What are the costs and benefits of developing cybersecurity programs in business?
Developing cybersecurity programs provides a multitude of benefits for a business with the main benefit being the protection/safeguarding of the network of systems and machines being used for daily operations. A cybersecurity program is typically developed for risk management and is usually developed for the specific needs of the business. There are some programs that are premade that the business could use, but I don’t believe it’s as common. The program covers many different aspects, typically starting with risk assessment where potential risks are identified, evaluated based on potential impact on the business, and risk-reduction measures are recommended, but not yet implemented. The next step in the program typically involves risk mitigation, where measures are taken to reduce the impact of the risks assessed in the before step. These measures involve risk avoidance, risk mitigation, risk acceptance, risk transference, and once again, the evaluation of the assessed risks. And lastly, comes evaluation and assurance, where risks are continuously assessed and evaluated, and this step also involves regulatory compliance; regulatory compliance meaning the maintenance of the policies, processed, and controls used to implement and perform the before steps. All the steps involved in the risk management process are performed in a cycle if that makes sense; meaning, the steps are performed in order and performed again periodically or as needed in the same manner. Doing this brings a strategic and systematic approach to the risk management process. And ensuring the network is safeguarded results in a better reputation and increased reliability into play, which could also be seen as a benefit as other businesses will be more likely to collaborate.
There aren’t too many costs relative to the benefits of developing a cybersecurity program. The main cost is the actual cost of developing the program, like how much money is budgeted and spent. The cost could depend on the size of the business and what needs to be protected, and it also could depend on what the company is willing to spend. A small business may not have the budget for an advanced cybersecurity program, but at the same time, a large business may not be willing to spend what is required for an advanced cybersecurity program as the cost is relative to how much needs to be protected. There are a lot of elements/factors that go into determining the price that may or may not even reflect the size of the business; it could be more expensive because it is more advanced, such as something that involves PKI. Cyberattacks can result in a company losing millions of dollars and ton of lost time, so subjectively, the benefits will almost always outweigh the costs of protecting the network in the long run.