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

With the ever increasing reliance on technology in all aspects of life and business, and the steady rise of cybercrime, the need for a strong cybersecurity program is more crucial than ever. For organizations that deal with personal or confidential patient or consumer data, the protection of that data should be of the upmost importance. Companies that fail to protect confidential information, or fail to implement information security practices can lose credibility among patients and consumers, which can lead to lawsuits and heavy financial losses. According to module material, the United States holds the highest average loss due to security breaches, with an average of $15 million dollars lost per company. Benefits of a strong security program include consumer trust, protection against potential cyber threats, and the potential to save millions. To ensure a business creates and maintains a strong cybersecurity program, costs such as the hiring of a strong IT and security team is a good place to start, as well as implementing a security policy and ensuring the adequate training of all employees from the top down. Other costs associated with cybersecurity programs can include tools such as cybersecurity insurances, cybersecurity consultants, and programs and services such as anti-virus software, data protection, cloud security solutions, and many other tools for security. Another cost for businesses is the implementation of security awareness training, as the market is expected to grow significantly. According to module material, the market for security awareness training is predicted to be worth up to $10 billion by 2027. While the costs for insurances and security services may vary based upon company size and other factors, it can be concluded that businesses who care about the safety of their patient and consumer data and the credibility of their practice will want to invest whatever is necessary to ensure security.