Cyber security, also known as IT security or computer security, safeguards computer networks and systems against software, hardware, or electronic data damage or theft. It could also be a disruption or misalignment of the service that is being provided or shared. This area is becoming increasingly important as people’s reliance on computer services and the internet grows. Cyber security is a complicated issue that necessitates consumer demand for better protocols.
Unless consumers demand it, businesses do not always use the best practices available. Security logs must also be kept up to date and properly maintained, which necessitates bringing in and spending additional funds. Information technology is used in the daily work of government agencies, banks, public and private services, and wastewater treatment companies.
Since everything that uses technology relies on communications and information systems, cyber security is critical. Despite spending millions of dollars each year on technologies, security software, and hardware to improve cyber security in their businesses, public and private sectors remain vulnerable. This paper will cover the costs that necessitate implementing cyber security measures and protocols.
To combat cyber threats, businesses must spend the money necessary to implement robust security systems ahead of time. Cyber security is a high cost that companies must factor in. Retail cyber security costs doubled between 2013 and 2014, averaging $ 8.6 million per company. Security costs account for the majority of the budget of a company, which is why it is essential to save while still maintaining a profit margin and only investing what is necessary (Ursillo & Arnold, 2019). Part of the problem is the cost of implementing the proper security measures. Still, another aspect of cyber security is the human factor that ensures that the protocol is adhered to.
This makes it less likely to miss serious security breaches that affect consumer data, impacting profits. For instance, Target had state-of-the-art systems, but some affected other company areas, so not all protocols that were supposed to prevent attacks were implemented. Because they interfered with other aspects of the target’s business operations, certain program features were not used in the Target breach. As a result, it was decided to disable these features in order to maintain the smooth operation of other critical business processes. Working with security vendors to solve issues affecting non-security businesses and implementing all of the features of a state-of-the-art system could have been one of the things the target could have done.
Governments need to implement policies to ensure that companies follow protocols to protect personal information from security breaches. Consumers are the only and most important force that can have a positive impact on policy enforcement. If they do not purchase products and services from companies that do not follow appropriate data safety procedures, they will be notified that their consumer information needs to be updated or changed. The organization’s responsibility is to implement policies that ensure that the security system is maintained correctly and that dissatisfied employees and third-party vendors do not knowingly or unknowingly endanger it.
Consumers must press businesses and governments to implement better protocols and guidelinesUnless and until general requirements change, companies will rarely consensually implement better safety procedures to enhance their cyber security efforts against data breaches. Before the targeted attack, which affected 110 million people in 2013, the target received warnings of an impending attack but ignored them (Plachkinova & Maurer, 2018).
Target has spent millions of dollars on cutting-edge security systems that can detect and prevent responsible intrusion tactics. Target lost consumer and investor trust due to the breach and has had to rebrand in recent years to regain consumer trust (Manworren et al., 2016). For this reason, the general public should require all companies to use the best available protocols for transferring personal information. The target would not have implemented protocols if there had not been public demand for them to do so.
Governments need to help implement policies and safeguards to ensure that businesses take appropriate security measures to protect consumer personal information. By implementing procedures that do not meet these criteria and punishing companies, governments can gain public confidence that they seek the people’s best interests, not the businesses. Furthermore, because the success of cyber-attacks is not only likely but unavoidable, governments must encourage businesses to invest in cyber insurance. This is a way to help governments tighten cybersecurity measures and give consumers the confidence they need to share their personal information with businesses.
The national government rewards companies that respond to intruders within a reasonable time, protecting consumers from fraudulent claims and other actions that may arise if personal information is compromised. Incentives can be given to businesses through protective tax incentives and other beneficial measures.
Cybersecurity breaches and cybersecurity resources that mitigate IT system vulnerabilities have one thing in common; both are costly. However, the cost of security to prevent a breach can be calculated in advance, but the exact cost of recovering from a breach cannot be calculated (Troup, 2017). Of course, many executives are embarrassed because overinvestment in resources is a waste of money that hurts the company’s bottom line. Does the cost of cybersecurity measures that strengthen IT systems and make it difficult for hackers to achieve internal mechanisms justify the cost of cybersecurity breaches? Cybersecurity and the infringements it restricts have fixed costs because IT service contracts are so simple. However, even if they did not, they would benefit third-party vendors and their customers. There are too many choices on the part of the customer.
For example, according to the Ponemon Institute, healthcare organizations pay $ 380 per disrupted record in a data breach in 2018, while financial services firms pay $336 (nic_superior, 2019. The cost of cybersecurity required to prevent theft may also be very inconsistent. However, there is one easy agreement between cyber security vendors and almost any company that has had a security breach. Recovering from a security breach is less expensive than a company’s cybersecurity costs after a security breach.
Implementing a robust security program that helps prevent security incidents that lead to potential security breaches is the most effective way to protect your business from costly cyberattacks. Whether an in-house security team is formed or professionals are hired, the first step, according to Benzoni (2020), is a proactive security solution that protects the company and responds to incidents in real time. When we talk about injury, we don’t just mean financial losses.
Security breaches can seriously harm your brand’s reputation and credibility, causing you to lose the trust of your customers and stakeholders, and can take months or years to recover from. Regardless of the size or structure of your business, one key factor in determining your business’s overall cybersecurity strategy is unique to each company (nic_superior, 2019). Organizations need to assess the level of risk they are willing to take, which can affect the type of overall strategy they follow, irrespective of the costs involved. Whether you tolerate or dislike risk, there are several areas of security to consider to protect your business from today’s growing complex cyber threats.
The higher the level of risk a company perceives, the higher the cost of investing. Reducing these risks by implementing the right solutions and providing the right skilled workforce is paramount, but generating a huge cybersecurity budget gives you the ability to manage your security program (Benzoni, 2020) effectively. It turns out to be worthless without a person in charge. Companies, big and small, need to foster and create a new modern cybersecurity culture while closing the doors of attackers.
In the event of a successful cyber-attack, governments must assist businesses in adhering to protocols and adequately protecting consumers. Consumers must have adequate means to repair the damage caused by security breaches. Companies also require some level of protection in order to share information that aids other businesses in improving their security efforts without fear of government penalties and sanctions (Srinivas et al., 2019). Businesses consume large sums of money on the cyber security infrastructure. Ultimately, it is the responsibility of the public and government to ensure that these companies adhere to the protocol and update their infrastructure as needed, however costly. Therefore, organisations should put policies and set up secured systems in place to ensure that the security system is maintained correctly.
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Manworren, N., Letwat, J., & Daily, O. (2016). Why you should care about the Target data breach. Business Horizons, 59(3), 257–266. Web.
Plachkinova, M., & Maurer, C. (2018). Security breach at target. Journal of Information Systems Education, 29(1), 11-20.
Srinivas, J., Das, A. K., & Kumar, N. (2019). Government regulations in cyber security: Framework, standards and recommendations. Future Generation Computer Systems, 92, 178–188. Web.
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Ursillo, S., & Arnold, C. (2019). Cybersecurity Is Critical for all Organizations – Large and Small. IFAC. Web.