In the past decade, businesses have realized the essential need to develop and implement strong cybersecurity measures. With cyber-attacks on the rise, organizations are taking action to prevent the distress of losing financial assets and ultimately the fear of losing any business.
There are many costs when it comes to developing a cybersecurity program for a company. For instance, there is the initial start-up cost. A company should first undergo a risk assessment to understand its unique security needs. A business must determine a list of important digital assets and an inventory of how information is collected and stored. Companies may need to invest much financially when hiring an experience cybersecurity consultant, however, this should be viewed as a smart investment for the company. Organizations must determine the cost-benefit analysis on the risk of being attacked if cybersecurity safeguards are not in place. A company might spend x amount of capital on setting up a cybersecurity program, however, because of that action, will likely save the company much more financially in the long run.
Setting up a solid foundation of cybersecurity around the infrastructures of a company means fewer disruptions and attacks on a business. Adversaries are out there ready to attack when an opportunity arises. How much a company invests in securing its business online can make all the difference. A common phrase that echoes in the cyber field is: cyber-attacks are not a matter of if, but when. Unfortunately, attacks and breaches are going to occur. In the digital world that is a fact of life, nevertheless, in this field, it’s all about how a business has prepared on taking certain measurements to protect important IT properties.
The next cost to business is training the employees. This may take away from their normal work obligations, but simple measures are important as most breaches are due to human error. The ongoing cost with cybersecurity will always be keeping employees up-to-date on security measures and also the constant upkeep of cyber security programs. As the field of cybersecurity is relentlessly changing and morphing so are the different risks and vulnerabilities that come with it. Full protection is never guaranteed. In an event of a breach, having the most robust plan and team in place can make all the difference between a huge attack to a small hiccup in the road. Investing in a strong cybersecurity program has many benefits that heavily outweigh the cost. As with any product or service you can buy –you get what you pay for, and that statement holds when investing in cybersecurity.