How Having a Strong Cybersecurity Posture Increases Revenue
Having a robust cybersecurity posture is a must for any business that wants to retain its customer base, stay compliant, protect its assets, and increase its revenue. Cyber-attacks are on the rise and businesses are losing significant amounts of money from ransomware attacks, loss of productivity, and company downtime. These losses can be mitigated by having a strong cybersecurity posture in place and by working with a managed service provider like Tekscape. Our firm specializes in managed security services. When we begin working with a client, we put emphasis on the following six things.
1. Asset mapping
2. Assessment of vulnerabilities
3. Risk Remediation
4. Implementation of email protection, web browser protections, and malware defenses
5. Establishment of an incident response program
6. Penetration testing
All of the things listed above are meant to improve cybersecurity posture which will in turn increase revenue. You may think that cybersecurity should only be in place in larger businesses, but the truth is 46% of cyber-attacks impact businesses with fewer than a thousand employees. Cybercriminals don’t discriminate so being proactive about security is a must for any business. You may think that cybersecurity’s only purpose is to protect you from threats, but data is starting to show that having a strong cybersecurity posture increases revenue.
Read on to learn how having a strong cybersecurity posture increases revenue.
A strong cybersecurity posture builds trust and inspires customer loyalty.
Digital trust is defined by ISACA (Information Systems Audit and Control Association) as “the confidence in the relationship and transactions among provider and consumers within the digital ecosystem”. When your business implements a strong cybersecurity posture, it proves that you have “duty to care”. Duty to care means your business is trustworthy and that you genuinely care about data protection and how data breaches are handled.
Sixty-five percent of customers say that they lost trust in an organization after a data breach and twenty-seven percent discontinued the relationship with the organization going forward. When making the decision to hire a company’s services, customers will always choose the company who will handle their data correctly. For example, Consumer Goods listed these five cybersecurity capabilities as having the greatest impact on customer satisfaction in the retail industry.
1. Encryption of data
3. Use of advanced anti-malware tools for online shopping
4. Control over what customer data the retailer can store, and for how long.
5. The use of advanced data encryption on websites and apps
Strong cybersecurity measures drive a competitive benefit.
As we mentioned in the last paragraph, customers will be attracted to companies that abide by their duty to care. With the amount of data breaches that occur on a daily basis, customers always want to hire a company that makes keeping their data secure a priority. Having a strong security posture distinguishes your company’s brand and puts you ahead of the competition. Customer data has also shown that mobile security protection was ranked as the most important solution so be sure to consider this when implementing your cybersecurity policies.
Cybersecurity reduces downtime and remediation costs from ransomware attacks.
According to IBM, the average cost of a ransomware breach in 2022 was 4.5 million dollars. This does not include the average cost of the payout which increased to $258,000 in the same year. There are also costs associated with remediating the damage from a ransomware attack. According to Proven Data, the average cost of ransomware remediation is $622,596. Ransomware attacks also cause an average of seven to twenty-one days of company downtime.
The US alone saw a total cost of $159.4 million due to ransomware downtime and this is often the most expensive aspect of a ransomware attack. Well-trained staff will lessen the chance of a successful ransomware attack. Part of your security posture should be strict cybersecurity awareness training. Disaster recovery as a service (DRaaS) will also help because if there is a ransomware incident, all of your relevant data will be backed up to the cloud. There has been an increase in incidences where victims will pay the ransom but still never get their data back. With DRaaS, there is always a secondary place to access your data.
Cybersecurity keeps you compliant.
As cyberattacks increase, industries are becoming more regulated. Not maintaining security compliance can cost your company thousands in fines. If you have had trouble in the past keeping up with compliance changes, consider working with a managed service provider like Tekscape which can monitor these changes for you. We make sure your security meets the regulations of GDPR, HIPAA, and other privacy regulations. Staying compliant will not only save you money but portray your business in a positive light to customers.
Cybersecurity increases productivity and efficiency.
There is a popular saying that says “time is money” and having hardware that has been slowed down due to malware and other problems can certainly decelerate productivity. Keep your hardware safe and your staff productive by implementing the correct malware protection software. Keeping staff up to date on cybersecurity best practices will also help. This can be achieved through cybersecurity awareness training.
About Tekscape’s comprehensive managed cybersecurity
With our managed security services, you can rest easy knowing your workforce is safe no matter where they work. No matter where your team is working, they are protected 24/7. Our team of experts provides transparency on every potential breach within your company. Know when something happens the moment it happens. We can also help you get closer to meeting compliance standards with proactive security testing and assessments. Tekscape helps organizations build a roadmap to a more secure future. Learn what needs to be in place so that your company can meet compliance standards. Contact us.