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

Cybersecurity is a massive field that continues to grow. It is one of the most important parts of any modern-day company and ensures that a companies data remains safe and protected. However, while cybersecurity is essential, many companies fail to implement proper cybersecurity measures. This can be due to many factors, such as the CEO not viewing it as valuable, a lack of budget, or just overconfidence current cybersecurity measures. In order to remain progressive and adaptive in the changing landscape of modern society, companies must evaluate and develop better cybersecurity programs.

Pros:
1. Increased protection. Of course if you invest in a better cybersecurity program you will receive better protection. This is a benefit to both your company, you, and your customers. While the risk of a cyber attack will always be there, better cybersecurity will ensure that most threats are mitigated and that the attacks that get through are less effective.
2. Increased protection means less down time. As a company spends less time down, that is more time getting work done. As the common saying goes, time is money.

Cons:
1. Expensive. This is the largest downside to pretty much any cybersecurity system. Cybersecurity systems can be expensive with the system itself being expensive and the employees who specialize in cybersecurity being expensive. Now, while paying cyber professionals and building a proper cybersecurity infrastructure may sound expensive, the cost pales in comparison to the average cost of a security breach on a company. In 2020, according to statista.com, the average cost of a security breach on an American company was $8.64 million USD.
2. Complex. There are many intricacies in a cybersecurity system that can be annoying to implement. For example, an incorrectly configured firewall can block employees from performing needed actions. Not only is an incorrectly configured firewall annoying, it can be annoying to diagnose, especially in a large company.

Overall, while developing a cybersecurity program does have its downsides, the benefits gained greatly outweigh the cons. The money saved by preventing a security breach far exceeds the amount of money needed to develop an effective cybersecurity program.