The costs and benefits of developing cybersecurity programs in business are high but definitely needed.  Cybersecurity is an area that affects organizations and businesses of all different sizes, regardless of big or small. Small businesses are more likely to be an a cyberattack as “68% of small businesses have experienced a cyberattack in the last 12 months.” This goes to show that regardless of the price of these cybersecurity programs, they should always be applied and used for the companies or organizations data and information safety.  Most companies would end up paying more in a data breach then they would purchasing the different cybersecurity programs. Studies have shown that the average cost of a data breach to a small business or organization can range from “$120,000 to $1.24 million”, which is strictly limited to a small business market. The cost of a data breach may not be true to the exact price, but the expense can spread and grow over time. This could all be easily avoided if companies decide to stay safe and secured and receive the benefits of cybersecurity programs within the business industry. Some direct cost that everyone should be aware of if there is a data breach may include monetary theft, remediation and system repair, regulatory and compliance fines, legal and public relations fees, identity theft repair and credit monitoring for affected parties, and increase in insurance premium. When looking at the loss of a direct cost from the breach, some people tend to forget about the indirect cost it may involve. Some indirect cost could include possible business disruption and downtime, possible loss of business or customers, and damage to the company’s brand and reputation. With all the potential and likelihood of a cyberattack on a business, the benefits of cybersecurity programs are far smarter and safer making it the best option for any size business regardless of the cost.

Source: https://www.mdsny.com/the-cost-of-cybersecurity-and-how-to-budget-for-it/