It’s not surprising, but still unsettling, that 98% of breaches impacting small-to-medium sized businesses have a financial motive. With SMB data breaches costing an average of $3.31 million, it’s clear that an organization’s cybersecurity choices can have a significant impact on their bottom line.
The negative impacts of a security incident are obvious, but how often do business leaders associate their company’s security strategy with their profitability? After all, cybersecurity personnel and tools are just a cost center, right?
During our webinar, Using Security to Enhance the Bottom Line, we challenged these assumptions. So I invite you to learn from our knowledgeable presenters, Jo Peterson, Vice President of Cloud and Security Services for Clarify360, and the Chief Analyst at ClearTech Research, and Kim Kunzler, Regional Director at Perimeter 81, who dug into these and other key concepts.
Using real-world examples of organizations they’ve personally interacted with, Jo and Kim articulated practical ways that cybersecurity’s effects show up in a company’s financials. They also discussed how cybersecurity plays a role in business success, the potential cost savings and competitive advantages it offers, and the need for a strategic, risk-aware approach.
Here are just a few of the topics you’ll hear about:
Both of our presenters have witnessed first-hand the business value of strategic security tools and processes and are happy to share what they’ve learned. This includes positive direct effects such as opening up access to new markets and clients that require specific security standards, and reducing technology costs by consolidating security tools. There are also indirect benefits, like using automation to handle specific tasks, which frees up skilled personnel to tackle higher value activities. And, as the security team becomes more efficient and effective, morale gets a boost, resulting in lower turnover costs.
On the other hand, a deficient security program can lead to losses from a ransomware payout, liability costs, and even regulatory fines stemming from a data breach. Over the longer-term, indirect costs can include lost business due to lingering distrust of the brand, and the cost of recovering from a major data loss–if recovery is even possible. It’s essential to understand these potential consequences when assessing investments in risk management.
Beyond allowing you to tick a few more boxes on an RFP, a robust security program can give your company a competitive edge. While your nearest competitor might match up well in terms of pricing and product capabilities, being able to demonstrate your trustworthiness can help move you into the win column. After all, it’s becoming a zero trust world, where nothing–and no one–is trusted until verified.
Our webinar dives deeper into this area, including how compliance requirements and standards like SOC 2 and ISO 27001 come into play. Adhering to these frameworks not only helps you at audit time but is something you can proudly point out when pitching to prospective clients.
Business and security leaders don’t always speak the same language when it comes to cybersecurity strategies. As our webinar speakers highlighted, cybersecurity should be viewed as an investment in the business rather than an expense. It can provide a competitive edge, be an enabler of regulatory compliance, and deliver access to new markets or clients.
Attendees from the “business” side will walk away with a better understanding of the financial benefits, while IT and security attendees will take away some useful data points and examples that will prepare them for the next time security budgets are being scrutinized.
You can watch the webinar on-demand here.
