5 Ways managed security services can help your business save money

5 Ways managed security services can help your business save money

Cybersecurity should be an absolute top priority for any business, no matter its scope or industry. However, many organizations compromise on security to save money by sticking with outdated hardware, unsupported software, and inadequate counterthreat measures that just don’t work. Oftentimes, they simply hope for the best, assuming that enterprise-grade security measures are something that only the largest businesses can afford.

Fortunately, there’s another way to be protected from security threats without burning a hole in your pocket. Managed security services allow you to outsource the entirety of your cybersecurity operations for a modest monthly fee. This allows you to take advantage of the best-in-class security solutions available, while also leading to substantial savings.

Here are five ways managed security services can save money:

#1. Breach-related expenses

Today, the average cost of a data breach is $3.86 million. Breach-related expenses come in many different forms as well, from unscheduled downtime to costly repairs to subtler costs like lost customers, reputation damage, and more. In more severe scenarios, litigation may be a factor, particularly if it’s found that your business has failed to comply with data privacy and security regulations.

Working with a managed security provider is an affordable way to gain access to the latest countermeasures and expertise necessary to deploy them. From a legal standpoint, you are exercising due diligence and responsibility by greatly reducing the chances of a successful breach.

#2. Human resources

Hackers hardly stick to a nine-till-five schedule. However, small businesses generally can’t afford to have teams working around the clock to take care of security. It’s easy to get into a situation where your employees end up spending more time worrying about security than actually doing their jobs. Having a full-time IT department might be an option, but chances are it will be prohibitively expensive.

Managed security services are always there for you when you need them because providers work 24/7 to protect your network all the time. They will take care of all your security needs so you can focus on running your business.

#3. Systems maintenance

Many companies are still spending thousands of dollars on things like servers, enterprise-grade networking hardware, and costly upgrades. Given the constant state of change in tech, it often seems like expenses never stop recurring.

When you outsource your cybersecurity, you’re renting the IT resources necessary to keep everything in check. Furthermore, responsible providers always use the latest hardware and software, so you don’t have to worry about maintenance and upgrades anymore.

#4. Customer retention

If your company suffers a major data breach, you are legally and ethically required to inform all affected customers as soon as possible. While transparency will help minimize the blow to your business, every data breach will still have a damaging effect on your reputation regardless. Its magnitude depends on how your customers will react, since some customers are less forgiving than others and will hastily stop doing business with you.

Outsourcing cybersecurity gives you access to the best counterthreat measures and industry-specific expertise available. Now that privacy and security are core priorities for consumers, those benefits give you a competitive advantage, because they translate to greater customer retention.

#5. Technological Alignment

Every business leader understands that modern technology is a crucial part of the corporate environment. However, too many see it as a necessary evil rather than a real opportunity. That’s because many companies fail to correctly align technology with their operational goals. For instance, resisting the use of mobile devices means missing out on the benefits of remote work. Indeed, embracing mobility can bolster productivity, but it can also open your data up to external threats. This means that cybersecurity operations are an important part of the big picture.

Partnering with a dependable team of experts with access to proven technology solutions helps you achieve technological alignment, which also means greater cost efficiency for your business. A reputable provider will offer a range of solutions tailored to the precise needs of your organization.

Are IT security issues keeping you up at night? Let Charles IT take care of it, so you can get back to running your business. Call us today to get started.

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