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

It is very important for businesses and companies to invest in cybersecurity because without it the business may suffer from cyber attacks and data breaches which can cost the business millions of dollars depending on the seriousness of the attack. A data breach, on average, according to research at the Ponemon Institute, costs small business owners $2.98 million per event. Not only will the business suffer in cost but the company may also suffer from company wide downtime, lost productivity, damage to your company’s reputation, and lost business opportunities. By investing in cybersecurity you can prevent your business from everything that is listed above. Cybersecurity is broken up into three categories which are prevention, detection, and response. Which means that cybersecurity will prevent attacks from happening. Detect attacks that have occurred in the past. And respond to attacks that have happened before by helping your business recover from them. The amount of money business spend on cybersecurity varies but it is usually about 10% of the yearly IT budget. Most business spend about 250,000 on cybersecurity solutions and training. Which is honestly worth it because spending money on cyber attacks and data breaches will cost the company so much more!  There are many cost when it comes to investing in cybersecurity. The initial expenses are the number of upfront cost  the cost includes products and software, hardware, training for employees and clients, cybersecurity consulting services, and cyber insurance . The ongoing expenses are cybersecurity product updates, hardware upgrades, cybersecurity training for new employees, cyber resilience, and cyber insurance premiums. Your company should invest in cybersecurity because it provides comprehensive cybersecurity platforms that are reasonably priced and provides protection against the buggiest threats. Small businesses often don’t get cybersecurity because they think that the risk is too low, however, the cost of not implementing cybersecurity is far more devastating.

Reference:

Bob. “Cost of Cyber Security for Small to Midsized Businesses.” Imagine IT, 26 Oct. 2022, https://imagineiti.com/how-much-does-cybersecurity-cost-for-small-to-mid-sized-businesses/#.