When developing a cybersecurity program in a business, must to take into consideration the benefits of doing so and the cost as well. The major benefit is, of course, better cyber practices that would reduce the risk of cyber threats and in turn reduce a company’s monetary loss as they would suffer less cyber attacks as compared to if they has poor cyber programs in place. The cost of such benefits is not low, however, as the business must consider the cost for defensive cyber technology, an IT company to help protect their systems, and the costs for training employees on better cybersecurity practices.

Although not all businesses can afford to pour a significant amount of money into highly efficient cyber programs, they should still consider implementing programs that give more than bare minimal protection to their systems. This is because a company is going to lose more money in the long run if they do not have as good cybersecurity program in place. This is because a single cyber attack can cost the company $100,000, $1.0 mil, $10.0 mil or even more in losses. And that is without considering the odds of another likely attack that could happen at any time because stopping or succumbing to single attack does not prevent other cyber threats from taking action. There is also the cost of any legal ramifications due to poor data protections. Should a data breach occur due to poor cyber programs then the company may be forced to deal with any potential lawsuits from those who were affected by the data breach.

The benefit of implementing a good cyber program would mean all around better cyber security within the business. One such benefit of a good program is educated employees who know not to click on suspicious and when to report any irregular activity seen on the company’s network. These small actions would save the company millions of dollars as the employees would be less likely to cause a cyber attack accidentally because they clicked on a suspicious link. There is also the benefit of working with an IT company or establishing an IT department within the business as to ensure a quick response in the case of an attack. With a quick response from the IT team, a company could minimize any losses and reduce the costs that would have went towards rectifying any losses.