E-Portfolio #7

Cybersecurity is not only affects large businesses but also small ones to, about half of all cyberattacks are indeed on small businesses. A cyberattack on a small business can cost them from 120,000 to about 1.24 million dollars. Typically a large business could end up spending an average of 4 billion dollars due to a cyber attack. Developing a cybersecurity program with in a business can be beneficial it can protect the companies important information from hackers. When a business is hacked or attacked it can cause more issues than individuals understand, not just the loss of money but it can potentially shut down for good. If companies / businesses wanted to develop a cybersecurity program they would have to do some research to see which would be beneficial and not put them at risk. Also they would have to hire people and train them to be able to use the program. They would also have to make sure that they keep their system updated when needed. Business may find themselves paying for monetary theft, Remediation and system repair, Regulatory and compliance fines, Legal and public relations fees, Notification, identity theft repair and credit monitoring for affected parties, Increase in insurance premium. Or business disruption, loss of business or customers, Loss of intellectual property, damage to company credibility, brand and reputation. The cost can vary for the amount spent on cybersecurity within companies for the IT budget. Which usually range from 5.6% up to 20% of the companies total it spend.

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