What are the costs and benefits of developing cybersecurity programs in business?
With the threat of a cyber attack happening at any given moment all businesses big or small need to have some sort of cybersecurity program set up for the just incase and all what-if scenarios. According to IBM’s Cost of Data Breach Report from 2020, organizations will spend an average of 2.9 million dollars recovering from a security incident. These costs would include notifying affected customers, detecting the breach, regulatory penalties, and customer churn. Getting cyber security rights will pay off in the long run and is a differentiator between minor setbacks and an entire company going out of business. As the internet and other technology has developed how we go about our daily lives, work life, and our extra circular activities, it has also created new opportunities for criminals. With cybercrime becoming such a growing problem where all businesses of any size at risk. That’s why it’s important to have a cyber security plan in place. The cost of cybersecurity is mostly based off of the size of the company, like I stated earlier all business sizes are at risk, but the more employees you have the chance of you facing a cyber-attack is greater, as you have more computers, workstations, and devices that might be vulnerable to exploitation. The type of data, if your company collects and stores customer data and that data is sensitive your company will need a a more comprehensive cybersecurity solution to ensure compliance with industry standards and country-level data protection regulations. And the security vendors, products and services, different cybersecurity product vendors come with different price tags, quality of service, and the scope of protection they offer. In short, the more protection you want, the higher the cost. Cyber security is important because it protects your devices, data, and confidential information from cyberattacks. It also helps you avoid online scams, stay compliant with regulations, and protect your reputation.