What are the costs and benefits of developing cybersecurity programs in business?

Developing cybersecurity programs within businesses has both costs and benefits associated with it. Below we’ll explore both sides of the coin:

Costs

Monetary investment: This refers to the money that’s invested into the development of a cybersecurity program. This investment goes into acquiring security hardware, software, and infrastructure. This can include but is not limited to antiviruses, detection systems, encryption devices, firewalls, and backup hard drives.

Training and education: As information technology continues to develop and change at an exponential rate, maintaining current cybersecurity training throughout a business is a necessary cost. Education and training keeps employees up to date on emerging threats and helps prevent cybersecurity incidents from scams and phishing.

Skilled Labor: Businesses must employ cybersecurity professionals in order to manage and maintain the cybersecurity systems described previously. These professionals assist in the detection, response, and continued protection against cyber threats,

Benefits

Data protection: Cybersecurity programs help protect sensitive information and minimize risks of data leaks, breaches, and unauthorized access.

Trust: Stakeholders, employees, and customers will increasingly develop a level of trust through the demonstration and commitment to security by implementing a cybersecurity program.

Legal Compliance: Utilizing cybersecurity programs and effectively protecting sensitive information will keep the business within legal requirements and away from any penalties.  

Overall, the benefits of developing a cybersecurity program in businesses greatly outweigh the costs. The costs associated with cybersecurity implementation are a necessity for any business that takes information security and the risks associated with it seriously.