What are the costs and benefits of developing cybersecurity programs in business?
Cybersecurity gives us many costs as well as benefits when we use it for various reasons:
- Cybersecurity has revolutionized the way we do business. In our current century, it has made itself indisposable to business practices. These reasons of its importance are first its abilities to protect networks and data from hackers or people with dubious intentions.
- Its ability to improved information security and how businesses manage themselves.
- Cybersecurity allows businesses to develop sound strategy plans in case of attacks.
Cybersecurity also allows businesses to give their consumers a sense of safety. Especially in 2019 and 2020, about 3.5 billion people saw their personal data stolen in the top two of the 15 most significant breaches. (Swinhoe) These plans also enable businesses and organizations a chance at faster recovery times in the event of a breach. Data breaches/cyber-attacks can cost companies millions and can cripple a small owned business. Forty-three percent of cyberattacks are generally aimed at small businesses—incidents such as these cost businesses $200,000.
As mentioned before, the benefits of cybersecurity can have their costs. First is the price of educating your staff as well as keeping cybersecurity in your business. Training employees as well as hiring a teacher to train your employees is a considerable drain on finances. This leads to the company having to hire someone to budget these expenses into the overall plan. Cybersecurity can be very expensive, especially if the company is very small. Because of this costly small businesses chose to forgo the cost. This means that these businesses are routinely the victims of attacks. The second cost is upkeep in cybersecurity for your organizations. Hackers get more competent and more advance each year, leading to companies having to update their security. This can add more to the overlining cost of cybersecurity as a whole.