What are the costs and benefits of developing cybersecurity programs in businesses?
Implementing cybersecurity programs has many benefits and will save companies millions of dollars in damages. Creating videos to educate employees or individuals about cyber security and the different types of risks and threats that comes with it is important. Being educated on this subject will lower the chance of getting attacked. Other benefits of having cyber security programs includes protections against viruses, malware, ransom attacks, data exposure, and data protection from unauthorized users. Imagine a company without having these benefits. Companies who don’t implement these programs daily or include them in workplace policies and procedures are playing a dangerous game. Without these protection programs added can cause financial damages. The cost of enforcing these programs will always be less than the cost of damages caused. The cost of adding cyber security programs to a business can range from $1,300 – $3,000 per full time employee and the average cost of damages companies face after an attack is around $4.24 million. That is a huge difference depending on the size of the company. According to statistics, cybercrime is estimated to cost the world $10.5 trillion annually by 2025. The world is transitioning into a cyber world slowly but surely. With technology advancing daily, cyber criminals are finding different ways to attack. Investing in these programs will not only benefit the company and its employees, but it will also benefit the customers and users because it will maintain that trust between the two. The trust and protections provided will maintain its customer flow as well as enhancing their businesses.