The cost of hiring the best cybersecurity service providers varies greatly depending on multiple factors. These factors include size, complexity of the organization, specific services, pricing model, length of engagement, etc.
For you to better understand here is a breakdown for you to understand the cost of hiring the best cybersecurity company:
- Size of the Business: Larger businesses collect much more data and have a much more extensive network. Therefore, the price of the service provided by top network security companies can increase based on this requirement
- Scope of Services: The range of services required can range from risk assessment to compliance management. Therefore, the price will be established based on the number of services that are availed by the business
- Level of Expertise: The biggest cyber security companies have highly vetted experts. These experts come at a substantial cost. Therefore, the level of expertise of hiring cybersecurity experts also drives the price higher or lower
- Industry-Specific Needs: Some industries are inherently more complicated because the processes are complex or the data is sensitive. In both the situations, the best cybersecurity company hired is going to quote a higher price for their services
- Geographical Location: Some countries are inherently expensive, while others offer cheaper services. For instance, if you hire the top cybersecurity company in the USA, it is bound to be expensive. On the contrary, if you hire a company from India, it may quote a lower price
- Type of Engagement: Well, these services are primarily catered to via two models. First is the fixed price model, where the cybersecurity agencies work on a specific project. The second is the support-based model, where the benefits of cybersecurity firms are provided in the form of subscription fees on a monthly basis
- Threat Landscape: Here, the prices are quoted based on the frequency of mobile cybersecurity threats and other data & network-related threats that the company handles. A popular business is highly likely to have more threats. Therefore, the cost of handling this work increases
- Customization: Off-the-shelf products are usually cheaper. For instance, antivirus software. However, if you need a custom-built security solution, the cost will be higher
- Regulatory Compliance: Assisting a business with meeting compliance standards like GDPR, HIPAA, PCI-DSS, etc., can add cost for retaining data security companies
If we consolidate these requirements, you will likely create an estimated cost for the cybersecurity agency you're about to hire. However, in hindsight to give an idea of the average cost of cyber security services, we have laid out some figures for a better understanding:
- Monitoring services can range between $100 to $500 per month for small-sized businesses and $500 to $2000 per month for medium-sized businesses
- Cloud-based security solutions can incur a cost of around $33,500 annually
- Managed service providers (MSPs) might charge around $100 to $250 per month
- End-point detection and response service can cost around $5 to $8 per month per user
Additionally, you have services like account takeover services (ATO) around $150-$199 per hour, breach detection & incident response service ranging between $100-$149 per hour, digital forensics and auditing around $100-$149 per hour, and expert testimony between $50-$99 per hour.
