Flexible Payment Solutions for Cybersecurity Challenges

In today’s rapidly evolving digital landscape, the challenges of cybersecurity have become more complex and pervasive than ever before. The continuous growth in technological advancement has led to both enhanced business opportunities and increased vulnerability to cyber threats. As attackers continue to refine their tactics and exploit new technologies, businesses face a pressing need to increase their defences against an ever-expanding array of cyber risks. In this article, we discuss how we work with partners to overcome the challenges of acquiring cybersecurity for their customers, and explore the benefits of our payment solutions.

Understanding Our Partners’ Current Realities

The economic climate in 2023 has cast a shadow over businesses’ ability to prioritise investment in comprehensive cybersecurity solutions. As customers face financial constraints, pressure mounts on businesses to deliver protection while navigating squeezed profit margins. Partners are confronted with the need to find cost-effective solutions that align with customers’ financial realities.

Among those identifying breaches or attacks, it is estimated that the single most disruptive breach from the last 12 months cost each business, of any size, ‘an average of approximately £1,100. For medium and large businesses, this was approximately £4,960’ [1], further emphasising the urgency for robust cybersecurity. These figures do not account for the man hours spent rectifying a security breach or attack each time it happens.

Unfortunately, SME’s are often vulnerable to cyber criminals as they have less security due to limited budget. For instance, ‘the average cybersecurity budget for a small business is set to halve in 2023 despite four in five (79%) SMEs having experienced a cyber attack in the past 12 months [throughout 2022] [2].’ Attacks can be devastating, resulting in anything from destroying vital systems and leaking confidential customer information to demanding significant ransom payments. In most cases, they end up costing a significant amount of money and resources. Furthermore, ‘SMEs will spend an average of around £50,000 on cybersecurity over the next year, compared to around £100,000 in 2022’ [3], highlighting that the issue at hand is more prevalent than ever.

[1] [2] [3] Cyber security breaches survey 2023 – GOV.UK (www.gov.uk)

The below graph, taken from the cyber security breaches survey, shows the main barriers to businesses when analysing at the risks associated with not having robust cyber security systems in place.

Innovative Solutions

In response to the complex challenges of cybersecurity, we are committed to providing adaptive solutions that expedite return on investment for partners and their customers.

When our partner sales teams speak to their customers they offer these key benefits:

• The opportunity to preserve capital:  In a deal financed by capital, return on investment can take years to achieve.  Alternative payment solutions can empower businesses to assess their monthly budget rather than their capital. Utilising this means that a business can acquire the most up to date cybersecurity technology, ensuring they do not lose out on potential business.
• The ability to increase business safety, virtually and financially:  Through our payment solutions, businesses can ensure timely upgrades to the latest systems, reducing the risk of being hacked by the increasingly sophisticated new cyber criminal techniques. This is all managed under a flexible monthly payment that aligns with their budget.
• Protection against price hikes and fluctuations whilst securing credit lines: Repayments remain fixed from the point at which the contract is signed, guaranteeing stable and predictable cash-flow. It also protects the future value of an asset against inflation.
• Reduce pressure on pricing and enables customers to focus on building their cybersecurity infrastructure: Our payment solutions are the most effective way to refocus budget onto integral internal defences.
• Enable businesses to claim back capital allowance tax breaks: When utilising operational expenses (OPEX) you may be entitled to tax breaks*. You can find out more about this by speaking to your account manager. Saving capital is beneficial in a difficult economy and it preserves funds to accommodate to a changing financial climate. Read more here. **
• A streamlined process in comparison to a loan: Sourcing a loan can often be a time-consuming process, furthermore it does not always guarantee fixed rates which our solutions offer.

* Disclaimer
BNP Paribas Leasing Solutions is not authorised to provide tax advice. You should consult an accountant in order to understand the tax consequences of any investment decision.

** Disclaimer
Please note, capital allowances only apply to outright or hire purchase leases. If the markets you are targeting use operating or finance leases the information will not be applicable.

 OUr Offering

We recognise that businesses require tailored solutions to address their unique cybersecurity needs. Our offerings encompass a multi-vendor approach that supports funding for a wide range of vendor software and hardware solutions:

•  We finance transactions as small as £1,000 to over £1 million
•  Our simple fixed-term lease agreements ensure flexibility
•  We are dedicated to assisting with the funding of more complex Managed Service Agreements, catering to the requirements of larger customers
• Our flexible payment solutions can cover the costs of implementation, training and consultancy fees.

Ronan Glennon, Business Manager, discusses the advantages of our flexible payment solutions:

Our portfolio is constantly expanding to accommodate new cybersecurity threats.  As cyber-attacks become more sophisticated so do the solutions we offer.”

James Levitton, ICT Business Development Manager, highlights the importance of maintaining consistent cybersecurity defences:

Cybersecurity is not a one-time investment; it’s an ongoing commitment. Through our payment solutions, businesses can acquire cyber technology, which provides the agility to respond to emerging threats and keep their defences strong.”

Trustworthy cybersecurity systems are the cornerstone of client acquisition and retention. Our solutions bridge the gap between security needs and financial constraints, empowering sales teams to drive growth and customers to invest in critical technology

contact us for more INFORMATION

To explore how our solutions can empower your business, we encourage you to connect with Ronan Glennon and James Levitton.

Together, we can take proactive measures to secure the safety of critical data.