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

Cyber security programs can be costly to a business, but you know what can be even more costly, getting cyber attacked and getting your proprietary or confidential data leaked. The effects of a company getting breached can range from losing a couple customers, to going out of business all together, the effects can also be short or long lasting. How or why would a consumer put trust in your services after getting cyber attacked? This is why you see all these big companies investing all this money in their cybersecurity programs. Because not investing in your cyber security doesn’t outweigh the benefits than investing does. Even if you were to get breached in a cyber attack and you had credit card information breached as well. If you didn’t invest in your cyber security to become PCI/DSS compliant then on top of losing customers, you would also be getting fined by the government for improper storage of such sensitive information. To get into specifics about numbers quoted from IBM’s IBM Security: Future of Identity Study “In the past six years, USD 112 billion has been stolen through identity fraud, equating to USD 35,600 lost every minute.” The benefits of developing cybersecurity programs range from improved security, risk mitigation, reducing the risk for financial loss, as well as protecting consumer and employee personal information. As well as improving your company’s reputation by investing in cyber security which in return can yield you more customers.