{"id":14820,"date":"2023-02-14T16:25:47","date_gmt":"2023-02-14T14:25:47","guid":{"rendered":"../../../../@p=14820"},"modified":"2023-02-14T16:31:36","modified_gmt":"2023-02-14T14:31:36","slug":"pros-and-cons-of-cyber-security","status":"publish","type":"post","link":"../../../../pros-and-cons-of-cyber-security/default.htm","title":{"rendered":"Here are the Main Pros and Cons of Cyber Security for Businesses"},"content":{"rendered":"<p>Businesses today face a daunting cybersecurity challenge. With almost every aspect of the average business&#8217;s operations either partially or fully digitized at this point, a single misstep risks disaster.<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-14823\" src=\"../../../../wp-content/uploads/2023/02/Depositphotos_308527688_L.jpg\" alt=\"cyber security professional with a laptop\" width=\"800\" height=\"534\" srcset=\"https:\/\/www.tech21century.com\/wp-content\/uploads\/2023\/02\/Depositphotos_308527688_L.jpg 800w, https:\/\/www.tech21century.com\/wp-content\/uploads\/2023\/02\/Depositphotos_308527688_L-350x234.jpg 350w, ../../../../wp-content/uploads/2023/02/Depositphotos_308527688_L-768x513.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>To stay safe, businesses must take steps to safeguard their data and keep multiple threats at bay.<\/p>\n<p>The costs of failure are staggering. In the US, the average data breach in 2022 resulted in <span style=\"color: #0000ff;\"><u><a href=\"../../../https://www.ibm.com/reports/data-breach\" target=\"_blank\" rel=\"noopener\">$9.44 million in direct and indirect costs<\/a><\/u><\/span> to the affected business.<\/p>\n<p>For <span style=\"color: #0000ff;\"><u><a href=\"../../../https://cybersecurityventures.com/60-percent-of-small-companies-close-within-6-months-of-being-hacked/default.htm\" target=\"_blank\" rel=\"noopener\">60% of smaller businesses<\/a><\/u><\/span>, the losses stemming from a single cybersecurity incident led to bankruptcy and closure.<\/p>\n<p>With consequences like those, you&#8217;d think that business leaders would do whatever it takes to address their business&#8217;s cybersecurity needs.<\/p>\n<p>However, like everything else, even cybersecurity spending remains subject to a risk\/benefit analysis.<\/p>\n<p>With that in mind, here are the main pros and cons of cyber security for businesses.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_46 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-641bb0d4ad27e\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"../../../../../www.w3.org/2000/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"../../../../../www.w3.org/2000/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-0B2FBFCAAB\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-641bb0d4ad27e\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-visibility-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"../../../../pros-and-cons-of-cyber-security/#Main_Pros_of_Cyber_Security\" title=\"Main Pros of Cyber Security\">Main Pros of Cyber Security<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"../../../../pros-and-cons-of-cyber-security/#1_Protection_Against_Data_Loss_and_Theft\" title=\"1) Protection Against Data Loss and Theft\">1) Protection Against Data Loss and Theft<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"../../../../pros-and-cons-of-cyber-security/#2_Compliance_With_Various_RegulationsDirectivesStandards\" title=\"2) Compliance With Various Regulations\/Directives\/Standards\">2) Compliance With Various Regulations\/Directives\/Standards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"../../../../pros-and-cons-of-cyber-security/#3_Improves_Customer_Confidence_for_Your_Business\" title=\"3) Improves Customer Confidence for Your Business\">3) Improves Customer Confidence for Your Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"../../../../pros-and-cons-of-cyber-security/#4_Ensures_Business_Continuity\" title=\"4) Ensures Business Continuity\">4) Ensures Business Continuity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"../../../../pros-and-cons-of-cyber-security/#5_Prevents_Financial_Loss\" title=\"5) Prevents Financial Loss\">5) Prevents Financial Loss<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"../../../../pros-and-cons-of-cyber-security/#6_Protection_of_Intellectual_Property_IP\" title=\"6) Protection of Intellectual Property (IP)\">6) Protection of Intellectual Property (IP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"../../../../pros-and-cons-of-cyber-security/#Main_Cons_of_Cyber_Security\" title=\"Main Cons of Cyber Security\">Main Cons of Cyber Security<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"../../../../pros-and-cons-of-cyber-security/#1_Cost_To_Implement_and_Maintain\" title=\"1) Cost To Implement and Maintain\">1) Cost To Implement and Maintain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"../../../../pros-and-cons-of-cyber-security/#2_Difficult_To_Find_Cyber_Security_Experts\" title=\"2) Difficult To Find Cyber Security Experts\">2) Difficult To Find Cyber Security