Are managed information technology services worth the cost? While it may seem like an expensive investment, you’d be surprised how much you actually end up saving in the long run.
Back in 2021, we wrote about the cost of a ransomware attack for an organization, which at the time was expected to reach $2 million that year. Boy was that an understatement! New estimates suggest that cybercrime is predicted to cost the world $8 TRILLION this year. Cybercrime would actually be the world’s third-largest economy after the United States and China if it were measured as a country’s GDP!
So what does that mean for your organization’s cybersecurity management? How have you been handling your cybersecurity now? With an in-house team of engineers and IT experts? If that is the case, now may be the time to re-evaluate your cybersecurity strategy and consider the cost of managed IT services. In this article, we’ll break down how managed IT services work and how they could help your bottom line in the short and long term.
What is Managed IT Service?
Managed IT services cover a range of support options for your organization’s cyber security. The unsung hero of every business’s IT department, these partner services help with all your organization’s technology needs, ranging from managing hardware and software and providing technical support all the way to managing the entire IT infrastructure. Depending on your service provider, the cost can be managed by determining which services are strictly necessary for your organization to remain secure. Here are a few of the options…
Remote Monitoring and Management
This is when a team of IT experts remotely monitors and manages a company's IT infrastructure. They keep an eye out for any potential problems and work on fixing them before they even occur. It's like having your very own IT guardian angel watching over your systems.
Network Security
With cyber threats becoming increasingly prevalent, having a team dedicated to keeping your network safe is crucial. Managed IT Services providers offer advanced security solutions to protect your systems against malicious attacks, viruses, and other online dangers.
Cloud Services
Cloud technology has taken the business world by storm, and Managed IT Services providers offer solutions that help businesses take full advantage of it. From setting up and managing cloud infrastructure to migrating data to the cloud, these services allow businesses to reap all the benefits of cloud technology without worrying about technical details.
Related Content: Case Study: Fully Migrating a Telecom Company to the Cloud While Successfully Addressing a Security Breach Within Their On-Premise Infrastructure
Data Backup and Recovery
Data is the lifeblood of any business, and losing it can be catastrophic. That's where Managed IT Services providers come in - they offer backup and recovery solutions that ensure that your data is safe and can be easily restored in case of a disaster.
What is the Cost of Managed IT Services?
It’s hard to put a single number on the cost of managed IT services because they have such a wide range of offers, and the service provider you work with will have their own pricing structure.
Factors that affect the cost of Managed IT Services
First, the size of your business will affect the cost of the managed IT services you decide to engage with. The larger the business, the more the cost, although having more users on the network could eventually contribute to a better per-person rate due to economies of scale. Of course, the larger your organization, the more endpoints, and users on your networks, so the more difficult it is to manage the full operational security.
Similarly, your IT infrastructure complexity will influence the cost of managed IT services. Do you have any in-house IT specialists? What are they primarily responsible for? Whatever MSP you hire will be filling in gaps related to infrastructure. Understanding which skill set gaps you are trying to fill is essential. If you have already worked with a managed IT service provider, you’ll want to discuss why you are seeking out a new provider and where they were lacking in your security.
And of course, the level of service you need will be critical to how much you will be asked to pay. Remember, though, this is an investment in YOUR critical security, your data security, and ultimately your organization’s reputation. The cost of a breach is so much more than just the financials. When you meet with your managed IT service provider to discuss price, we suggest starting with a risk assessment to identify and understand exactly how vulnerable you are and where the most high-risk vulnerabilities are.
Pricing models for Managed IT Services
There are a few common pricing models that service providers use. They include per-device, per-user, and tiered pricing. Per-device pricing is when the cost of services is based on the number of devices that need to be managed. This model is best for businesses with a few devices requiring support. Per-user pricing is similar, but instead of counting devices, the cost is based on the number of users who need IT support. This model is ideal for businesses with multiple devices per user. Finally, tiered pricing is a more customizable approach where service providers offer different service levels at different price points. This model is useful for businesses with varying IT needs and budgets.
There is also the potential that you may have to pay a little on top of your monthly retainer fee when there is additional project work like emergency patching or software upgrades. Hourly rates for project work vary. Some companies will charge a lower hourly rate and not make a time commitment on completion, while others charge a higher rate and agree to a fixed fee for the project. The hourly project rate may also be commensurate with the engineering team’s skill level, and in most cases, the higher cost of a highly skilled engineering team is DEFINITELY worth it.
Related Content: Effects of Cybercrime for Business: the Hidden Costs
Are you looking for a managed IT service provider? Do you want to understand where your organization’s IT setup may have vulnerabilities? Getting the cost of managed IT services is complex since each organization is set up differently. That being said, IT IS DEFINITELY WORTH IT! If you don’t have a full in-house engineering team to handle your network, it’s worth the time and cost to work with a professional service provider to ensure your network, devices, and data are all safe.
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