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

With an increase in cyber attacks and data breaches across the web, it is costing millions of dollars for companies depending on the severity of the attack. Highly targeted information like credit cards and social security numbers can determine the price lost during a breach. The more of each highly precious information they attain, the more the company loses in damage. On average, a business can spend $4 billion due to loss of company employee personal information, customer personal information, or any other sensitive data. Another cost resulting from a cyber attack or breach is the potential loss of their customers. In turn of losing customers, their financial power is loss due to lack of business. These fatal attacks can cause a business to become bankrupt or lose many of their customers. To protect from future events, businesses need to invest in cybersecurity and develop plans to counterattack and bounce back. This allows businesses to prepare and train employees to deal with attacks before it happens and while it is happening. This is also a benefit to the customers because they will feel secure with the business having their information, allowing them to reach out to others and bring profit. They should also educate employees on safe practices and types of cyber risks to watch out for. A team should be on hand and ready to handle an attack at any time with a developed plan along with a way to recover. With the new age of technology, cyber attacks and breaches cause a new pain for businesses. It is harder to recover and track down attacks online and without having proper plans to prevent one will only worsen the threat. This will make businesses a target for hackers and result in a loss of clientele. While some attacks cannot be avoided completely, every company should be able to properly handle one in a time of need.