Experts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"../../../../pros-and-cons-of-cyber-security/#3_Makes_Business_Operations_More_Complex_and_Difficult\" title=\"3) Makes Business Operations More Complex and Difficult\">3) Makes Business Operations More Complex and Difficult<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"../../../../pros-and-cons-of-cyber-security/#4_It_Requires_Constant_Monitoring\" title=\"4) It Requires Constant Monitoring\">4) It Requires Constant Monitoring<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"../../../../pros-and-cons-of-cyber-security/#The_Takeaway\" title=\"The Takeaway\">The Takeaway<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"Main_Pros_of_Cyber_Security\"><\/span><span style=\"text-decoration: underline;\">Main Pros of Cyber Security<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When making the business case for cybersecurity spending, it&#8217;s often useful to spell out the direct benefits such spending creates. Here are all of the main pros of having a robust cybersecurity program for businesses.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"1_Protection_Against_Data_Loss_and_Theft\"><\/span>1) Protection Against Data Loss and Theft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The most direct benefit of a robust cyber security program is the elimination or minimization of the threat of data loss and theft.<\/p>\n<p>For businesses with trade secrets and other critical intellectual property (IP), this is a mission-critical effort. However, it&#8217;s important for businesses with all kinds of other data, too.<\/p>\n<p>For example, a business that collects and stores customer data of any kind must guard that data carefully. The exposure of customers&#8217; personally identifiable information (PII) can lead to identity theft, which is at epidemic levels within the US and worldwide.<\/p>\n<p>In those situations, targeted businesses face the double blow of financial liability from the fallout as well as reputational damage that damages their customer relationships.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"2_Compliance_With_Various_RegulationsDirectivesStandards\"><\/span>2) Compliance With Various Regulations\/Directives\/Standards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another major benefit of a robust cybersecurity program is that it keeps businesses on the right side of applicable laws.<\/p>\n<p>Right now, there are a variety of data privacy laws and regulations in multiple jurisdictions that businesses must adhere to. Those strictures detail how businesses can collect and use data, as well as their specific responsibility for its protection.<\/p>\n<p>Businesses that handle medical information anywhere in the US, for example, must meet the standards outlined in the Health Insurance Portability and Accountability Act of 1996 (HIPAA).<\/p>\n<p>They <span style=\"color: #0000ff;\"><u><a href=\"../../../https://www.hhs.gov/hipaa/index.html\" target=\"_blank\" rel=\"noopener\">spell out minimum standards<\/a><\/u><\/span> for things like encryption, storage, and the mitigation of reasonable threats.<\/p>\n<p>The same is true for businesses operating within California or Europe, where the <span style=\"color: #0000ff;\"><u><a href=\"../../../https://oag.ca.gov/privacy/ccpa\" target=\"_blank\" rel=\"noopener\">California Consumer Privacy Act (CCPA)<\/a><\/u><\/span> and the <span style=\"color: #0000ff;\"><u><a href=\"../../../https://gdpr-info.eu/default.htm\" target=\"_blank\" rel=\"noopener\">General Data Protection Regulation (GDPR)<\/a><\/u><\/span>, respectively, apply.<\/p>\n<p>In almost all cases, businesses that fail to meet their regulatory obligations face penalties ranging from small fines to the revocation of their operating licenses.<\/p>\n<p>In either case, funding a robust cybersecurity program that maintains relevant regulatory compliance is both necessary and desirable.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"3_Improves_Customer_Confidence_for_Your_Business\"><\/span>3) Improves Customer Confidence for Your Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With each passing year, more and more consumers get caught up in data breaches. As we&#8217;ve previously noted, many of those incidents end in identity theft.<\/p>\n<p>The thing is, consumers are savvy and understand the complexity of the threat landscape. For businesses, being trustworthy stewards of consumer data offers another opportunity\u2014the chance to boast of their cybersecurity bona fides.<\/p>\n<p>Multiple surveys indicate that consumers will reward\u2014and punish\u2014businesses <span style=\"color: #0000ff;\"><u><a href=\"../../../https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/the-consumer-data-opportunity-and-the-privacy-imperative\" target=\"_blank\" rel=\"noopener\">based on how responsibly they handle data<\/a><\/u><\/span>.<\/p>\n<p>This means businesses that choose to fund robust cybersecurity programs can also use their investment as a marketing tool, as well. Businesses can do this by detailing the lengths they go through to protect and respect customer data, which helps to build consumer trust and loyalty over the long term.