Cybersecurity: how much is it worth to you? Considering the number of security breaches in the news lately, from hospitals to retailers and now schools, it’s certainly worth a great deal to small and midsized business owners. But what’s the dollar value? According to Businessweek, a 50 employee company spends approximately $57,600 per year on cybersecurity. That averages about $1,152 per employee. Therefore, it’s safe to assume that a five employee company would only spend about $5,760 per year on cybersecurity, right? Well, not exactly. A great deal of cybersecurity costs are billed and paid in lump sums, rather than charged per employee. For example, a firewall costs about $1,000-2,000. That amount doesn’t change if you hire two more people, or let go of 10 people. The firewall will still cost $1,000-2,000. However, security measures to encrypt email accounts may be charged on a per unit basis, so a small business would pay a significant amount less than a large company with 100+ employees.
So when businesses look to move their accounting online, what does this mean for the cost of cybersecurity? Well, those costs for things like QuickBooks Online are built in. With a reputable company like QuickBooks, you can be confident that your financial data is protected with measures far beyond what a typical small business could afford. Therefore, some may argue that moving to online accounting is safer than keeping your accounting stored on a computer or server in your office. Since most companies do not have the proper security measures in place, or do not pay to update them on a yearly basis, that may be the best option for your company. There are so many variables within small business’ security measures that could compromise the integrity of very important data.
Think your company may fall within that category? Call us at Wentworth and Associates and we can discuss it. Our intent is to match companies with the option that is best for them and their needs, and bring to light new and exciting opportunities for businesses that they weren’t aware of before.