There is no debating that cybercrime is a growing threat with daily incidents and worldwide headlines as countless organizations are compromised. As a result, cybersecurity has become an accepted cost of doing business. Interestingly enough, the cost of managing the risk, for businesses, is quickly being approached as an investment rather than an expense, and that is good news for everyone.
Any organization’s customers as well as their vendors, suppliers, and stakeholders are now considering the cybersecurity profile of a business before deciding to work with them. Cybersecurity has advanced to become an integral business element that not only encourages market expansion but enhances company revenue. This integration has become so prevalent in business initiatives that customer acquisition, enterprise valuation, investment opportunities and other business objectives rely on an organization’s ability to demonstrate a sound cybersecurity posture.
Managing Risk: Cybersecurity Culture
It was once believed that an organization’s IT department was charge of all things’ cybersecurity, however this paradigm no longer serves business owners. Cybersecurity must now include everyone with access to company data. How clear this understanding is across industries is an important consideration for all businesses.
While complete adoption of a cybersecurity culture may take years to develop, these initiatives cannot afford to wait that long. In order for any organization to operate a highly successful cybersecurity strategy, everyone must share the same beliefs.
As discussed in previous Packetlabs blogs, employees often represent the weakest link within a a company’s high-functional cybersecurity strategy. Additionally, employees have been considered the low hanging-fruit for opportunistic threat actors. The main causes here are usually poor password hygiene and the lack of training and caution demonstrated when presented with malicious links or emails, for example. With a sound cybersecurity awareness campaign, this is preventable, however the caveat is this must translate to a commitment to change. Change, as most would agree, is one of the most difficult aspects involved in developing a company culture.
Demonstrating A Sound Cybersecurity Posture
Fortunately, this culture of security is a lot easier to adopt when all business leaders and business partners are involved. A security conscious marketplace can shake things up from the top down and from the bottom up.
Now, more than ever before, cybersecurity is no longer optional, it is a contractual requirement for all business transactions. There was once a time when cybersecurity was considered optional, an afterthought, or a drain on company budget, however there have been numerous shifts in the marketplace that prove a sound cybersecurity posture is actually a vital revenue enabler. Below is a compilatory summary of just how important it is for any business to demonstrate the cybersecurity fortitude.
As a Contractual Requirement: Clients no longer assume that a product or service is secure. Many clients are now demanding proof within the initial terms of contract development. At Packetlabs, a significant portion of our client-base seek out our penetration testing services to satisfy customer requirements.
Merger and Acquisition Requirement: When it comes to investments, or M&A initiatives, the process of evaluating a company’s cybersecurity posture is considered essential. After all, as seen in the Marriott Breach, poorly investigated acquisitions can do serious damage to financials as well as customer and brand confidence and trust.
Secure Solutions Requirement: To stay ahead of market concerns, more and more companies are building security measures into their solutions early in the development process. Today’s customers demand more from their business partners, and as a result, savvy business owners are now taking proactive measures and merging security into their business solutions before a customer has the chance to request it before the signing process.
Brand Preservation Requirement: Cybersecurity incidents and publicly exposed vulnerabilities can do serious damage to a brand and impede future revenue ability. Realizing this, many organizations have begun taking significant security precautions, beyond compliance, in an effort to defend against cyberattack. Penetration testing for brand damaging vulnerabilities before an incident can occur, and conducting security maturity assessments is now considered an investment in future revenue streams.
It is refreshing for any security-minded individual to see something so integral to core business function finally be given the attention it deserves. Moving into 2020, cybersecurity is now being perceived not only as an essential requirement, but also a revenue-securing component of any business model.
Organizations are encouraged to act now and reap the benefits of a strong security posture in a marketplace that now demands it. Gain the competitive edge over your competition and improve your bottom line by investing in penetration testing and a security maturity assessment to build a strong path to future success for your business.
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