Cybersecurity as a Competitive Advantage

Back in 2018, a survey by PwC found that there is a distinct shift in how organizations view cybersecurity, with forward-thinking businesses understanding that an investment in cyber and privacy solutions can facilitate business growth and foster innovation. Since then, the trend has only strengthened and received affirmations from companies and their customers alike.

In fact, in today's highly saturated market, many customers view the security of their data as a differentiating factor, driving their decisions to stick with a particular brand. To this end, a survey by Ping Identity found that 78% of respondents would stop engaging with a brand online and more than one third (36%) would stop engaging altogether if the brand had experienced a breach.

Here are a few ways your business can use cybersecurity to move the needle across a number of verticals that directly affect the bottom line:

• Gain or retain more customers - show customers that you take the security and privacy of their data seriously by proactively safeguarding it via strong data encryption, comprehensive policies, and a solid account security framework.

• Build stronger vendor relationships - let your business partners, supply chain partners, and vendors know that you won't be the source of their third-party breach by obtaining security certifications like ISO27001 or SOCII, and by issuing comprehensive Letters of Attestation from your audit or penetration testing provider every time you conduct a test.

• Improve image - actively advocate your commitment to cybersecurity and privacy on social media, and incorporate the messaging into your press releases or public appearances.

• Fulfill regulatory obligations - don't wait for an expensive and disruptive audit or massive direct and indirect financial penalties by knowing why and how you need to be compliant with dozens of vendor-specific, regional and national regulations, ranging from PCI DSS to FFIEC or HIPAA (USA), and PIPEDA or PHIPA (Canada).

Do you agree, or are we grasping at straws? Let us know in the comments.