Cost and Benefits of developing Cybersecurity programs in businesses

Technology is ever-growing and ever-evolving as we know. This unfortunately means that cybercriminals are out there and are finding new ways to access, manipulate, and steal data. This also means that businesses are also losing millions of dollars trying to secure and resecure compromised systems. SolarWinds Hack for example cost many organizations both government and non-government based millions. Being technology is evolving, something is bound to go unnoticed and this hack went unnoticed for months and some will never know whether their information has been compromised or not. After this hack, many businesses spent a lot of time and money making sure their systems were secure and reliable again. This hack showed that cybersecurity is a concept that should be taken seriously and unfortunately many businesses believe it couldn’t happen to them so they do not take it seriously. Many businesses have little to no security policy which leaves their businesses vulnerable to hacks. When taking this class, we have learned about NIST. NIST stands for National Institute of Standards and Technology. NIST framework is what businesses should build their security policy on to ensure the maximum security of their systems. The framework includes five categories: Identify, Protect, Detect, Respond, and Recover. Most businesses are based on customers’ trust and if you do not have that then ultimately you have no business. According to a report from CNBC, “cyberattacks now cost businesses of all sizes $200,000 on average.” Statistics show, cyber incidents are taking millions and millions of dollars from businesses’ pockets and it needs to be addressed continuously with the development of new technologies. There is never a guarantee that you can catch every single cybercriminal out there but having the best preparation can further protect your business and its information, thus saving you the cost of reparations. Businesses and governmental agencies need to work together to minimize the risks of cyber incidents. 

Works Cited

Cyberattacks Now Cost Companies $200,000 on Average, Putting Many Out Of Business
Scott Steinberg – https://www.cnbc.com/2019/10/13/cyberattacks-cost-small-companies-200k-putting-many-out-of-business.html

How Your Small Business Benefits from Network Security
Micah Pratt – https://www.business.org/it/cyber-security/how-your-small-business-benefits-from-network-security/