It has never been more important to keep confidential data and their security. For decades, businesses have tried to prevent hackers and other bad entities from gaining access to sensitive data.

In fact, four out of ten companies (39%) reported in 2021 and, as in previous years, hacking or attacks in cybersecurity, it is higher among medium-sized businesses (65%) and large businesses (64%).

At best, cyber attacks damage the company’s brand and force it to make official public statements. At worst, serious business-critical data could fall into the wrong hands, and business could collapse because of the cost of recovery after a hack. Thus, cybersecurity has become an existential issue for organizations, and while the temptation to view it as a necessary evil, it should not be. In fact, cybersecurity can catalyze business growth.

Cybersecurity is a strategic asset

The average cost of a company in the UK to recover from cyber-hacking is 3 million pounds, according to Fr. A study by the Ponemon Institute. Worse, the impact on a company’s sales revenue is difficult to quantify, as it can affect their brand and reputation, customer loyalty, and the potential legal and regulatory impact that needs to be managed.

Cybersecurity, if done correctly, can be more a source of value and a service center than a cost center for a business. Thanks to a robust security strategy and investment, it is becoming a strategic asset that will promote competitive advantage. In addition to keeping the company’s business operations healthy and stimulating innovation, a strong cybersecurity foundation strengthens customer loyalty and trust, positively impacting the company’s reputation and brand. Reduced financial and risk as well as greater resilience to cyberattacks means that businesses are much more likely to resist attack and allow operations to continue.

Customer data is digital gold

As companies collect, process, and store large amounts of consumer data, it is important for a business to have a “data-driven” view of security and privacy regarding how it builds its security program. There needs to be a paradigm shift to view the data stored and processed as pure digital gold that needs to be protected. The company needs to focus on who has access to it, what they are allowed access to, where to store it and how to securely protect it. Such protection of critical assets and data positions the company as a leader in the security market and builds its reputation as one who internally cares about the security and privacy of its customers ’data.

Companies that can demonstrate leadership in protecting customer data (through a security and privacy approach to design) will gain a clear advantage over their competitors. The data should be considered as an invaluable asset. Today, customers are making it increasingly clear that the security and privacy of their data is paramount to who they do business with and to whom they trust their most valuable data assets. Thus, cybersecurity is becoming a key factor in companies gaining the trust and loyalty of their customers.

Creating an environment for innovation

It is important to understand what internal business partners are trying to achieve so that they can provide security as a service and enable product and development teams to quickly and safely bring competitive products to market. Employees now feel confident knowing that the data they are working with is completely protected. They also know that by experimenting with innovative approaches to product development, they are not introducing new risks into their network or product.

Today’s cybersecurity solutions include cutting-edge technologies such as innovative cloud solutions, authentication and access management, and Zero Trust architectures. Managing your business in today’s cloud environment using the latest technologies that offer robust security features allows businesses to innovate and grow. They can operate on a more efficient scale, while at the same time ensuring that the organization achieves its strategic goals, enjoys cost savings in the long run and protects its critical assets and data.

Helping people prevent human error

It is important for businesses to have a close relationship with all remote employees regarding safety awareness. In order to bring as much awareness as possible about the different techniques that hackers can use for social engineering at home and in corporate networks, security topics need to be constantly discussed and debated. It is imperative that businesses create a climate in which all employees are free to ask a question, discuss a security issue or an ongoing event. The more this is discussed internally, the stronger the position of corporate security and the more resilient the cyberattack business becomes.

Security awareness should be an integral part of a company’s culture, so much so that it becomes interesting and engaging to all employees because one wrong click can lead to a disaster for a business. Integrating security into the company’s culture ultimately gives employees opportunities and assures them that they can work safely and innovate freely.

Cybersecurity at the heart of successful business

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