When organizations think about cybersecurity, they often see it as part of their risk management strategy. After all, security is all about protecting the enterprise from external threats, preventing financial loss, avoiding reputational harm, and meeting regulatory compliance regulations. However, when implemented correctly, a comprehensive cybersecurity strategy can actually drive business growth and improve the bottom line.
The problem with cybersecurity is that organizations only realize its true value once an incident occurs. When everything is running smoothly, they are hesitant to invest in technologies and processes that protect their enterprise from cyber threats. Unfortunately, this conventional way of thinking could lead to organizations missing the benefits of a cohesive and visible cybersecurity strategy. Like every other invisible or peripheral service, information security can have various indirect advantages that enterprises can leverage to increase their market share, reputation, and profitability.
Build Customer Trust
Customer loyalty may be an intangible business benefit, but enterprises cannot discount the impact it can have on the growth and ultimate profitability of an enterprise. Loyal customers tend to spend more and also utilize the products and services of an organization repeatedly. As a consistent recurring revenue stream is the ultimate goal of any business, building customer loyalty should be a priority for any commercial enterprise.
Trust builds loyalty, and building trust requires organizations to invest in their brand. Cybersecurity can play a vital role in developing this goodwill. As data privacy is critical to customers, organizations that take the time to ensure their systems are secure and demonstrate transparency can build customer confidence. For example, by running regular security risk assessments, businesses reduce the threat of a data breach considerably. By taking this proactive approach and securing the data of their customers, enterprises can ensure they retain the trust and loyalty that is vital to the sustainability of their organization.
Elevate the Organization’s Business Profile
Every organization competing in today’s digital economy relies on technology to ensure it can serve the needs of its customers. However, by investing in cybersecurity, the business can also elevate its corporate profile which can help in marketing its services to new markets. As differentiation is the key to winning in a competitive environment, organizations that take the necessary steps to achieve the relevant compliance certifications can differentiate themselves from their competition.
Reduce Incident Management Costs
Security incidents hurt an enterprise’s bottom line. As most organizations do not budget for unforeseen events such as data breaches or malware attacks, these additional costs can severely impact the financial health of the business. By deploying cybersecurity solutions proactively, organizations can mitigate the financial and reputational risks of a data breach.
However, new malware variants and sophisticated hacking techniques continue to pose a threat even if the best cybersecurity solutions are in place. Enterprises should, therefore, plan for these contingencies and have an appropriate incident response plan ready. By making the necessary preparations, should a data breach or similar incident occur, the organization can react faster and reduce the potential cost impacts significantly.
Increased Agility Due to Reduced Risk
Competing in a digitally-driven and disruptive economy requires agility. As technology transforms the way we work and live, organizations need to keep up with the rapid pace of change that drives a market economy. However, as organizations start using new applications and systems, the complexity of their environment as well as their cybersecurity risk increases. By investing in cybersecurity technologies and implementing the relevant policies and procedures proactively, organizations can improve their security posture and consequently their overall agility.
Protect Revenue Growth and Assets
Information is the currency of the digital economy. The data an organization creates and processes has intrinsic value and organizations need to protect it as they would any other asset. Implementing a comprehensive cybersecurity strategy can help enterprises secure their intellectual property. In addition, as organizations need to have their services online, any downtime can detrimentally affect the bottom line. The enterprise cybersecurity strategy should, therefore, include elements of business continuity and disaster recovery to help the business rapidly recover from any incident.
Investing in Cybersecurity is Good Business
Organizations have grown to rely on technology to run their operations, communicate with their customers, and generate revenue. However, many see an investment in cybersecurity as a burden to their business which is not the case. A comprehensive cybersecurity strategy that involves the deployment of technologies and the implementation of policies and procedures can actually improve the bottom line. A visible information security approach can build customer trust, elevate the organization’s profile, reduce incident management costs, increase agility, and protect the enterprise’s digital assets.