What are the costs and benefits of developing cybersecurity programs in business?
The costs and benefits of developing cybersecurity programs in businesses can be expensive, but worth it. Businesses can spend an average of $4 billion due to losing the personal information of their customers and any other sensitive data. They should invest in and developing a strategic plan. This would allow a business to prepare for an attack before it happens or handle it with all the proper percussions. Being able to protect all sensitive data not just for the customers, but for the business. Properly educating employees on the different types of cyber risks they will potentially encounter and developing a proper procedure if an attack is detected. The actual amount companies spend is often tied to their IT budget, which helps account for company size and IT infrastructure. Estimates of what companies currently pay to vary, ranging from an additional 5.6% to up to 20% of the company’s total IT spend. For example, say a 40-person company pays $3,000 per month to an IT-managed service provider to cover their IT needs. Their cybersecurity budget would come in somewhere between $168 and $600 per month – a significant, but not unattainable amount – and well worth it given the potential cost of a cyberattack.
That’s not to say that you have to spend a lot of money all at once. If you haven’t had a cybersecurity budget before, try working a small amount into your 2020 numbers. A little bit can go a long way; for a relatively small investment, you can take the important first step of a cybersecurity risk assessment, then begin chipping away at key improvements. Your cybersecurity provider can often help you identify the highest priority – and lowest cost – items to tackle with your limited budget. From there, you can tailor your cybersecurity program and slowly grow your budget in the coming years to provide enhanced protection and help mitigate risks. Just make sure it’s just that: an ongoing program, not a one-time project.
Link 2: https://www.mdsny.com/the-cost-of-cybersecurity-and-how-to-budget-for-it/