Quantifying cyber costs versus return on investment

While some organizations have well-developed cybersecurity strategies and programs, most think they have adequate processes in place, and many more still believe they are not a target for cybercriminals. Those who think they have appropriate programs and those who think they are not targets have little to support their current comfort level, other than they have not yet experienced any discomfort. However, it may already be too late when they do encounter a cyber incident, which is inevitable. According to IBM’s Cost of a Data Breach Report 2021, the average cost of a data breach in the United States is an alarming $8.64 million.

Many small businesses would not survive such an expense, and larger businesses that can take on such a big expense would still feel a painful financial impact. In addition to the financial loss, other costs include direct and indirect losses following a cyberattack and/or data breach. There can...