against common online threats. It's particularly well-suited for micro, small, and medium businesses due to its affordability and effectiveness.

As for the costs, Cyber Essentials certification starts from around £300. This cost is relatively modest compared to the broader cybersecurity investments and can be a great first step for businesses looking to bolster their digital defences.

Justifying Your Cybersecurity Budget

Making a case for a cybersecurity budget involves demonstrating its return on investment. This includes considering risk assessment and compliance requirements. 

Periculo’s Free Vulnerability Scan is a valuable tool, helping you identify potential threats and demonstrating the importance of investing in cybersecurity.

Understanding the Cost per Record in a Cyber Breach

Each record compromised in a data breach incurs a significant cost, especially in sectors like healthcare or finance. Staying informed with Periculo’s Weekly Threat Report enables businesses to proactively address these threats and minimise potential costs.

The Essential Need for Cybersecurity

In today’s world, cybersecurity is a necessity, not a luxury. With ever-evolving cyber threats, staying protected is crucial. Periculo’s Monthly Newsletter helps businesses stay informed and prepared for these changes.

Final Thoughts: Cybersecurity Within Reach with Periculo

Periculo's Free Partnership Program is our commitment to providing accessible and affordable cybersecurity. We believe in empowering businesses to enhance their cybersecurity posture without worrying about the cost.

Take the Next Step

Don’t let the cost of cybersecurity hold you back from protecting your business. Sign up for Periculo’s free partnership today to secure your digital assets.

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