Businesses reliance on information systems have caused important information and systems to be vulnerable to the possibility of cyber-crime. This has led to the acknowledgement of the important role cybersecurity plays within companies today.
Regulations and standards such as GDPR have been created to help businesses protect their information.
But there’s a problem…
Businesses tend to only grasp the value of cybersecurity compliance when there is a security incident. According to the EY Global Information Security Survey 2018, more than three-quarters of businesses are likely to increase the resources available for cybersecurity after a significant security breach.
Without the scare of an incident, most businesses are unwilling to invest in the technologies and the processes that secure their organisation from cyber threats.
This way of thinking may cause businesses to miss out on the benefits of cybersecurity compliance.
Cybersecurity compliance can have numerous advantages which should be leveraged to help increase your reputation and profitability.
Here are five ways security compliance can help grow your bottom line.
- Reduce the financial risks of cyber-attack
A major reason for security breaches is the non-compliance of security standards and policies.
Adopting cybersecurity solutions that are in compliance is becoming the focus for adequately protecting your organisational information and systems.
In fact, a recent study by Bromium revealed that cybercriminals’ worldwide revenue is at least $1.5 trillion, the same as the GDP of Russia.
According to the World Economic Forum, cyber-attacks are seen as the fifth-greatest global threat.
Security incidents such as a data breach can hurt your organisation’s bottom line.
The worst part?
Many organisations don’t budget for these unexpected events. In fact, these additional expenses can have drastic impacts on the financial health of the organisation.
Therefore, ensuring cybersecurity compliance will allow your business to reduce the financial risks of a cyber-attack. As it’s more a matter of ‘if’, rather ‘when’ a cyber attack will occur.
- Protect your corporate reputation
Most businesses prioritise the achievement of a recurring revenue stream and building customer loyalty. As we’re sure yours does too.
Although an intangible business advantage, the impact customer loyalty can have on your business growth and profitability cannot be overlooked. This loyalty is built through customer trust and it requires that your business invests in its digital security.
“Lowering your overall risk creates a more stable environment… customers don’t like to deal with unstable organisations.” – Stephen Fried, vice president and CISO at People’s United Bank.
Cybersecurity compliance can play an important role in developing your business and your customers.
A business that invests the time to ensure their systems are secure and in compliance with regulation, but that also displays transparency will be able to build a great level of customer confidence.
By taking proactive steps to securing your data and systems within your business, you’re able to retain your customers’ trust, which is crucial to business sustainability.
- Protect revenue growth and your assets
Your organisation’s data and processes are of great value you, therefore, must ensure that these assets are protected in the same way your businesses protects any other assets.
Today, most organisations offer services online and any downtime caused by breaches will have an impact on your organisation’s bottom line.
The likelihood of this occurring can be reduced when your business ensures that they are compliant with current cybersecurity standards.
Your organisation’s cybersecurity strategy must detail business continuity as well as a disaster recovery plan. This detailed plan will ensure that you’re able to recover quickly from a security incident.
- Uplift your business profile
In the current digital economy, businesses need technology to serve their customers’ needs.
Cybersecurity can allow your organisation to uplift its business profile…
Differentiation is a crucial competitive advantage in today’s competitive environment. Businesses that ensure that they meet regulatory standards and security compliance, including relevant compliance certifications, are able to differentiate themselves from their competitors.
- Lower your risk and boost your agility
Even though cybersecurity helps businesses lower their risk, its role as a growth strategy must also be considered.
The global data traffic is expected to increase to 4.8 ZB annually by 2022, which will be generated by 28.5 billion networked devices.
As connectivity increases, so does the attack surface for hackers and cybercriminals. As businesses start to use newer and more complex systems, the complexity of their cybersecurity risk also increases.
Organisations that implement appropriate policies and adhere to cybersecurity compliance are able to act much faster than their competitors and better their agility
Businesses today rely on technology to run their operations, communicate with their customers and generate revenue.
However, many businesses see cybersecurity and compliance as a burden to their businesses which shouldn’t be the case.
Cybersecurity compliance can reduce incident management costs, increase agility, protect your reputation, your business profile and your revenue growth, it also has the ability to improve your organisation’s bottom line.
Are you ready to reduce your digital risk today? Why not schedule a call with one of our security experts to get you started ?