Although costs for developing a cybersecurity program in a business can be easily determined in a dollar sense, the benefits always outweigh the initial cost. “the average cost of a breach in 2020 is $3.86 million” – (https://inspiredelearning.com/security-awareness/). With these numbers in mind, it is easy to see how the cost of starting and continuing a cyber security program in a business can be easily justified.
Cyber Security programs must address multiple issues but can end up saving a business millions in liability. Cyber Security is detrimental to a business’s goals. To make sure a business can make these goals; they should make sure all systems are secure to avoid interruption or the cost of a breach. Not to mention a good cyber security program can help emphasize that a business cares about the integrity of its data and the value it places on protecting customer information. This also helps strengthen the posture on cyber security within the business itself among employees. Employee training is a low cost, but very effective way to strengthen a business’s cyber defenses. After all, end users tend to have the most responsibility in keeping an organizations data safe. Something as simple as a malicious email can lead to a breach, so simple cyber security programs addressing best E-mail practices or social engineering can save businesses a lot of trouble. Aside from the actual dollar amount associated with a breach vs. cost of setting up a program, there are intangible aspects as well. A well laid out cyber security program can not only help ensure customers that their information is safe (Resulting in better customer retention) but it can also boost the morale of the employees. A reward system is a great incentive to get employees to participate in training and absorb the material. Simulated attack training is a good way to address the weaknesses in your defense.
Beside creating training programs for businesses there are also cost that must be considered relating to cyber security insurance, which is not covered under a business typical liability insurance. SaaS antivirus programs like Sophos and E-mail filters like Barracuda networks can cost a business a large amount of money, but again, we must remember the cost associated with not protecting your business.