Today, we are exploring the cost and benefits of implementing a cybersecurity program. But what are the costs and benefits of developing cybersecurity programs in business? Developing a cybersecurity program is incredibly beneficial to all companies that have a digital presence because it increases user trust and can give you an edge over a competitor in the same marketplace; however, it does have a considerable cost if implemented from zero, which includes user training, insurance, endpoint solutions, malware detection, intrusion detection systems (IDS)/intrusion prevention systems (IPS), network monitoring, consulting, red and blue teaming drills, compliance, and vetting vendors. Among these, I believe user training is the most critical cost because users are the weakest link in the security chain. Furthermore, with continuous training, you can reduce the chance of an end-user clicking a malicious link. Cybersecurity insurance is another cost and benefit of a cybersecurity program; it is essential for medium to large companies and even some smaller businesses to have cybersecurity insurance because it will lower the cost of the breach and allow your company to continue to receive money.

Moreover, IDS/IPS systems are critical for a medium or large company because they can help security professionals detect and remove threats from their networks. These usually have a monthly cost; however, they will pay for themselves quickly because if they detect one attack before the hackers can get a foothold, it pays for itself.

Additionally, there might be other advantages to a cybersecurity program. For instance, a robust cybersecurity program can enhance customer trust and increase brand recognition. Also, you can gain a competitive advantage by protecting customer data because consumers trust you more than rivals. Moreover, a company’s credibility is damaged by data breaches. Businesses depend on that trust to function, and one mishap can force a small company to close or take years for it to recover.