Entry 7

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

As the world evolves, technology grows and cybercriminals look for new ways to steal information. Cyber incidents are the leading reason why businesses are losing millions of dollars. Cybersecurity is one of the biggest persistent issues, yet majority of businesses are not taking the risks seriously. Financial and reputational consequences are at stake for businesses due to the lack of an appropriate security policy that is aligned with NIST guidelines. The intimidation culture needs to end for small businesses to include security measurements in business’ daily activities. The fear of cost in buying and addressing cybersecurity risks is what is holding back businesses. Cybersecurity programs for businesses cost a substantial amount of money, but it is one of the best things to benefit a business in the long run. A business is framed after their customer’s trust, thus if businesses are not able to protect their customers information it will negatively impact the business’ reputation and will cost them time and money in the long run to recover. A NIST framework would be the best thing to address this issue of cybersecurity in the organizations because they have five functions which include: identifying the problem, protecting against the problem, detecting the problem, responding to the problem, and recovering after the problem. Businesses would highly benefit from developing a cybersecurity program. Cybersecurity helps businesses to comply With governmental and legal regulations and mitigate the cost of pain fines that will come with not complying with state and federal regulatory laws. Overall cyber security program with boost customer and consumer trust incompetence because their information would be knowingly secure. The development of new technologies will be able to help address the cyber incidents that are continuously taking millions and millions of dollars from the pockets of businesses. As the world is becoming more evolved, cyber criminals are using more sophisticated ways to steal information from businesses and in some cases they are asking for money for the business to get their information back.

Leave a Reply

Your email address will not be published. Required fields are marked *