Journal #7: What are the costs and benefits of developing cybersecurity programs in business?

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With technology constantly evolving and on the rise, uneducated businesses are constantly a target for cyber incidents. There are many cybersecurity companies that sell products and services related to cybersecurity. Many of these products and services are anti-virus software, technological solutions, secure hardware, cloud security solutions, security platforms, breach detection services, data analytics, and data protection. Costs can vary from company to company but costs can be influenced by several factors such as risk management processes, the size of the company, the type of company, level of employee access to data, and the types of virus protection software included. Added cybersecurity programs in business can also contribute to employee motivation, as one study found that “nearly one fifth of health care employees were willing to sell confidential information to unauthorized buyers”. Companies should recognize that many cyber incidents in their organizations are likely the result of a lack of employee awareness. Many incidents are caused by human error. The benefits of such employee training would be improved behaviors and attitudes of employees and lead to a higher level of responsibility among them. The lack of attention towards cyber protection in the workplace can be costly. The loss of user data could be intangible and detrimental to the organization, and preventing it with pre-set policies and services would be worth reducing the risk of this loss. The liabilities from security breaches could be prevented by cyber liability coverage that could cover breach liabilities, costs resulting from breaches, costs for restoring the organization, costs from business interruptions, and costs from cyber extortion and terrorism. Companies should continue to invest in training as well on the use of technology including password protection, company policy review, and protection of personal devices that use company networks. Investing in cybersecurity insurance can be costly, but is definitely worth protecting the risks that could arise from cyber incidents.

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