How a Strong Cyber Security Posture Can Grow Your Business
You might not think that cyber security and attracting new clients go hand in hand, but as it turns out there’s a very strong correlation between the two.
Think of it this way - one of the main factors in any business relationship is trust. Your clients, partners, donors or members all need to trust in your expertise and your mission.
They’re also trusting you to keep their sensitive information safe.
We’ve all heard of big companies such as Yahoo and Equifax who lost the trust of millions of customers due to significant data breaches.
And then there are the smaller organizations that have literally had to shut their doors after being hit – 60% of them, according to Verizon’s Data Breach Investigations Report.
Data Privacy is the No. 1 Issue that People Want Fixed
Barely a week goes by when we’re not hearing about how consumers are losing trust in high profile companies when it comes to protecting their privacy.
Consumers (your clients) are increasingly aware of the risks, and report privacy as a major concern ahead of health care, education, job creation and gender equality.
The ethics and business models of many previously trusted organizations are now being questioned:
Is Facebook selling my personal data?Is Google reading my Gmail?Is Amazon Alexa recording my conversations?
(In short, yes, but we’ll leave that topic for another time.)
Your clients and prospects are increasingly looking to companies for protection. In fact, many of them are actually willing to pay a premium for it.
And yet despite this escalating crisis, most organizations are still burying their heads in the sand when it comes to cyber security protection.
Rethinking Cyber Security as a Competitive Differentiator
But what if we changed the conversation?
What if we viewed creating a strong platform for cyber readiness as a business enabler instead of a necessary evil?
A 2018 report by Vodafone found a very clear correlation between business growth and a focus on cyber security. According to the report, 86% of high-growth companies now see information security as an enabler of new business opportunities, rather than a means of defense.
Here are the key stats:
89% of businesses said that improving cyber security would enhance customer loyalty and trust
90% said it would enhance their reputation in the market
89% said they felt better security was a competitive differentiator
First Mover Advantage with a Cyber Ready Position
Only one in four businesses globally is considered “cyber ready.”
This isn’t a surprise when you consider how complex security is becoming, with new challenges popping up from technologies such as cloud services, remote working and IoT devices, coupled with the constant emergence of new threats.
However, the companies that had baked security into their values, products, services, and messaging were capturing more market share than their competitors.
The Vodafone report concluded that there was a notable correlation between cyber readiness and business performance, and winning organizations were harnessing cyber security to drive growth and differentiation.
Most businesses are being slow to react.
What’s your next step?