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Can Improving Your Company’s Cybersecurity Translate to Increased Revenue?

MoneyThe short answer is yes!  While most executives believe that cutting spending is the key to revenue growth, with security it is the opposite.  CIOs, CISOs and CSOs know this, but it is possible for CFOs and CEOs to learn this too.  Afterall, information, be it customer data, intellectual property or financial information, is a key asset to any business and needs protecting.  When it comes to cybersecurity, executives need to shift their perspectives and see revenue from the outside. For example, a data breach is a reduction of revenue, not just a cost to the business in fines. That’s because a breach results in loss of trust, proprietary information, and consumer confidence. On the other hand, investing in cybersecurity and breach preparedness creates trust, increases consumer confidence and promotes innovation – all generators of revenue.

What are some of the ways your organization can improve its cybersecurity posture to increase revenues? 

Culture

The simplest way is to start by changing the culture.  Make cybersecurity a part of your organization’s DNA.  The simplest way to start is from the top down.  When staff see that the CEO cares about Cybersecurity as much as the IT department, they will care also.  Openly integrating security into conversations and meetings, such as discussing the latest data breaches in the news and how they occurred, is a good way to highlight spear-phishing, malware and the social leaking of information, and about how to minimize threats without being preachy. Creating a positive company culture can also help to mitigate disgruntled employees and breaches.

Find a Good Partner

Another avenue to explore is to consider hiring an MSSP (Managed Security Services Provider).  A good MSSP will be a trusted partner, collaborating between security and IT.  If you don’t have the budget for dedicated IT staff, then a reputable MSSP can help you ensure that all devices are kept up to date with the latest firmware and security patches/releases. They can also perform critical vulnerability assessments on a regular, on-going basis to ensure nothing slips through the cracks. 

Proactive Planning

Planning for the absolute worst-case scenario is never a bad idea.  We all plan for fire drills at home and in our businesses, hoping we never have to use the “fire escape plan.”  The same can be said for cybersecurity.  It is helpful to have a plan to prepare for and to respond to a potential breach of data.  MSSPs can also be a help in this area as well. 

Uzado is an MSSP that can help your organization manage risk, assess and repair vulnerabilities, ensure compliance, educate employees and develop a breach response plan (BRaaS).  Isn’t it time cybersecurity became a priority?  The return on investment includes increased consumer and customer trust, innovation and growth. A strong cybersecurity posture protects valuable assets and creates a vibrant workspace where growth and innovation can prosper.  Want to grow revenue?  Contact Uzado today.

 

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