Though security is important to every little thing but many people avoid taking the required security measures because they feel that it’s just the add-up cost to their budget and nothing else. Taking the security measures from the very start to avoid any threat will cost you initially but the benefits come later and they are can’t be ignored.
Let’s discuss the pros of the security measures first and the costs of security later.
Benefits of Security on the Economy:
Security measures do help in increasing the quality of security and helps a lot in mitigating the negative impact of crime on economy. The security measures if taken seriously then it will decrease the impact of the criminal activities and it does change the behavior of the criminals as well by discouraging their efforts. The security measures if taken for the anti-crime purposes, it will increase the cost of the crime and so the rate of crimes decreases as well. The security measures have both the direct and indirect benefits for the one who take those measures.
Direct Benefits of Security
The direct benefits of increasing the security measures are:
- The crime rates are decreased in the economy.
- The crimes are shifted from robberies to a burglary which is less damaging as compared to robberies.
- International trades are increasing.
- The tourism is also increased which directly have the positive impact on the economy.
In-Direct Benefits of Security
The increased security measures have the following indirect benefits:
- It reduces the insurance premium indirectly.
- The cost of hiring a police officer decreases.
- The economic income is increased when the tourist start to visit your country greatly.
- The criminals find it hard to do any crime when they see it costly.
- A decrease can be seen clearly in the percentage of migrates who change their homes because of the increased crimes.
Cost of Security Measures:
The security measures have both the direct cost and the indirect cost to the economy.
Direct Cost of Security Measures:
The magnitude of the direct cost of the security measures is significant but it can’t be recorded in the terms of financials. The reason behind this is that we take the security measures for the multiple purposes and are not sure that what particular purpose will cost you what if you take the security measures for that purpose. In-short you can’t translate the actual price of the measure if taken for the multiple purposes.
- Preventive measures deploy the property crimes and vandalism. According to a study the total security measures cost you like 3 billion euro and even more than that.
- The cost of security measures taken for the privately owned buildings is way more than the others.
In-Direct Cost of Security Measures:
The security measures will indirectly cost you as:
- The late delivery times due to the tight securities.
- The trading cost increases by deadly percentages.
- The high security measures are just costly because no matter how much you put your efforts in the security measures, you still have the threats.
- As per a study neither private nor public spending has the positive impact on the economy if looked closely.
So it’s good to take the security measures for the safety but keep in mind that besides benefiting you in several ways it also is costing you a lot.