“If it were measured as a country, then cybercrime would be the world’s third largest economy after the U.S. and China” (Cybersecurity Ventures, 2022). Businesses today are under ever-increasing pressure to adopt an adaptive cybersecurity profile to protect revenue, both from cyber-theft and from customers and business partners leaving to do to business with a more secure organization. As younger, “tech-savvy” adults become the major customer base for global industries, this customer base is more aware than older generations of the cyber crime threats that can affect their finances, assets, and data. Companies that fail to stay current with ongoing and emerging cybersecurity threats risk raising a red flag for many potential customers who do know the threat of doing business, and exposing their financial and personal data to, unsafe companies. According to a recent study 1,802 data compromises impacted Americans, with Cyber fraud hitting Americans the hardest (Statista, 2023). According to report from IBM earlier in 2023, the average global cost of a data breach in 2023 was $4.45 million. Costs of neglecting data or network security could include damage to information, regulatory penalties, legal fees, decreased productivity, loss of trust from customers, damage to credit, and loss of income (NISTIR 7621,2016: pg4).
     The costs of neglecting to develop a cybersecurity program are high, but the benefits are high, as well. According to a report published by AT&T last year between 80%-90% of consumers wished there were more companies they could trust with their data, and 84% would cease doing business with a company over data concerns. Consumers are overwhelmingly in favor of choosing to do business with an organization that will make securing their financial data, personal information, and assets. Businesses today can choose to either expose themselves to the costs of neglecting their cybersecurity risk or reap the benefits of prioritizing cybersecurity, adopting an organization-wide approach to managing cyber risk, and considering cybersecurity risk when making decisions. That is what customers want.


References:

Morgan, S. (2022). “Cybercrime To Cost The World 8 Trillion Annually In 2023”
https://cybersecurityventures.com/cybercrime-to-cost-the-world-8-trillion-annually-in-2023/

Petrosian, A. (2023). “Leading cyber crime loss categories U.S. 2022”
https://www.statista.com/statistics/234987/victim-loss-cyber-crime-type/

IBM. (2023). “Cost of a Data Breach Report 2023”
https://www.ibm.com/reports/data-breach

NISTIR 7621. Paulsen & Toth. (2016). “Small Business Information Security: The Fundamentals”

AT&T. Partida, D. (2022). “How does robust cybersecurity add value to a business?”
https://cybersecurity.att.com/blogs/security-essentials/how-does-robust-cybersecurity-add-value-to-a-business#:~:text=Increased%20customer%20confidence,will%20switch%20over%20data%20concerns.