- What are the costs and benefits of developing cybersecurity programs in business?
Currently, almost all business in some way is conducted online. Businesses have an ethical and legal responsibility to ensure consumer, partner, and their own data is secure from cyber-attacks. Securing systems within an organization achieves many goals. It protects the confidentiality, integrity, and availability of information. Any weakness in these is bad for business. A robust information security program shows good customer and partner service as well as competent and forward-thinking management.
Businesses and organizations have a legal obligation to notify authorities when a cybersecurity attack occurs. Failure to protect this data can make companies liable for lawsuits and failing to protect civil liberties of consumers may place companies at risk. It will certainly affect the company’s future reputation. Securing an organization’s data can be costly, however, the cost of that data becoming compromised can be even greater. There are internal and external losses. Internal losses include costs for detection, investigation, containment, recovery, and program evolution. External losses are a disruption in business, damaged equipment, and loss of revenue. There are also ethical issues in data security. Consumers, partners, and employees place an enormous amount of trust in an organization’s ability to secure its information. This private information could be used to negatively impact an organization or an individual.
The cost and benefits of developing a cybersecurity program greatly outweigh the cost and losses incurred when you are attacked. Whether its loss of confidence in the organization or loss of revenue from disruption events, protecting a business the right way from the start, will help that business stay on top of cyber threats and ensures their longevity in the technological world we live in today.