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

Businesses can lose millions of dollars as a result of cyber-attacks and data breaches, depending on how serious the attack is. An organization’s cost of a data breach depends on what information has been compromised. When businesses lose sensitive data, such as customer information, they can spend an average of $4 billion. Depending on the circumstances, a stolen record can cost a business between $150 and $400 (Aggan). Information on finances and health can be found in records. Businesses are affected by more than just data breaches. Businesses can potentially lose customers when they suffer a cyber-attack or data breach. The loss of customers causes businesses to suffer financial losses due to the lack of business (Aggan). Attacks on businesses can cause more problems in the background that people don’t understand, and can ultimately result in the business closing down. Businesses should invest in cybersecurity and create a cybersecurity strategy. This would enable a company to prepare for an attack before it occurs or to deal with it appropriately. This also increases the level of security for a company’s customers. Being able to safeguard all sensitive data not only for customers but also for the business. Properly educating employees on the various types of cyber risks they may face and develop a proper procedure if an attack is detected (Beavers). A team should be prepared to respond to an attack at any time. Even if an attack has occurred, developing a strategy for dealing with and recovering from it is critical. Cyber-attacks and data breaches can be difficult to recover from, and having proper plans to prevent an attack will help lessen the impact. This can also make businesses less appealing to hackers and attract more customers. Not all businesses can completely avoid an attack, but they should be adequately prepared to deal with one (Beavers).

References:

Aggan, Wael. “The Cost of Data Security: Are Cybersecurity Investments Worth It?” Cloudmask, CloudMask, www.cloudmask.com/blog/the-cost-of-data-security-are-       cybersecurity-investments-worth-it.

Beavers, Morgan. “5 Reasons Your Company Needs a Cybersecurity Program.” Preparis, 12       Sept. 2016, preparis.com/blog/5-reasons-company-needs-cybersecurity-program/.