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Should Tech Firms Pay for Digital Security Software?

Why paying for cybersecurity software makes sense for small tech firms.

Monday, March 24, 2014/Categories: business-liability-insurance

Cyber security is a hot topic right now. Lawmakers, industry leaders, and media outlets are buzzing about how the latest data breach will affect the economy, privacy, and even national security. But all the attention to data breaches and similar cyber risks hasn’t necessarily led to more clarity about how small technology companies can and should protect themselves from the risks they face – or even what exactly those risks are.

One question many TechInsurance customers have is whether it’s worthwhile for them to fork over some of their hard-earned cash to pay for security software when various security applications and programs are available for free online.

The short answer is this: paying for cyber security software is almost certainly worth the cost.

But how much is too much? And what features should a tech company look for when comparison shopping for a good deal? Here's an overview to guide you through your next security software purchase.

Security Software: Must-Have Features

Before making any major small-business purchase or investment, it’s crucial to determine what outcomes you hope to see. When it comes to cyber security software for a tech firm, critical features are those that allow you to...

  • Avoid failure-related losses: A 2011 Symantec study found that the average cost of a lost day’s work for a small business is $12,500. In order to prevent such a loss for your firm, it’s essential that your software has round-the-clock support and customer service, which isn’t usually available from free security software.
  • Scale your protection:
  • Adapt to new services and offerings: Growth often comes from expansion into new territory, and for tech firms that often means the addition of security exposures. While a free service may be adequate for your business today, it may not have the flexibility you need to adapt as you grow.
  • Easily manage your security: Sometimes, the benefit of a paid software system is saved time. The less you have to do to manage your security system, the more time you’ll have to focus on serving your clients and growing your business. An easy-to-manage security system is worth the lack of hassle to many small tech companies.

Investing in Data Security

Data breaches have become a fact of life. Investing in the digital security of your business’s data helps ensure that when a data breach affects your firm, the fallout for you and your clients will be minimal. The tools that allow you to minimize the negative impact of data breaches include security software, training for your staff, and cyber liability insurance.

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