How Much Does Cybersecurity Cost a Small Business?
In an ideal world, all businesses of every size would be protected by high-quality cybersecurity. But as we are well aware, even the biggest businesses can come under fire from hackers, and it shows us that not everyone’s cyber defences are up to scratch. The main reason most businesses do not have the proper defences in place is due to the perceived price of said security.
Join us in this blog as we outline how much each business should be spending on its cybersecurity, along with how much the average breach costs a business without defences.
How Much the Average Small Business Spends on Cybersecurity
The average cost of cybersecurity for small businesses varies depending on the level of cover they opt for. While some are known to spend approximately £60,000 per year, others opt for basic malware protection software, which can cost them roughly £20 per month. It is typically expected that a small business would spend a couple of hundred pounds per month on cybersecurity. When you consider the risk and reward, this fee is small.
Factors that Influence this
There are a range of reasons small businesses opt for varying levels of cover. A lot of the time, it comes down to cost and the perceived return they get. It is important to remember, even if you don’t know your defences are working, this doesn’t mean they aren’t in the background, combating hacking attempts.
The Average Cost of a Cybersecurity Breach
According to a survey by GOV.UK, the single most disruptive breach from the last 12 months cost each business, of any size, an average of approximately £1,205. The most common form of attempted breach is phishing emails, which targeted 84% of businesses in 2024.
How to Begin Protecting Your Business on a Budget
We understand that most small businesses are working with finer margins, meaning they can’t always dedicate masses of funding towards cybersecurity. And when you’ve never been impacted before, it’s not something you think would happen to your business. Of course, we both know it’s better to be proactive than reactive. Especially when you weigh up the costs of both scenarios. Below are some of the best ways you can begin protecting your business on a budget.
Employee Training
Even if you think you have a keen eye for a scam email or cyber threat, it doesn’t mean your whole team does. It is important that your team is given the appropriate training to help them spot suspicious emails and more. Many workplaces now have routine phishing emails sent out to test their employees’ ability to spot these emails. Those who fall foul are usually encouraged to undertake additional training.
It is also worth setting rules and guidelines on what work computers and phones can be used for, as this can limit the exposure your business has to threats.
Utilise Free Toolkits
Another great way to give your business an added layer of protection is by utilising the free toolkits available online through organisations such as the National Cyber Security Centre. Their toolkit is available alongside a range of guides to help inform business owners on the dangers of an unprotected business.
Looking for Cybersecurity for your Small Business?
Here at VCI Systems, we have been helping businesses across Berkshire protect their most valuable assets with bulletproof cybersecurity. Our cybersecurity packages can be made bespoke to your needs, so whether you’re small or medium, family-run or just starting, make sure your business is protected online. To find out more information, just get in touch with us.
