Developing a cybersecurity program in your business is not cheap but it is extremely beneficial and, some would argue, crucial to the long term success of your business. As I previously stated in the discussion board, over 75 percent of U.S based companies get hacked or breached at some point in their existence. Big businesses usually recover and rebuild but small businesses can crumble from any sort of sustained damage especially when the numbers can run up twenty-five thousand dollars in damages. Thus, the importance of a cybersecurity program can be imperative to the success of your business.

The average cost of a cybersecurity program is dependent on what a company is wanting and needing in terms of protection and coverage. A smaller company is not going to need things like a fulltime on hand IT staff or high encryption grade security on all systems networks and files, it would be excessive and too expensive for their budget. To cater to their needs properly, it is important to note what the companies business. A bakery might not have the same security needs as an HVAC company or a local car dealership so it is important to know a companies needs in order to maximize cost-efficiency and effectiveness.

According to Harshini C. (a master of cybersecurity and forensics) The benefits to getting a baseline cybersecurity program is as follows:

#1 REDUCE THE RISK OF FINANCIAL LOSS

The average cost per cyber-attack is more than $188,000, and 60% of small businesses that are targeted in a successful attack end up going out of business within six months. By creating policies and procedures that help prevent cyber-attacks and streamline incident response, the high risk of financial loss due to a cyber-attack can be reduced. 

#2 PROTECT YOUR DATA AND EMPLOYEES

Without a cybersecurity procedure in place, employees are more likely to fall victim to a social engineering attack (like phishing or vishing) that can breach the company network and cause data leakage or data loss. When a company implements security awareness training for its employees or introduces access controls and other restrictions through a sophisticated cybersecurity program, its data and employees will be safer.

#3 IMPROVE CUSTOMER TRUST AND MAINTAIN YOUR REPUTATION

The Federal Communications Commission (FCC) states that “every business that uses the Internet is responsible for creating a culture of security that will enhance business and consumer confidence.” When a business is affected by a security breach, customers and partners can lose their trust in that organization. Introducing a strong security program shows consumers and stakeholders that you take cybersecurity seriously.

These three keys are the big reasons that all businesses stand to gain from having a cybersecurity program as apart of their business.

References: https://www.linkedin.com/pulse/three-major-benefits-creating-cybersecurity-program-your-chellasamy