Dropbox slashes storage prices with 'Pro' plan to take on its rivals

The storage giant's new Pro plan promises a terabyte of storage for a single-digit dollar pricetag, raising the bar for Apple, Microsoft, Google, and Box.

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Image: CNET/CBS Interactive

Dropbox on Wednesday lifted the lid on its latest business-focused storage plan, which promises to offer one terabyte of data for less than ten bucks.

The Silicon Valley-based company raises the bar in the already lucrative and highly competitive cloud storage space.

The bump in space — tenfold from the existing 100 gigabytes for $9.99 — will likely make it increasingly difficult for Dropbox's rivals, albeit not impossible, to compete. 

Prices for cloud storage remain close. Dropbox's news comes at a time when competition continues in a near-constant game of oneupmanship. Google in April cut its cloud storage prices, but remains far costlier at $99.99  for one terabyte of data. Shortly after, Microsoft  announced it would expand to one terabyte for its business customers. Meanwhile, Amazon seemingly every month reduces its cloud storage prices — even if it is by a few cents at a time.

Dropbox's cloud storage and sync service also offers 256-bit AES and SSL encryption for those requiring strong security, scoring the full six-points on the Electronic Frontier Foundation's list of companies that comply with high privacy standards.