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"4_Ensures_Business_Continuity\"><\/span>4) Ensures Business Continuity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Robust cybersecurity helps to safeguard data, but that&#8217;s not all. It also helps to ensure business continuity. The average business, when faced with a threat like a <a href=\"../../../../all-about-ransomware-attacks/default.htm\" target=\"_blank\" rel=\"noopener\">ransomware attack<\/a>, now experiences 20 days of downtime.<\/p>\n<p>That means a complete halt to all revenue-generating operations. It&#8217;s the kind of downtime that can threaten the very existence of many companies, or at the very least, put them in a difficult financial situation.<\/p>\n<p>Since a comprehensive cybersecurity program includes complete backup and disaster recovery capabilities, it not only reduces the odds of a cybersecurity incident but also dramatically shortens the downtime involved if one occurs.<\/p>\n<p>In many cases, the downtime avoided alone can more than justify the costs of the cybersecurity spending that went into the program.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"5_Prevents_Financial_Loss\"><\/span>5) Prevents Financial Loss<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Downtime isn&#8217;t the only problem that comes with threats like ransomware attacks. Most of the time, such attacks come with a demand for ransom in exchange for regaining access to business data locked in the attack.<\/p>\n<p>Most attackers pair their demands with the threat to release the business&#8217;s data or sell it off to the highest bidder if they don&#8217;t pay. That threat is enough to coerce many businesses to pay whatever ransom the attacker demands.<\/p>\n<p>There&#8217;s a problem with that, however. First, around 80% of businesses that pay ransoms to regain access to files end up <span style=\"color: #0000ff;\"><u><a href=\"../../../https://www.securityweek.com/it-doesnt-pay-pay-study-finds-eighty-percent-ransomware-victims-attacked-again/default.htm\" target=\"_blank\" rel=\"noopener\">getting re-victimized a second time<\/a><\/u><\/span>. Plus, a staggering <span style=\"color: #0000ff;\"><u><a href=\"../../../https://www.forbes.com/sites/daveywinder/2021/05/02/ransomware-reality-shock-92-who-pay-dont-get-their-data-back/@sh=2be77a59e0c7\" target=\"_blank\" rel=\"noopener\">92% of targeted organizations<\/a><\/u><\/span> don&#8217;t regain access to all of their data even if they do pay.<\/p>\n<p>The result is a never-ending spiral of financial losses. A robust and well-executed cybersecurity program is the best\u2014and only way\u2014to eliminate the possibility of that happening.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"6_Protection_of_Intellectual_Property_IP\"><\/span>6) Protection of Intellectual Property (IP)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For modern businesses, innovation is the lifeblood of bottom-line success. It means succeeding at developing new products, services, or workflows that competitors can&#8217;t imitate.<\/p>\n<p>All of that innovation, though, generates trade secrets\u2014 critical IP\u2014that businesses must protect at all costs. However, businesses, particularly in the US, struggle with doing that.<\/p>\n<p>One of the key reasons for that is the fact that most IP these days is digital. Gone are the days when a single engineer might keep the secrets of an industrial machine or process in their head.<\/p>\n<p>Instead, that data&#8217;s stored in digital form, where it&#8217;s vulnerable to theft and inadvertent disclosure.<\/p>\n<p>This makes a comprehensive ongoing cybersecurity effort an absolute must for businesses of all kinds, lest they lose control of their critical IP or other intangible business assets.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"Main_Cons_of_Cyber_Security\"><\/span><span style=\"text-decoration: underline;\">Main Cons of Cyber Security<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Of course, if maintaining cybersecurity were simple or cheap, every business would do it. Here are some of the main cons that dissuade businesses from making critical cyber security efforts.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"1_Cost_To_Implement_and_Maintain\"><\/span>1) Cost To Implement and Maintain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The main drawback of business cybersecurity programs is cost. It&#8217;s not cheap to purchase, integrate, and maintain all of the hardware and software systems required to safeguard data and infrastructure assets.<\/p>\n<p>Nor is it inexpensive to pay for the expertise required to defend against well-armed threat actors.<\/p>\n<p>When weighed against the costs of a successful attack, of course, the costs are insignificant.<\/p>\n<p>That doesn&#8217;t free the business, however, of the need to make major capital expenditures upfront. And when cybersecurity investments succeed in their aims, the losses they prevent remain theoretical, making justifying those investments difficult, at best.