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Information security is quickly becoming a critical part of business operations. With more than 70% of your business now stored in the cloud or in a digital form, paying more attention to the security aspect of IT is more of a necessity than an option.
There is also the fact that businesses now face a growing number of cyber attacks on a regular basis. No business is too small to be a target; this alone should be a good enough reason to invest in cybersecurity for your business.
That said, good information security offers more benefits beyond data protection. If you are reluctant about investing in good information security, these next few benefits may change your mind.
Compliance = More Business
There are information security standards that need to be followed if you want to enter certain industries. The Payment Card Industry Data Security Standard (PCI DSS), for example, is the standard to follow if you want to work with companies like Visa and MasterCard.
PCI DSS may not be mandatory by law in Australia, but that doesn’t mean you should ignore it completely. Aside from not being able to work with global financial companies like Visa and MasterCard, lack of PCI compliance also lowers customer confidence level.
It is easy to see how complying with security standards can lead to more business for your organization. You are not only showing how serious you are about information security but also increases the confidence level of customers and stakeholders even before they do business with you.
Protection Against Business Losses
Speaking of confidence levels, the way information security policies get implemented across your organization also has a big impact on your credibility as a business. A single data breach can be catastrophic to your business, especially when it is caused by a lack of security measures.
A phishing attack may be simple enough to orchestrate, but one that isn’t mitigated properly can substantially harm your brand and your business. This post from FWI on Phishing attacks reveals how the simplest attacks can be harmful to your customers as well as your business.
Fortunately, there are steps to take in order to protect your business against losses caused by cyber attacks. The same article by FWI recommends getting employees and stakeholders involved in monitoring and reporting phishing attacks to prevent substantial damage.
A Competitive Differentiator
A strong information security policy and the implementation of that policy also acts as a catalyst that strengthens the relationship between a business and its customers. In a recent report by Vodafone, more than 80% of businesses acknowledged how information security attracts new customers.
When you show seriousness about protecting the customers’ – and your organization’s – interests, you are basically showing how much you care about them. This leads to the customers and potential customers trusting you more with their business, which then leads to a stronger relationship.
Good cybersecurity becomes a competitive differentiator. When a potential customer has two options of businesses to work with, and one has a better reputation in protecting their customers’ information, that potential customer is more likely to engage with the company that shows better information security track records.
As you can see, the benefits of cybersecurity go beyond data protection. There are psychological and financial impacts to be gained as well. At this point, making the decision to invest more in information security is not going to be difficult.