Why cybersecurity is an opportunity and not a cost
Three reasons why cybersecurity should be viewed as a potential business differentiator.
Did you know that there is a strong link between security and business success? And yet, even though business leaders say they see the correlation between cybersecurity and business benefits, only 24% of organisations are truly ‘Cyber Ready’ today (according to the Vodafone 2018 Cyber Ready Barometer) – meaning adequately equipped to deal with the threats inherent in the digital landscape.
This means most organisations aren’t listening to their own instincts and prioritising investing in security to the degree they should be. So to validate business leaders’ thoughts, we’ve put together three reasons why cybersecurity should be viewed as an opportunity and not simply a cost.
1. Enable innovation
The digital age has brought us many new technologies and working practices, which have driven operational efficiencies and opened up new sources of revenue. Businesses are taking advantage of this through the use of multiple cloud technologies, Internet of Things (IoT) devices and ‘bring your own device’ policies in the workplace. The benefits of using new forms of technology and ways of working are numerous, but they also bring greater vulnerability to your business from a cybersecurity standpoint. IoT, for instance, allows you to turn everyday objects into sensors, helping you to understand customer behaviour and experience. But each connected object must also be effectively secured.
Inherently good cybersecurity practices allow you to make use of the best new technologies on offer, driving speed and efficiency within your business and helping you to stay ahead of your competition. And aside from enabling you to bring more innovation in, cybersecurity also empowers you to develop more innovative techniques yourself. Protection from cyber threats and a pro-active security mindset can give your organisation a sense of confidence. It puts you in a posture that says you’re confident and ready for anything because security is always a key consideration – this is a vital component of allowing employees to think and innovate freely.
2. Improved stakeholder trust
According to the Cyber Ready Barometer, the higher an organisation’s ‘Cyber Ready’ metric, the greater the level of trust they will receive from stakeholders.
Customers feel more confident relying on businesses that are known to have strong cybersecurity defences in place. And a strong reputation among customers and the public leads to better business performance, which is good for stakeholders.
There’s also the fact that other stakeholders, like shareholders and employees, know the business is less likely to be affected by an embarrassing and costly hack – like those plaguing big corporations in the last year. The research found 77% of employees and IT and security decisionmakers from businesses of all sizes believe being confident in their security helps their organisation be ready for the future. Cybersecurity is key to making people feel certain about the future success of your business.
3. Customers value cybersecurity
The majority of consumers surveyed stated they are willing to pay extra for more secure services and devices.
Again, it comes down to a sense of confidence. Consumers want to feel that they can go about their business safely while they’re online – and they are willing to invest in that sense of security. Businesses, particularly small businesses, can capitalise upon this. But the consumer desire for security is not widely known: the Cyber Ready barometer reveals that only 27% of small business respondents expect financial benefits from being able to charge a higher price for better cybersecurity.
For nimble, secure, smaller businesses, focusing on becoming Cyber Ready and using it as a differentiator could be a big opportunity to pull ahead of less ready rivals.
A value investment in the future
Cybersecurity should be seen as an opportunity and a value investment rather than just a cost. Getting it right brings about numerous business benefits by enabling innovation in the organisation and through new technology. And the sense of confidence that being Cyber Ready instils in everyone – stakeholders, the public and the customer – is not to be overlooked. Consumers are happy to pay a premium to feel secure and stakeholders find it easier to trust the business.
It’s clear that adopting the right mentality, focusing on readiness and resilience, and prioritising cybersecurity investment alongside other revenue streams is an indispensable foundation for business success – now and, especially, in the future.
Vodacom Security Solutions have all the key components to promote your business IT Infrastructure to be safe and secure, preventing unauthorised access and managing threats. Vodacom provides end-to-end security solutions, leveraging skilled resources and cutting-edge technology to secure IT systems and networks.