On average, cybercrime costs UK companies £1 billion annually. The picture is not any different for other countries, with the global cost of cybercrime coming in at $6 trillion annually.
It is predicted that companies averagely allocate 12% of their IT budgets to tackling cyber security issues. No matter a company’s turnover, this is a hefty chunk of money considering all of the other software and hardware demands that each business faces. Security compliance offers a way for organisations to put the correct procedures in place to protect and tackle any breaches.
Cyber Essentials Plus is a popular accreditation with global notoriety for giving companies of all sizes the tools they need to operate safely. Designed to prevent attacks, Cyber Essentials Plus is a hands-on technical approach to ensuring that implemented security measures are working effectively.
How much does this cyber security toolkit compliance cost? Continue reading to find out everything you will need to know.
- What are the Prices for Cyber Essentials Plus?
- What Does the Cost Include for Cyber Essentials Plus?
- What Other Costs Should be Factored in For Cyber Essentials Plus?
- How Does Cyber Essentials Plus Provide a Return on Investment?
- How Can I Achieve Cyber Essentials Plus?
What are the Prices for Cyber Essentials Plus?
Cyber Essentials and Cyber Essentials Plus adopted a tiered pricing structure in 2022. As the schemes have developed immensely since their launch in 2014, the new pricing style reflects the various types of companies that have chosen to adopt the accreditations.
It is also representative of the fact that cyber security has become much more advanced. This means that further measures and checks are required to pass the criteria. Whilst security risks are apparent across all companies’ sizes and sectors, more attention will be needed to assess larger organisation applications. For this reason, the tiered structure is broken down by company size. The more employees, the more risks, so organisations have welcomed this as it shows the ongoing prevalence that the National Cyber Security Centre places on efficient security compliance.
The cost to become Cyber Essentials Plus certified is as follows:
- Micro companies with 0-9 employees – £1,650+vat
- Small companies with 10-45 employees – £2,250+vat
- Medium companies with 50 – 249 employees – £3,250+vat
- Large companies with 250+ employees – £4,000+vat
This cost should be paid upon the opening of your application. You will then get a chance to implement the actions needed in readiness for the external vulnerability testing. This is then followed by an in-person audit to ensure all the cyber controls in place are fully effective.
What Does the Cost Include for Cyber Essentials Plus?
With the Cyber Essentials certificate starting at £300+ vat, you may wonder why this accreditation costs so much more.
As you can see by what is included within the Cyber Essentials Plus accreditation, this compliance standard is designed to check that the pillars are in place and test their robustness. The cost, therefore, includes a full audit and testing, mimicking the malicious parties trying to access company data.
You will also benefit from an in-person audit allowing you to discuss your security measures and receive detailed feedback should you not pass successfully on your first attempt. In this sense, the process can be seen as a learning opportunity for companies to make the most of it.
Once you become successfully certified, you will also be listed on the database of approved companies for the duration of the certificate. This means companies can search for approved organisations when deciding on new tenders and projects. By being grouped in this list, you are showcasing the intelligence of your security and the importance of protecting sensitive information.
If you want to learn more about the differences between Cyber Essentials and Cyber Essentials Plus, click here.
What Other Costs Should be Factored in For Cyber Essentials Plus?
The other costs that you should plan for when considering what is required for Cyber Essentials Plus are as follows:
- Your security systems must be tough to stand the best chance at passing the first time. The best way of implanting security measures which work for your organisation is to bring in the help of a professional IT support agency.
The Creative Networks Security Compliance services cover a range of certifications. We can help companies plan their strategy, implement the right security tools, ensure long-term operating efficiency, and support accreditation applications. With the complex testing for Cyber Essentials Plus, you will want to have someone working with you with an in-depth knowledge of security measures.
- To obtain this award, you must be an existing holder of the Cyber Essentials You must have at least three months remaining at your time of application to the Essentials Plus scheme.
This is because Cyber Essentials Plus builds on the five core pillars implemented for the Essentials scheme. This covers Malware, User Access, Firewalls, Security Settings, and Software.
- Another cost that you should consider is user awareness training.
This accreditation requires ongoing adherence and cyber security awareness to maintain efficient operating standards. Investing in your employees is imperative to reduce risk and improve confidence. 82% of data breaches are down to human error, which shows just how important this aspect of your security network can be.
How Does Cyber Essentials Plus Provide a Return on Investment?
While spending more on security may not be top of your list, we can assure you that it is worth its weight in gold when protecting your business. You can make back your money in numerous ways.
The way we always tell our clients to consider how much they could lose if a cybersecurity breach impacted them. The amount you will spend protecting your business will be much less than you could stand to lose.
You can experience an ROI in the following ways.
Reduced Spend on Disaster Recovery
This is witnessed in the spending on planning and the money you would have to part with if a security breach occurred. You never know just how a cyber breach could impact you, so although there are figures around, the amount you may be affected by is unknown.
By reducing the risk, your IT budget will be healthier, and you will find that you have more funds available for other projects in the longer term. If you do not invest in security measures, this money would likely be used on recovery measures.
Lower Insurance Premiums
Security compliant companies are seen to hold less risk. This means you stand to spend less on insurance and industry specific costs.
Increased Business Opportunities
The most beneficial way of making a profit from your Cyber Essentials Plus status is through the business opportunities that will become available to you. Suppliers and customers will likely want to work with you if you are compliant.
The accreditation is also requested as part of many public sector contracts, which means your business will be eligible to compete for more work. You will also be eligible to join specific industry schemes and bodies thanks to your status which will also open more opportunities to you.
Furthermore, as compliant organisations are listed on the database, which is global reaching, opportunities within new markets and territories are likely to arise. As an approved holder of the award, you can include the status within marketing materials and tenders, meaning it acts as a brilliant unique selling point.
Finally, is the fact that you stand more of a chance of securing the best employees. Top talent can afford to be fussy in today’s markets, with many jobs available. If your business represents the prominence they place on security compliance, you are more likely to secure the interest of the best available talent.
How Can I Achieve Cyber Essentials Plus?
As we have outlined in this article, achieving Cyber Essentials Plus is achievable for all companies.
It does, however, require an agile approach to security management and ongoing hands-on attention. To learn how we can support you in achieving the accreditation and ensure long-term success, get in touch with us today.