In this weekly W&W article, we are going to discuss what ROI in IoT cybersecurity is and how your business can benefit from investing into Binare’s solution in terms of return.
ROI of Cybersecurity Investment: What It Is
Revenue is usually what an investor calls a “Return” in the “Return on Investment” equation. Purchase of a security software usually does not directly increase the revenue of the company but reduce the risk and prevent a loss. Another question is: “Can the loss be quantified?” And the answer is: “Yes, of course!”, — but the calculations of the loss are not as straightforward as they are for software performance.
How would Your Business Benefit from Investing into Binare’s Solution?
Binare’s team has calculated the ROI that your business will get based on the time-effort comparative approach. Before going into Binare’s calculations, let’s make several main assumptions:
- Assumption 1: Suppose there are two alternatives – to employ a cyber security expert or to purchase a “Starter” subscription to Binare’s firmware analysis and monitoring platform.
- Assumption 2: The whole project of integrating cyber security into the business runs for 12 months.
- Assumption 3: A cyber security expert works 8 hours per day on average and one hour of his work costs 45 euros.
Now the key assumptions are all set and let’s go into calculations!
Scenario 1: A company wants 15 firmware scans to be done and 60 components to be monitored per month.
The hired cyber security expert can not jump directly into firmware scanning and monitoring in the beginning of the project, he needs sometime to train and set-up the environments, set-up and learn the tools and let it be 2 weeks. In this light, let’s make another assumption that a cyber security expert needs 2 weeks full-time to study a firmware which is equal to 8 x 10 days = 80 hours and around 4,5 hours per day within first project month (4,5 x 10 days = 45 hours) to study the SBoM components. On monthly average, a cyber security specialist also needs around 2 full-time days to maintain/update/fix the tools, Dbs, environments and own-tools at the levels of a firmware and its SBoM. Therefore, let’s count for other 16 hours of work of a cyber security expert as a monthly overhead.
A cyber security specialist is going to use around 80% of his work day to scan one firmware or do one scan meaning that he will need 0,8 x 8 x 15 = 96 hour per month to do this job. Except from firmware scanning, a cyber security expert will need 45 minutes to monitor one SBoM component resulting in 0,75 x 60 components = 45 hours per month.
Now let’s finally calculate how much the company would have to pay to a cyber security expert that they hired per month: ((80 + 45)/12 + 16 + 96 + 45) hours x 45 euros/hour = 7533,75 euros per month. This huge sum, in a sense of content of work, will be equivalent to the purchase of 1 month “Starter” subscription to Binare’s firmware analysis and monitoring platform which would cost your business just 899 euros per month if purchased annually (8,4 times less!) or 1099 euros if purchased monthly (6,9 times less!).
Scenario 2: A company wants 25 firmware scans to be done per month and the company does not need SBoM components to be monitored.
Monthly salary of the hired cyber security expert = (80/12 + 8 + 0,8 x 8 x 25) hours x 45 euros/hour = 7860,15 euros per month, in a sense of content of work, is equivalent to the purchase of 1 month “Starter” subscription to Binare’s firmware analysis and monitoring platform which would cost your business just 899 euros per month if purchased annually (8,7 times less!) or 1099 euros if purchased monthly (7,2 times less!).
Scenario 3: A company does not need firmware scanning but the company wants 60 SBoM components to be monitored per month.
Monthly salary of the hired cyber security expert = (45/12 + 8 + 0,75 x 60) hours x 45 euros/hour = 2553,75 euros per month, in a sense of content of work, is equivalent to the purchase of 1 month “Starter” subscription to Binare’s firmware analysis and monitoring platform which would cost your business just 899 euros per month if purchased annually (2,8 times less!) or 1099 euros if purchased monthly (2,3 times less!).
Have realized the Return on Investment in Binare’s firmware analysis and monitoring platform? Interested to integrate cybersecurity into your business in the most cost-effective way? Come to our web page and check your IoT device with our FREE Demo! The link for the web page: https://binare.io/.
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