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"2_Difficult_To_Find_Cyber_Security_Experts\"><\/span>2) Difficult To Find Cyber Security Experts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Since cybersecurity&#8217;s a critical concern for every business all over the world, there&#8217;s intense competition for cybersecurity experts within the labor market.<\/p>\n<p>In addition, there&#8217;s a persistent shortage of qualified cybersecurity experts available to hire. Worse still, the shortage keeps growing.<\/p>\n<p>In 2022, the so-called cybersecurity skills gap grew dramatically, with <span style=\"color: #0000ff;\"><u><a href=\"../../../https://www.infosecurity-magazine.com/news/cybersecurity-workforce-gap-grows/default.htm\" target=\"_blank\" rel=\"noopener\">a reported 26.2% gap<\/a><\/u><\/span> between available cybersecurity positions and the number of qualified applicants worldwide.<\/p>\n<p>It&#8217;s a situation that often leads businesses to engage in costly bidding wars over top talent. And when they win, their reward is higher-than-expected overhead.<\/p>\n<p>And when they lose, they end up going without the critical skills needed to safeguard their data and digital systems.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"3_Makes_Business_Operations_More_Complex_and_Difficult\"><\/span>3) Makes Business Operations More Complex and Difficult<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another disadvantage associated with having robust cybersecurity measures in place is that it makes business operations more complex and difficult.<\/p>\n<p>The need to control which employees can access which data and which systems can connect to which parts of the public internet makes barriers to use all but inevitable.<\/p>\n<p>Also, maintaining cybersecurity means educating employees on common threats and best practices.<\/p>\n<p>That&#8217;s the only way to try and make certain they don&#8217;t end up circumventing the business&#8217;s carefully-constructed digital defenses. Those efforts, although critical, are often time-consuming and can harm productivity in both the short and long term.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"4_It_Requires_Constant_Monitoring\"><\/span>4) It Requires Constant Monitoring<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The final major con associated with business investment in cybersecurity measures is that there&#8217;s no set-it-and-forget-it type of solution available.<\/p>\n<p>Cybersecurity software and hardware requires constant attention and monitoring and isn&#8217;t the kind of thing that the business can buy once and use forever.<\/p>\n<p>With a constantly-evolving threat landscape to deal with, cybersecurity specialists have to remain vigilant at all times.<\/p>\n<p>This includes making adjustments to the business&#8217;s cybersecurity posture and defensive measures as necessary.<\/p>\n<p>And although there&#8217;s a fair amount of automation technology making its way into current-generation cybersecurity solutions, it&#8217;s unlikely that there will be any performant hands-off cybersecurity solutions available anytime soon.<\/p>\n<h2 class=\"western\"><span class=\"ez-toc-section\" id=\"The_Takeaway\"><\/span>The Takeaway<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the end of the day, businesses don&#8217;t have the option of ignoring cybersecurity unless they don&#8217;t plan to remain in business for very long.<\/p>\n<p>However, they do still need to balance the costs of the cybersecurity measures they undertake against the specific risks they face and any security obligations imposed on them by law.<\/p>\n<p>By understanding the relative pros and cons detailed here, it should be far easier to have productive discussions on the topic.<\/p>\n<p>It should also help decision-makers to come up with reasonable accommodations that take both sides of the cybersecurity equation into account.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businesses today face a daunting cybersecurity challenge. With almost every aspect of the average business&#8217;s operations either partially or fully digitized at this point, a single misstep risks disaster. To stay safe, businesses must take steps to safeguard their data and keep multiple threats at bay. The costs of failure are staggering. In the US, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":14823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[158],"tags":[],"_links":{"self":[{"href":"14820"}],"collection":[{"href":"../posts"}],"about":[{"href":"../types/post"}],"author":[{"embeddable":true,"href":"../users/6"}],"replies":[{"embeddable":true,"href":"../comments@post=14820"}],"version-history":[{"count":5,"href":"14820/revisions"}],"predecessor-version":[{"id":14832,"href":"14820/revisions/14832"}],"wp:featuredmedia":[{"embeddable":true,"href":"../media/14823"}],"wp:attachment":[{"href":"../media@parent=14820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"../categories@post=14820"},{"taxonomy":"post_tag","embeddable":true,"href":"../tags@post=14820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}