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

Cybersecurity programs developed by businesses, both large and small, are usually a sizable financial and time investment but an investment that will ultimately result in lower costs and protected assets nonetheless. The ultimate goal of a cybersecurity program in any organization is to manage risk by identifying potential organizational needs, protecting essential services, detecting potential risks, responding to those risks, and potentially recovering from the result of those threats (Framework, 2018). After determining their business goals, organizations must understand the costs and benefits of implementing a cybersecurity program that fits their needs.

The benefits of implementing a cybersecurity program are almost immeasurable. Mishandled information, insider threats, malicious hackers, and others are just a few risks businesses have to protect themselves from. If not handled by a well-managed cybersecurity program, any of those threats can result in costly lawsuits and loss of credibility within the industry. Cost-effective cybersecurity programs can prevent those threats by training a knowledgeable staff about phishing strategies, managing access control systems effectively to prevent insider threats, and installing proper security controls to thwart malicious hackers (Framework, 2018).

While there are incredible benefits to implementing a cybersecurity program within one’s organization, there are costs to consider when deciding to do so. Regardless of the type of business, organizations often store confidential data, whether client details and invoices or employee information such as social security numbers and addresses. Developing policies on handling that information and training staff on how to do so costs businesses money and time (Nieles et al., 2017). In addition to training staff, firewall and security programs may need to be purchased, installed, or updated, which can also be costly.

Despite the costs of implementing a cyber-security program, doing so will have an incredible impact on a business’s ability to manage risk and prevent them from dealing with losses to their reputation, time, and profits.