by Dominic Vogel, Chief Security Strategist, Cyber.Sc
Cyber Security is understandably thought of as a largely negative subject. We speak quite a bit about cyber attacks and data breaches, litigation, regulation and other post breach realities such as loss of customers and reputation. Cyber Security itself is widely perceived as a cost center or sunk cost which doesn’t produce an immediate return on investment. Today we would like to talk about the positive aspects of Cyber Security; how investing in proper cyber security is a business enabler which results in higher revenue for your organization. As we have said in a previous article (Cyber Security & The Value of Your Sensitive Data): “If you want to grow your market share, reach your business goals or just simply be able to maintain your everyday business operations and survive, then cyber security makes good business sense.”
It seems like almost everything is, or can be, connected to the internet. The ‘Internet Of Things’ and the Cloud are two realities that are rapidly increasing the rate of change in the way we do business. Each new smart device we bring online — smart phones, tablets, TVs, cars, thermostats, HVAC systems, refrigerators, medical equipment, FitBits etc. — gives convenience which can be leveraged by the end-user and data that can be leveraged by business. There is so much data that business can harvest and harness to understand their target customers and market their products more effectively. As more commerce is transacted on the internet, the global economy is increasingly taking place online. Traditional ‘brick-and-mortar-only’ businesses are on the decline while the number of online businesses are increasing. Operational efficiencies for businesses are also expanding with the combination of massive online platforms and the IOT.
Cyber Security ROI
From a security standpoint, with the number of connected devices rapidly on the rise, the number of access points for cyber crime is rising in direct proportion. This means that the ‘attack surface’ for cyber criminals is expanding every day. This is an obvious defensive motivation to invest in a good Cyber Security program, but there are also multiple positive, or ‘offensive’ reasons to do so. Your customers appreciate the technology-enabled products and services you are able to offer them. The ability to launch these products and service and the continued availability of the enabling technology is made possible by effective cyber security.
If your information, networks and business partners are secure, then your critical business processes are protected. This protection gives you the bandwidth to be proactive and focus on business development. Proactive and effective Cyber Security becomes a business enabler which creates business opportunities for growth. When you demonstrate, and even advertise, your cyber resilience, you can deepen trust with your clients and customers. You can then create new opportunities out of this level of trust to bring more useful products and services that your customers appreciate. When you meet and exceed customer expectations, the customers win, your revenue increases and you win.
Having a mature cyber security posture is also a difference maker in RFP and M&A scenarios. If you are putting out your services for tender or if you are an acquisition target for a larger organization, being secure as well as compliant with regulatory requirements gives you an important edge. When prospective investors and clients are looking at a secure company to partner with versus an organization with questionable security, they will choose the company who has taken proper security measures (all other things being equal). Although situations like these are disappointing and potentially devastating for the companies that get passed over, this is a life-changing advantage for the organization with foresight to pay close attention to their own cyber security posture.
Rapid Risk Reduction
At Cyber SC, we understand the limitations and budget constraints organizations face. We focus on quick wins in the short term as well as the mid and long-term, big picture security program maturity. This Rapid Risk Reduction with minimal amount of investment translates to a higher ROI for our clients. Not only does cyber security keep you up and running and in business, it lets you GO ON THE OFFENSIVE to grow the business and gain market share.