Many clients don\u2019t want to spend money on new hardware, especially when they believe their out-of-date technologies are working just fine, but what they don\u2019t realize is the cost of inaction, which can get pricey quickly when something goes wrong.<\/p>\n
When clients use price as the reason for objecting to hardware upgrades, show them what their costs would be if their systems were to fail by educating them on downtime and highlighting the figures.<\/p>\n
Without a doubt, hardware can be a costly investment for SMBs \u2014 especially when IT budgets are typically limited \u2014 but what many SMBs fail to realize is the costs of inaction are oftentimes higher.<\/p>\n
Cybersecurity firms are seeing an increase in cyberattacks. Sixty-one percent of businesses have suffered a cyberattack within the past year, up 20 percent from the year prior, according to the \u201c2019 Hiscox Cyber Reading Readiness Report. There\u2019s a good reason for cybercriminals to target SMBs.<\/p>\n
For hackers, there\u2019s money to be made. The cybercrime industry is estimated to be $1.5 trillion, according to a report titled \u201cInto The Web of Profit.\u201d These cybercriminals go after low-hanging fruit.<\/p>\n
Further reading<\/span> Why Cybercriminals Are Targeting MSPs?<\/a><\/p>\n SMBs lacking up-to-date technology are typically far more prone to IT vulnerabilities, threats and risks. When cyberattacks hit, the costs can be detrimental to these businesses. For example, the average cost of a data breach is $7.91 million, according to the \u201c13th annual 2018 Cost of a Data Breach Study: Global Overview\u201d published by IBM Security and Ponemon Institute. When equipment is up to date, SMBs are less likely to have compromised systems.<\/p>\n While updated hardware decreases the chances of cybercriminals infiltrating networks, it also makes downtime less likely.<\/p>\n Equipment is bound to break from time to time, but typically, it\u2019s avoidable. Outdated hardware is more likely to fail. When equipment breaks, productivity goes down \u2014 and that impacts revenue.<\/p>\n Downtime due to IT is costly. Businesses are losing $700 billion a year to IT downtime, according to IHS' \u201cThe Cost of Server, Application, and Network Downtime: North American Enterprise Survey and Calculator\u201d report.<\/p>\n One of the top ways to prevent IT downtime is by making small investments in increasing system reliability, according to the study. When clients don\u2019t believe you, show them the numbers.<\/p>\n Alternatively to big numbers, tell them a couple of real-life stories of the failed Windows 2003R2 Server which leads to database shutdown and massive business losses. That, typically, has a profound effect on business owners.<\/p>\n<\/a>How will businesses fare during IT downtime?<\/b><\/h2>\n