(and create very happy customers)
There are certain universal truths about how to build a successful business and create happy customers: Have a clear and impactful mission statement. Offer products and solutions that add value. Listen to the customer and address their needs. Be one step ahead of the ever-changing tide that is innovation.
These are simple truths that the most successful companies embrace and achieve daily. Business needs and market opinion change rapidly and frequently, but there is one concept that has never gone out of style or fallen out of societal favor: security.
TL;DR
Let us lay it all out on the line: It’s a bit crazy to not have a cybersecurity plan in place if you want to succeed in business in 2019 and beyond.
However, did you know that cybersecurity can do much more than just keep your client’s data safe and protect your classified business information? Cybersecurity can be leveraged to maximize your daily profits and build your business.
Banking on Change
People like to know that their investments and property are secure, and as such, businesses who provide that level of security and comfort to their clients tend to become wildly successful.
Once upon a time, banks would brag about their bigger, stronger, and bolder bank vaults. The banks that offered the best vaults typically got the most customers.
As times changed, the vaults became less the focus, and then the mental security of Federally insured banks became the emphasis. Then, as technology took over our world, the banking system had to find a new way to offer security to their customers in order to keep their business, and slowly but surely, the data security field exploded.
Cybersecurity is the modern version of the big vault: If you can show that you have the strongest and most impenetrable cybersecurity plan, your business will benefit.
Bigger Protection, Bolstered Accounts
According to various reports, the WannaCry ransomware attack of 2017 cost companies a total of 4 billion dollars worldwide. That 4 billion dollar damage represented businesses, healthcare facilities, financial institutions, and educational systems – organizations that typically brag about being focused on providing the highest levels of security.
In addition to the money lost in the ransom attacks, a large amount of that 4 billion dollar damage was also from clients terminating their accounts and agreements with the businesses that had been attacked.
Today, in order to keep your business thriving and capture new clients while retaining your old ones, you simply have to do more. Clients are looking for the cybersecurity equivalent to the big, fancy, impenetrable vault from banking days of yore.
Customers are seeking security, and the more they trust their information is safe, the more they’re willing to spend. Investment in cybersecurity dramatically increases customer loyalty.
According to PWC’s 21st CEO Survey, nearly 90% of CEOs also say that they believe investing in cybersecurity will build trust with their customers, and the surveys among clients confirm that belief.
Repeatedly, customers are expressing their exclusivity to businesses that are focusing on security their private data and money.
71% of executives say that cybersecurity concerns impede innovation in their organization
Faster Adaptation, Speedier Growth
So how can not having a quality cybersecurity plan in place can be holding your company back? According to Cisco Cybersecurity, 71% of executives say that cybersecurity concerns impede innovation in their organization. When a business is stymied by cybersecurity issues, their ability to innovate and revolutionize is stunted.
Companies that are spending the majority of their resources fighting off data breaches and various cyberattacks are not companies that are spending their resources on product development and growth. Looking to the future of the business can seem impossible if your business is spending the majority of it’s time dealing with the fallout of another cybersecurity blunder.
When the worry and stress of cybersecurity is lifted from an organization, its energy can be focused in a more productive manner and allow for newer, fresher, and more visionary products and services to be created.
As your business is able to create new groundbreaking offerings to your clients, your business has more ability to grow and thrive.
Stronger Systems, Happier Staff
Turnover cost is one of the least recognized financial black holes for every business, regardless of size. Millions of dollars are lost every year to employee turnover, and only recently have companies started to address this massive profit-drainer.
Companies are now realizing that simply offering a paycheck and benefits isn’t enough to retain an employee. Employees are seeking more than just financial and health benefits, they are looking for purpose, respect, and recognition in the workplace. Whether you agree with the new demands of the modern worker is neither here nor there, the reality is that failing to ensure your employees are appreciated and respected can result in a large turnover rate, and that can tank your bottom line.
Again, much like with customers, security is a factor. An employee who has to spend hours focusing on whether or not a new piece of software is safe, or worried about falling victim to a phishing attack is not accomplishing their job, and as such, are less likely to be satisfied in their work, or as productive as they could be.
By having a solid cybersecurity plan in place, pressure is taken off employees of the company so they can focus on what they do, and not on whether the email they are about to open is a virus or if the trial software they want to download for a project has malware.
Employees are given the autonomy to use their technology in the way they see fit to help move the business forward, while also having the security of knowing the company has systems in place to keep their data and their efforts safe.
More than just a necessity for your business in the modern world, cybersecurity can be used as a tool to raise profits, innovate faster, and reduce employee turnover, all which can boost your business and your profits to the next level.
There’s still opportunity when security fails
All that said, the general notion is that a security breach will inevitably cause a loss of consumer confidence and an increase in churn, but that doesn’t have to be the case. A well handled security breach can still be an opportunity to boost brand equity.
Take the case of Cloudflare, the CDN provider was subject to a significant breach back in 2017, and due to its ability to respond quickly and inform the issue to their users quickly along with their mitigations plans they were able to add value to their brand as being honest, transparent, and quick to respond to difficult situations.
If your business is on top of its security, and aware of flaws before they can cause damage, then you have an opportunity to position in a more positive light in the minds of your customers.
Hackmetrix is a tool that helps businesses keep their data and their customers’ secure by scanning for over 500 known vulnerabilities and delivering an actionable report with descriptions of all issues found and tips on how to fix them. You can sign up for a free account and try our service out today at hackmetrix.com.