Is open banking safe?

Open banking requires greater security measures, such as digital IDs that are validated through a biometric means like fingerprints. This approach is highly effective in defeating attempts at identity theft and fraudulent payments.

The cost of information technology services can be high. Paying ITS professionals can be expensive -- especially after you factor in the price of things like hiring, training, and paying benefits.

For example, according to Robert Half Technology, a Seattle-based company can expect to pay a network/cloud administrator between $100,000 and $170,000 in salary. Those figures do not include benefits, bonuses, and other costs.

And salaries are not the only ITS costs a business faces. For example, the hardware and software used to perform information technology services also can add up to a substantial cost. 

Another hidden cost appears when you have the wrong information technology services. For example, if an ITS department cannot do its job well, you may experience a lot of downtime -- and lose revenue as a result. This hidden cost is easy to overlook, but doing so is a big mistake.

Some businesses try to cut costs by having an outside company manage information technology services. In such situations, the business outsources the work to a third party and is not required to pay full-time employees and offer them benefits.

According to one 2020 estimate, you can expect to pay about $100 to $150 for each of your employees per month for managed IT services. However, if you require more advanced security solutions and consulting, rates can jump to $250.

So, a company with 30 employees can expect to pay roughly $3,000 to $7,500 per month to an outside company to manage your information technology services.

Other managed IT services have different pricing models, such as charging on a per-device -- rather than a per-employee -- basis.

Just keep in mind that while managed services can be an excellent option for many companies, it does not work well for every organization. If your IT needs are sophisticated and the technologies you use are complex, trying to save money by hiring outside services may prove costly.

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