Implementing cybersecurity programs into a business can be beneficial, but at the same time, can come with many costs depending on the programs that are required.
Costs:
· Constant Maintenance (Updates): In this industry, cybersecurity programs will require updates due to the exponential advancement of technology today. There are new methods and strategies specifically created for illicit activities each day, which requires innovative solutions or prevention techniques to be made constantly as well.
· Pricing: To have a strong and efficient cybersecurity program, a business will have to spend more. Programs with limitless capabilities will not be cheap, as a lot of resources are needed in the creation of these exceptional security programs. A company will have to decide if it wants to spend more of its limited resources on a better program or deal with the consequences of having a cheap and unreliable program in place.
· Productivity: When a new cybersecurity system is implemented into a business, there will be new regulations and guidelines that are put into place. This may cause disarray, as the employees will not be familiar with the new standards of the business. As a result, the overall production levels of the company may decline until everyone is familiar with the new program.
Benefits:
· Increased Protection: With the addition of a cybersecurity program, many components of a business are protected and secured. The business itself, the individuals within the business, and the sensitive information/data are all protected because of the cybersecurity program. Everything associated with the company must have some sort of protection because, without it, it could all be vulnerable to threats and cyber-attacks from cybercriminals.
· Increased Credibility: Having cybersecurity programs installed can lead to an increase in total customers because they are ensured that their information will be safe and protected from any outside threats. A big part of providing a service relies on trust, and without credibility, a business is likely to fail due to low customer numbers.