How Much Do Managed Cybersecurity Services Cost?


Cybersecurity has become a top priority for organizations worldwide, with boards increasingly dedicating larger budgets to address cybersecurity concerns each year. In 2023, data breaches surged by 72% compared to 2021, which previously set the all-time high for such incidents.

With an astonishing 91% of organizations experiencing incidents related to data loss and exfiltration, it is crucial for most companies to rethink and adapt their cybersecurity strategies.

The first thing to keep in mind while evaluating Managed cybersecurity services costs are the components that you require and separate the cost of each component.

The average cost of cyber security services varies according to the needs of your business and the level of aid that you wish to opt for.

Many small to medium-sized businesses are advised to allocate 5% of 20% of their total IT security budget towards cybersecurity maintenance.

Therefore, the overall cost of managed IT services  will depend on various factors such as the size of the organization, specific needs of the company such as following regulatory compliance, and complexity of the IT environment.

To understand the pricing, the main components of managed cybersecurity services need to be taken into consideration.

Components in Managed Cybersecurity Services

Managed cyber security solutions include some common services along with some advanced options. Some inclusions are as follows:

  • Advisory Services: Managed IT Services in MN may provide consulting through advisory services. These services include regular reports, overall security posture, thorough analysis of security events, and consultation on cybersecurity strategies.
  • Cybersecurity Software Tools: Many cybersecurity providers help in the deployment of cybersecurity software tools such as:
  • Endpoint detection and response (EDR) combined with 24/7/365 human monitoring
  • Multi-factor authentication
  • MFA Microsoft 365 protection and backups
  • Credential monitoring
  • Advanced email protection
  • Advanced web and content protection
  • Security Orchestration, Automation, and Response (SOAR) / Security Incident Event Management (SIEM)
  • Advanced malware protection
  • Advanced cloud security
  • Incident Response: Cyberattacks may happen to a company at any time. Therefore, a security strategy and a backup plan must be built. When evaluating costs, the organization needs to understand all the strategies being provided. Some services may include investigating incidents, rapid response to security breaches, and efforts to mitigate the impact.
  • Policy Writing: Some security providers may include policy writing, while others may offer it as an add-on. The policies will specify the guidelines regarding whether the company allows individuals or systems to access the network.
  • Software Patching: The company needs to ensure that the software, systems, and applications are up to date in accordance with the latest security protocols. This will help address vulnerabilities in the network and protect against the exploitation of cyberattacks.

Factors Influencing Cybersecurity Services Cost

The cost of managed cybersecurity services may not be consistent for every company. There are various factors that may contribute to the overall pricing, which include:

1. Scope of Services

Cybersecurity services may cost significantly as it includes various components such as firewall management, antivirus solutions, advanced threat detection, regular security audits, and incident response. Firewalls range in price from $400 to $6,000, while configuration services can cost between $450 and $2,500. Overall, you should anticipate spending anywhere from $1,500 to $15,000, which includes the product cost, installation fees, and subscription services.

2. Size of Your Organization

The size of your organization includes factors such as the number of users, locations to be protected, and devices related to the service desk cost. Large companies may incur higher costs owing to the complexity of securing and managing their IT infrastructure.

3. Industry-Specific Requirements

Some industries, such as healthcare and finance, may have strict regulatory requirements for data protection. To meet these regulatory requirements, specialized cybersecurity services are needed, which may increase the overall cost.

4. Customization and Integration

Some businesses may require customized solutions or integrations with specific systems, which can increase the overall pricing. However, customization allows cybersecurity services to be tailored to meet your unique needs.

5. 24/7 Monitoring and Support

Some businesses may operate across different time zones, which may require round-the-clock monitoring and support. With such services and enhanced protection, the cost of managed cybersecurity services will increase.

How Do Managed IT Services in MN Offer a Cost-Effective Cybersecurity Service?

Cybersecurity is not just about technology, it is protecting the business from suspicious attacks while keeping it cost-effective. Some affordable managed cybersecurity services include the following:

1. Scalable Solutions:

Whether you are a small-scale enterprise or a large enterprise, Managed IT Services in MN will provide you with scalable solutions according to your needs, ensuring that enterprises only pay for what they use.

2. Customised Packages:

Managed IT Services in MN will not provide one approach for every enterprise. The cybersecurity services are customized in such a way that they meet the particular needs of the organization optimizing both cost and security.

3. Proactive Threat Hunting:

With advanced threat detection and proactive monitoring, Managed IT Services in MN are designed to prevent incidents before they happen, which can prevent costly breaches.

4. Experienced Team:

An experienced cybersecurity team will help businesses best by providing top-notch protection without unnecessary expenses.

5. Transparent Pricing:

Managed IT Services in MN provide upfront pricing that has no hidden fees. The company can calculate and estimate managed cybersecurity services costs accurately.  

The Bottom Line

Investing in managed IT services in Minneapolis is essential to safeguard your business in today’s tech-savvy world. Therefore, it is important to understand the factors that may influence the costs of cybersecurity services. A thorough understanding will help you optimize your budget and make informed decisions.