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

The costs for developing a cybersecurity program varies between business models and what information security they are choosing to protect. Business size also plays a role in the costs of developing a cybersecurity program because depending on the size of your business, you can be more susceptible to cybersecurity events. For example, most small businesses are subject to attacks because small companies normally do not prioritize cybersecurity at the forefront of their business operations; making them an “easy target” to open a “backdoor” to gain access to bigger corporations’ information systems. To start, all companies need to determine what information they carry that would be susceptible to attacks. This could include bank account information, social security numbers, or any other sensitive information that could be sought after by cyber criminals. Once we understand the vulnerabilities, we can use charts to prioritize the level of importance so that businesses understand where they should allocate their funds. This will be the part that will give us a rough estimate on how much money needs to be spent to protect the organizations sensitive information. The cost of developing a cybersecurity program will always be less than if there weren’t a cybersecurity program implemented to begin with. Small companies alone pay an average of 20,000 in damages whenever they are hit with a cybersecurity event, so if we magnify that, you can see how bigger companies that are impacted by cybersecurity events could easily pay in the hundreds of thousands in damages per event that occurs. The benefit of having a cybersecurity program is that an organization lessens their risks and builds a sense of trust with their customers. Customers who have more confidence in the company they are doing business with, are more likely to stick around. It is also beneficial to have a cybersecurity program implemented because it helps build an organizations reputation as being dependable and reliable in storing information, therefore, will attract more customers and bring in more money. Cybersecurity is often overlooked and should be considered in the very foundation of an organization. An organization built on security, is one that is built to last. Companies can save money and cut their costs by using proper strategies and planning. Organizations can ensure that their money is going where it is needed, and they are not getting ripped off trying to buy a “one size fits all” cybersecurity program. The costs of lost trust from business partners and customers, will always outweigh the costs of building a reliable cybersecurity program.