Does the Cost of a Data Breach Outweigh That of Managed IT Services?

The Cost of a Data Breach Vs. The Cost of Managed IT Services

Investing in technology is always a good choice, as long as you’re making strategic decisions that align with your organizational objectives. The right mix of hardware, software, and processes can help you modify existing or create new business processes and patient experiences – allowing you to stand out amongst the competition and improve your profitability. But a lot of dental professionals are still hesitant to invest in their information technology infrastructure, and in particular, the way their information technology infrastructure is managed and supported on an ongoing basis.

What Exactly Does Managed IT Services Mean?

Essentially, an MSP takes responsibility for the ongoing monitoring, management, and maintenance of systems. This allows the dental practice to focus on their core competencies while taking advantage of an entire team of technology professionals. Although the “managed IT services” approach is becoming more common, some struggle to see the value in proactive technology management. Ultimately, the value lies in the following:

• Less technology issues and/or downtime due to a primary focus on proactively preventing problems from occurring.
• Greater ability to leverage technology as a business-enabler that automates tasks and streamlines workflows.
• More predictable, controlled pricing as you pay a flat-rate monthly fee for all the services and support you need.

How Much Do Managed IT Services Cost?

Naturally, you want to know the cost of any investment you’re making into your dental practice. Although you know you’ll be paying a flat-rate monthly fee, it’s important to be aware that every MSP prices their plans differently. Plus, there are various factors that impact the price. If you have a fairly complex environment with regulations you must adhere to, you may pay a bit more. If you have a fairly simple environment, you may pay a bit less. As a general rule, you can estimate anywhere between $75 per user, per month to $300 per user, per month.

Typically, you will be able to choose the plan that’s appropriate to your unique requirements – from basic monitoring, maintenance, and a few hours of support on the lower end ($75 per user, per month) to data backup, cloud services, compliance support, and all of the monitoring/maintenance and support needed on the higher end ($300 per user, per month). Of course, it’s important to consider the money you’re saving with a proactive, managed approach:

• No unexpected technology repair/troubleshooting expenses
• Less risk of a data breach resulting in damaged patient trust/legal liability
• Greater productivity amongst staff members resulting in more done in less time

Would You Spend More on a Data Breach Than Managed IT Services?

In the simplest terms, absolutely. The Ponemon Institute’s Annual “Cost of a Data Breach’ report this year found that the average cost of a data breach is $3.9 million – up 1.5% from the year prior. According to the report, companies spend an average of $150 per record lost in a data breach. Naturally, this is much higher than the cost of managed IT services – an investment that lets you rest assured knowing you have significantly less risk of a data breach due to:

• The implementation of cybersecurity solutions, including anti-virus software, firewalls, web content filtering, intrusion detection software, and more.
• The ongoing monitoring and regular maintenance of systems, which minimizes the risk of running outdated hardware or software that can be exploited.
• The regular training of your team members in terms of how to detect and respond to the latest threats and risks.

For small dental practices, the cost of a data breach tends to hit them harder in proportion to their size. But what’s the actual chance of experiencing a data breach? Is it worth taking preventative action with managed IT services? In 2019, the chance of experiencing a data breach was estimated to be 29.6% – an increase from 27.8% in 2018. Businesses are actually one-third MORE likely to experience a data breach within the next 2 years than they were in 2014. This continues to increase each and every year.

It’s more than worth it to take preventative action with managed IT services. In fact, it’s absolutely necessary to do so. At some point in time, every business, regardless of type or size, will face an attack that leads to crippling consequences. But with the right proactive approach, you can protect your information technology, data, and ultimately, your livelihood.

Contact Veltec Networks: Your Bay Area Cybersecurity Experts. Call (408) 797-0756.

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