Cybersecurity is often seen as an inhibitor, rather than an enabler, for business. Business leaders can often make the mistake of thinking that more security equals more obstacles to success, but the truth could not be more different. In a digitally driven market, risk reduction allows a business to be more innovative and successful than ever before – giving them the agility to thrive in a modern market and survive its ever-evolving risks. By setting security as a foundation, companies can – and do – find success.
Businesses should be examining their security programs as a way to improve transparency and trust. A gateway for intellectual property and a wall against outside risk, a good security strategy could be all that stands between a business and catastrophe. Modern security practices enable increased transparency that allows for improved control over operations. Under new NDB and GDPR legislation, companies have to disclose data breaches and in doing so, have to take part in a conversation that facilitates collaboration in the security sphere. This allows business leaders to see what has gone wrong, how it was fixed, and what they can do to prevent a similar breach happening to them. Companies can no longer keep their security cards close to their chest – and that is a good thing. It enables transparency and agility, which allows companies to evolve in a way that ensures their relevance and security in the long term, and not just against current threats. The result is security strategies that are innovative in a digitally driven, data-saturated market.
Consumers drive this data saturation. Buyer motivations are shifting, and while risks escalate in frequency, they are also increasing in information value to. This erodes customer trust, and a business that does not have security at the foundation of their operations is not just putting themselves at risk of a breach, but they also risk losing the consumers that keep them afloat. Customers are becoming more educated about how breaches occur, and now prioritise business integrity when it comes to making purchases. What does this mean for companies? That trust is essential, and they must put security above all else. This translates into the appropriate collection, storage, and use of data – and the ability to continue doing so as new compliance and governance regulations come into effect. Digital trust is driving modern markets and is another reason why businesses should prioritise security and see it as a way to enable, rather than reduce, their success.
There are a few things to consider when examining a company’s security posture, however. This may include the number, type, and value of business assets, vulnerabilities related to a company’s industry, their use of the Cloud and IoT, past security breaches, current compliance, future goals, and more. Many companies do not know what their security posture looks like, let alone how to improve it and utilise it for success
Security is the cornerstone of success for business, not a stumbling block. A good risk reduction strategy should be at the heart of any company looking to innovate and grow in the immediate and long term.