Have you ever wondered if you’re overspending on cybersecurity? Or are you curious about how much you should be spending on cybersecurity? 

If you’re contemplating these questions, this article will provide the answers you need to streamline your cybersecurity spending. 

Using Aileron IT’s decades of experience offering cybersecurity services in and outside of the Twin Cities (Minneapolis / St. Paul) area, we’ll answer:

• What kind of cybersecurity do you need?
• How much is cybersecurity in Minneapolis / St. Paul?
• Is the cost of cybersecurity worth it? 

These should help you get your money’s worth from any cybersecurity investment you make for your business.

What Kind of Cybersecurity Do You Need? 

The kind of cybersecurity you need will affect how much you have to spend. You’ll have to answer questions like:  

• Do you have specific IT regulations in your industry? 
• What are the unique cybersecurity threats you face? 
• Are you willing to fund an in-house cybersecurity team, prefer an outsourced cybersecurity partner, or a mix of the two? 

The more regulations and complex cyber threats you are subject to, the higher the investment needed for appropriate cybersecurity will be.  

Good cybersecurity is cost-effective, fits your risk profile, and delivers real, measurable value. Whichever kind of cybersecurity you get, prioritize customized solutions that scale with your needs. 

How Much is Cybersecurity in Chicago?

Generally, here’s how much cybersecurity costs depending on if you’re a small or large business: 

1. For small businesses 

Small to medium-sized businesses (SMBs) generally allocate 9% to 10% of their IT budget to cybersecurity. Forecasts also indicate that spending will increase in the following years due to the growing frequency and impact of cyberthreats. 

Outsourcing cybersecurity means partnering with a managed security service provider (MSSP)  or a managed IT service provider (MSP). 

There’s no one-price-fits-all, since price changes depending on different factors such as your industry, the type of data you possess, the size of your business, etc. 

However, a good MSP and MSSP will charge $150/user to $300/user per month. This would include the core fundamentals needed for a robust cybersecurity implementation.   

When choosing outsourced cybersecurity, the only cost you have to worry about is that of the service.

Your chosen MSP solution could include hardware, software, staffing, and training, so you need only consider one bill – instead of juggling salaries, hardware procurement, and upgrades. 

You get the help of industry experts and their leading cybersecurity solutions without breaking the bank. It’s ideal for SMBs and startups with very limited resources but need and want the best cybersecurity. 

2. For large businesses 

Large companies with 1000+ team members will often do in-house cybersecurity or mix in outsourced IT security through co-managed IT services.  

They often need more advanced measures like endpoint protection, intrusion detection systems, SIEM (Security Information and Event Management) tools, and dedicated IT security teams.   

The traditional in-house or on-premises approach makes you responsible for all your cybersecurity needs. This means you will have to calculate how much money you’ll spend on staff, hardware, software, and other necessary tools. 

Staffing expenses for one entry-level IT team help desk member starts at an estimated $48,000 per year. However, this is a conservative estimate. Salary.com states that the average annual salary of a cybersecurity expert in Minneapolis and St. Paul ranges between $105K – $185K+.  

There’s also regular skills training to ensure your team maintains qualifications and keeps up with industry changes, which costs are dependent on where you get your training. 

Hardware is a one-off cost that depends on your company’s needs – same goes for your software licenses.  

So, the annual cost of maintaining in-house cybersecurity is an estimated $50,000+ with added costs for hardware, software, and training. 

Is the Cost of Cybersecurity Worth It?   

The best way to measure cybersecurity investment returns and value is by comparing it to the cost of cyberattacks. 

Global cybercrime statistics show that the average cost of cyberattacks in 2022 was $18,000, a significant surge from $10,000 in 2021. The same report states that 40% of cyberattacks have cost US businesses more than $25,000. 

Cyberattacks like ransomware and data breaches hit harder, costing businesses $1.82 million and $4.45 million, respectively. The damage affects more than your finances, too. It can cause loss of brand reputation, customer loyalty, and stakeholder trust.  

At worst, a cyberattack could put you out of business, as is the case with 60% of small businesses that fall victim. 

Now, you can compare the potential cost of cybersecurity for your business, which ranges from $33,500 to $57,300, with the cost of cyberattacks, which vary from $25,000 to Millions, and even business closure. 

Would you say it’s worth the investment?

Ready to Secure Your Minneapolis – St. Paul Business 

Cybersecurity is a necessary investment for modern businesses, but you don’t have to break the bank to get it.  

If you know how much to spend, understand your options, and realize its worth, you should be able to get the best cybersecurity solution for your business. 

Aileron IT is a managed services provider (MSP) that offers cybersecurity solutions to the greater Minneapolis St. Paul metropolitan area. We make it a point to be transparent with our clients so they don’t have to wonder where their hard-earned money is going. 

If you want to outsource your cybersecurity services, we can start with a free cybersecurity scan to determine your current risk posture. You can also speak with one of our experts to learn more about how your business can stay secure through our solutions.