Counting the Costs

Reports from cybersecurity experts have shown that there has been an increase in the costs of cybersecurity. These costs have risen in two ways: through the expenses met to secure an organization through the purchase of security tools, and through the expenses incurred by an organization that has fallen victim to a cyber attack, such as regulatory compliance fines and a damaged reputation. Both of these expenses have economic implications. This is because security products and cyber attacks are almost evenly distributed. Similar cybersecurity products will cost almost the same, while the average cost of a breach will yield the same consequences in terms of direct financial loss, cost of litigations, and loss of customers. This chapter is going to look at both categories of expenses and explain why they have been going up, and what organizations can do to keep...