Why Choosing Cheap Cybersecurity Solutions Ends Up Costing More

In the managed service provider (MSP) industry, striking a balance between cost and revenue is crucial to maximize profits without sacrificing quality. While low-cost security services may appear attractive, the hidden expenses of skimping on cybersecurity can be significant.

Free antivirus solutions can defend against some basic threats, but the current cyber landscape is much more complicated. A staggering 93% of all cyberattacks are driven by financial gain, prompting cybercriminals to continuously improve their tools and methods. A Statista survey disclosed that between March 2022 and March 2023, 66% of organizations worldwide were affected by ransomware attacks.

According to Ingemar Dvorsky, Product Manager at ESET, software vulnerabilities are another major concern. MITRE ATT&CK's List of Common Vulnerabilities and Exposures (CVE) records over 237,000 vulnerabilities. Shockingly, a 2024 Ponemon Institute report revealed that only 38% of respondents were confident in their organizations' ability to detect and respond to known vulnerabilities. Almost half stated it takes their organizations one to six months to address critical software vulnerabilities.

Financial Consequences of Cybersecurity Breaches

Opting for cheaper solutions to save money can backfire for smaller MSPs. Investing a few thousand euros more in a high-quality cybersecurity solution can save hundreds of thousands in the long run. IBM Security discovered that the average total cost of a data breach was $4.45 million in 2023. Only a third of companies detected breaches themselves, emphasizing the importance of superior threat detection. Costs were nearly $1 million higher when attackers disclosed a breach.

ESET's prevention-first strategy aims to tackle threats before they cause damage. Once malware enters a system, it can result in business disruptions, revenue losses from system downtime, lost customers, and reputation damage – averaging an additional $1.3 million in costs according to the IBM study. In the U.S., cybercrime costs reached $320 billion in 2023 and are expected to hit $1.82 trillion by 2028.

Debunking the Myth of Safety for Smaller Businesses

The notion that smaller businesses are not targets for cybercriminals is dangerously misleading. In fact, threat actors are keenly aware of the vulnerabilities of small and medium-sized businesses (SMBs). In 2023, 56% of SMBs experienced at least one cyberattack, and 78% feared that a severe attack could force them out of business.

High-Quality Technology and Support

Many MSPs receive free solutions with poor operability and performance. In contrast, ESET products are renowned for their automation and seamless operation. ESET PROTECT, a unified cybersecurity platform, simplifies life for MSP admins.

Andrew Owens, Head of Sales at Risc IT Solutions, commented on ESET's products evolving alongside their business needs: "We've picked up customers of all shapes and sizes over the last 20 years. But from an antivirus and endpoint security point of view, once we'd settled on ESET, the products evolved as we have."

The ESET Advantage

ESET's status as a global leader in digital security is supported by over 30 years of experience, 13 global R&D centers, and more than 600 R&D experts. ESET PROTECT offers multilayered security technology combining machine learning, AI, a cloud reputation system, and human expertise. MSPs can benefit from flexible subscription solutions, daily billing, monthly invoicing, and a comprehensive overview of all clients from a single pane of glass.

The dream of a free cybersecurity solution that meets all business requirements is far from reality. As cyber threats become more advanced and IT processes more intricate, robust cybersecurity solutions are essential. Cutting corners results in business losses, disruptions, and lost clients. Keep in mind that reputation is invaluable – investing in reliable cybersecurity products to protect it is worth every penny.