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

Cyber Security is very essential to businesses. For the most part cyber security is beneficial to businesses in the sense that organizations should want to protect their businesses and assets. Cyber Security programs are the best way to protect businesses as cyber security solutions offer businesses digital protection, including the protection of assets and employees. Protecting employees is also important as you want to ensure the employees do not suffer any loss due to potential cyber security risks. These solutions protect us from potential threats such as viruses. Viruses can significantly slow down computer activity. Other benefits of developing cyber security programs include protection against unauthorized access to data and provides users with a sense of privacy. A business, overall, is less likely to be subjected to a cyber attack when having a developed cyber security programs.

The costs of developing cyber security programs include the pricing of these programs. It has been said that business typically spend between 6-14% of it’s revenue on cyber security protection efforts. This number usually falls within the businesses designated IT budget. In a medium-sized organization, $5-20 million is typically spent. The annual spending of large organizations is usually $20-50 million. This number can seem quite large to smaller companies, but note that companies are not required to spend a certain percentage of revenue on cyber security programs. It is also important to note that typically the more businesses spend on cyber security programs the less likely they are to are to be subjected to cyber attacks. Cyber attacks can be very menacing effecting not just the business, but also a wide spread of employees and assets. As these attacks have become more calculated it is important to note that the benefits out weigh the costs of developing cyber security programs. Businesses should be focused on preventing these attacks at all costs.