The cost of implementing proper cybersecurity programs for companies does not come cheap. However, the potential costs of improper programs and training can far outweigh the investment to combat that possibility. With the growing demand for cyber protection, companies have the option to outsource their cybersecurity needs to outside companies that specialize in the service. These services can greatly lower the cost and are probably the best option for keeping costs low. Companies of larger size would probably benefit more from having on-site cybersecurity departments.  

There are many reasons companies should be very careful and vigilant with their cybersecurity practices. There are also many liabilities that fall on the company and many assets they have a duty to protect. Improper protocols or lack of any at all can cause devastating consequences to a business. They could be penalized for violating laws, resulting in fines or even criminal prosecution and leaves businesses vulnerable to litigation.  

Data breaches will hurt businesses by doing damage to their reputations. Businesses have a duty to safeguard the assets that consumers allow them to oversee. Customers will be weary of dealing with a business that has a bad track record of poor cybersecurity practices and data breaches. The more consumers feel protected the better for the company.  

Monetary losses caused by data breaches can reach extreme amounts. The average loss across the globe due to cyber-attacks is about $7.7 million dollars. Losses are higher for certain type of businesses, ones that have a lot of valuable assets that appeal to cyber criminals, such as finance, utility and energy services.  

Employees also require in depth training on best cybersecurity practices. This can be costly and time consuming but employees being insufficiently trained can lead to many cyber mishaps. Something as simple as an employee accidentally connecting a personal device to a businesses’ network could lead to catastrophic results for the company.