The cost and benefits of developing a cybersecurity program in business:

The costs and benefits of developing a cybersecurity program can vary greatly depending on many factors; the size of the organization, the industry it operates in, the level of risk, and the specific cybersecurity measures necessary or implemented.

Costs:

• Financial Costs: Implementing a cybersecurity program requires financial investment. Funds need to be allocated for purchasing security tools and technologies, hiring cybersecurity professionals, and ongoing maintenance.
• Time and Effort: Developing a comprehensive cybersecurity program takes a decent amount of time and effort to evaluate the risk, planning, policy development, etc. These things take time away from the organization by diverting resources from typical business activities.
• Training and Education: Ongoing training takes employees away from their day-to-day tasks to ensure they are up-to-date on the latest technology the company is implementing or the latest threats.
• Insurance: One of the main costs of a cybersecurity program may be insurance. Some businesses, not all, opt for cybersecurity insurance in the event of a breach. It normally helps mitigate financial losses so it can be considered a benefit, as well.

Benefits:

• Protection: The top benefit of implementing a cybersecurity program is added protection. The cyber-world can seem like the wild west and every bit of protection is necessary.
• Increased Trust: A comprehensive cybersecurity program can bolster trust in business partners. Increased trust can lead to more business.
• Cost Saving: The costs of developing a cybersecurity program are high upfront but they can pay off in the long run. Preventative measures can reduce the likelihood of security breaches that can lead to heavier expenses due to litigation, reputation damage, and loss of business.
• Business Continuity: A business’s major concern is the continuation of its offered services or products. By developing a cybersecurity program, they are ensuring that their business has guidelines for dealing with a breach and how to keep business running.