Prompt: What are the costs and benefits of developing cybersecurity programs in business?

There are numerous costs, as well as benefits, for developing cybersecurity programs in companies. Costs can be incurred in the initial stage of development, with employees being paid for planning and organizing resources. This stage may be costly, having to build policy and frameworks from scratch. Extraneous costs can come from hiring cyber consultation firms or outsourcing the physical development process of software, potentially being cheaper than building from ‘the ground up’. Training new employees, retaining competent workers, and maintaining software and policies are also expenditures that should be taken into consideration. Out of all the costs, training is crucial. Employee training informs and educates the workforce on potential threats, preventing basic mistakes. Though costs seem numerous, there is a multitude of benefits that come with developing cyber programs. One important benefit and influential aspect in a customer’s decision-making is trust. Having a tenacious and reliable service builds faith in a brand, resulting in customer loyalty. This can result in lifelong customers, who may recommend your service or product to others. Another upside to strong cybersecurity programs is financial. There are many costs to having unsecured networks. Investigations, containment protocols, and recovering data are all very time-consuming and expensive. Equipment outages from breaches could also disrupt a business’s ability to function, halting revenue. For example, a factory’s production line is sabotaged by hackers, resulting in production being stopped. There is no guarantee that the cyber response team if there is one, will be able to restore functions in a timely fashion. This can be devastating for a business. If a breach or outage is egregious enough, federal and state organizations could investigate and fine companies if found not following proper procedures, causing more financial strain. There are many costs to developing cyber protection programs, but the benefits of customer trust and financial safety outweigh the costs.