As a business owner, it’s important to make informed decisions about your IT infrastructure and the services you use to support it. One key aspect of this is understanding how to calculate the return on investment (ROI) of different IT solutions, including cyber security and managed service providers (MSPs).
Cost vs Return the ROI Algorithm
To calculate the ROI of cyber security, start by identifying the costs of implementing and maintaining a security solution. This might include the cost of software and hardware, as well as ongoing maintenance and support. Next, consider the potential costs of a security breach. This could include lost revenue from business disruptions, damage to your company’s reputation, and the cost of restoring lost or stolen data.
Calculating ROI is as Simple as
It’s important to consider the cost savings that can be achieved by implementing cyber security solutions to prevent breaches, in addition to the costs of the breaches themselves. This can include the cost savings from increased productivity and reduced employee turnover due to the better protection of their personal and business information. Additionally, many industries have compliance regulations that require businesses to have certain levels of security in place.
The share of breaches caused by ransomware grew 41% in the last year and took 49 days longer than average to identify and contain. Additionally, destructive attacks increased in cost by over USD 430,000.
IBM.com
Another important consideration is the return on investment of IT infrastructure and MSP services. To calculate the ROI of IT infrastructure, consider the costs of equipment and software, as well as the costs of maintaining and upgrading that infrastructure over time. Then, consider the potential benefits of having a reliable and efficient IT infrastructure, such as increased productivity, improved customer service, and the ability to scale your business as needed.
Managed service providers (MSPs) offer a range of IT services, including network support, data backup and recovery, and help-desk support. These services can help small businesses keep their IT infrastructure running smoothly and improve their overall cyber security posture. To calculate the ROI of MSP services, consider the costs of the services, as well as the potential benefits in terms of increased productivity, improved security, and reduced downtime.
“An ounce of prevention is worth a pound of cure.”
Ben Franklin
It’s also important to consider the value of proactively addressing potential issues before they occur, rather than reacting. Investing in regular system maintenance and monitoring through an MSP can prevent costly downtime and loss of data.
When it comes to calculating ROI, businesses also have to consider the intangible benefits of investing in cyber security. For example, peace of mind knowing that your data is protected and that you have support to address issues 24/7/365. Additionally, having robust cyber security and IT infrastructure can help attract and retain customers. Because they know that their personal and business information is in safe hands.
Balance is key to Maximizing ROI of IT
STS understands the importance of returns and are committed to helping clients make informed decisions concerning IT infrastructure. STS will work with your business to assess your needs and provide customized solutions that deliver the best possible ROI. STS offers a wide range of IT services, including network support, data backup and recovery, and help-desk support. We can also help you implement and maintain a robust cyber security strategy tailored to your specific businesses needs.
Don’t wait until it’s too late! Contact us today and let us help you achieve the best ROI for your IT investments.
