Top 10 reasons Why Cybersecurity is important for an Organizations?

Here are 10 reasons why CEOs should care about cybersecurity or Cybersecurity importance for a growing organization? 

1. Cybersecurity is a competitive differentiator

Customers and clients no longer see privacy as merely an option in the business world of today; it has evolved into an expectation. Therefore, fostering a strong cybersecurity culture can significantly empower businesses.

This idea was articulated during the first Human Layer Security Summit by Mark Parr, the Global Director at HFW, who stressed the importance of developing a strong information security framework to establish credibility. The ability of a business to secure more projects or contracts is directly correlated with its reputation.



The results of Cisco's international survey of security experts and business executives show that Mark Parr is not the only person with this viewpoint. According to the survey, 41% of participants cited "competitive advantage" as one of the key advantages of investing in privacy measure.


2. Customer trust loss is the biggest impact of a data breach.

This year's surveys will focus on security leaders and ask them what the biggest consequences of a data breach would be. Surprisingly, the top response wasn't about loss of revenue, lost data, or penalties from the law.

Instead, the respondents' top worry was the decline in customer confidence. Data breaches have a negative effect on a company's reputation, making it extremely difficult to win back the trust of clients, customers, and even the general public. This is demonstrated by the fact that, on average, organizations see a 3.9% increase in customer turnover after a data breach.


3. You will inevitably enable your employees to perform at their highest level.

Not only is it advantageous for businesses to emphasize cybersecurity, but it also has a significant positive impact on employees.

This is justified by the fact that human error accounts for an astounding 90% of breaches. It's crucial to remember that these mistakes are almost never on purpose; instead, they typically result from staff members rushing to finish their work while putting security at the bottom of their priority list.

As a company, it is our duty to guarantee the accomplishment of our employees and give them the security they need to perform their jobs. By removing potential hazards, such as sharp objects from a child's environment, this can be accomplished. This strategy's useful example was shared by Bobby Ford, Vice President and Global CISO at Unilever, during Tessian's second Human Layer Security Summit. He drew parallels to how parents' child-proof their homes while allowing their children to learn to walk freely and safely. Similarly, we should create a secure working environment for our employees, allowing them to perform at their best without compromising security. 


4. Privacy investments can help shorten sales cycle times and increase operational effectiveness.

The Cisco global survey, as I previously mentioned, revealed additional advantages that business leaders and security experts derived from their investments in privacy and cybersecurity. Besides the "competitive advantage," the following benefits were also clear:

41% of the respondents said that having organized and catalogued data directly contributed to their operational efficiency.

37% saw a decrease in the number of sales delays brought on by client and prospect privacy worries.

These positive results have a very clear justification. Businesses are required to adopt a higher level of transparency due to the emphasis on data protection, privacy, and cybersecurity. Increased customer loyalty and improved organizational alignment are the results of this increased transparency.


5. The average price of a data breach is $3.86 million.

While the loss of customer trust and harm to a company's reputation as a result of a breach continue to be security leaders' top concerns, the financial consequences of such incidents cannot be ignored.

According to the Cost of a Data Breach report, which I just learned about, the average cost of a data breach is $3.86 million. This sum includes a variety of costs, such as:

  • Notification 
  • Detection and Escalation
  • Ex-post Response
  • Lost Business

It's important to remember that the amount mentioned does not even include potential fines levied by authorities, which could significantly increase the financial impact. It is important to comprehend the significance of this issue, particularly in light of the Return on Investment (ROI) of cybersecurity. 

Actually, the price of non-compliance is approximately 2.71 times higher than the cost of compliance. In other words, investing in preventive cybersecurity measures proves to be more cost-effective than dealing with the aftermath of a breach. The old adage "prevention is better than cure" rings true in the realm of cybersecurity.


6. Investigating and fixing breaches interferes with productivity

Companies invest an average of 197 days into finding a breach and an additional 69 days into containing it. Outside of the IT department, numerous departments, teams, and individuals are involved in this extensive investigation and corrective process.

The response effort involves a number of other departments, including the Legal, Compliance, Executive, Marketing, HR, and People teams. Stakeholder communications are handled by spokespeople, and external IT or security support may need to be brought in and integrated into the organization's operations.

The main effect of these post-breach activities is to divert the attention and focus of the talented people hired to do great things for the company. Such interruptions interfere with their routine processes, reduce productivity, and distract them from the broader mission of the business.


7. Data protection laws are only going to get stricter. 

When talking about compliance, it's important to emphasize that data protection laws are constantly tightening up, and enforcement organizations are getting more funding to make sure that data requirements are followed.

As a result, organizations across all industries will not only profit from strong cybersecurity programmes but also be required to implement them in order to fulfil their obligations.

It's wise to keep in mind that some sectors, like financial services, are typically five or more years ahead of the curve in terms of cybersecurity maturity. It is crucial for those who do not work in these sectors to pay attention to the priorities and worries of business and security leaders, as they can provide insightful advice and the best practices.


8. CEOs may be held personally responsible by 2024 for data breaches.

As was already stated, cybersecurity is crucial to any organization's mission. However, the security and IT teams are currently primarily responsible for cybersecurity. However, it is anticipated that this dynamic will change over the next few years.

Gartner predicts that CEOs will be held personally liable for data breaches by the year 2024. The CEOs of these companies will now be directly accountable for ensuring the security and protection of sensitive data within their organizations, which represents a significant shift in the way that accountability will be distributed.


9. Security culture is developed top-to-bottom. 

Similar to how it influences corporate culture, the C-suite is crucial in establishing an organization's security culture and must set an example.

Particularly important is the CEO's active participation in developing and personally executing the comprehensive security strategy. Why? Because the CEO can make a direct connection between cybersecurity and the business's goals, he or she can help employees understand why it is essential to the fulfilment of the organization's mission.


10. You possess a responsibility to your clients.

As was already mentioned, effective cybersecurity measures are essential for both attracting new clients and maintaining current ones. It is crucial to ensure the highest level of security because customers put their trust in you by disclosing their data, intellectual property, and confidential information.


Comments

Post a Comment

Popular posts from this blog

What are 8 CISSP Domains and How to Crack the Exam Like a Boss?

Image
Certified Information Systems Security Professional (CISSP) and it's 8 domains. The Certified Information Systems Security Professional (CISSP) certification is the gold standard and most sought-after information security certification for demonstrating knowledge in Cybersecurity. This validates the professionals' knowledge and experience in developing and managing security architects for the organization. The International Information System Security Certification Consortium (ISC)2 is a non-profit organization that develops and maintains the CISSP Domains and administers examinations to professionals worldwide. The CISSP Common Body of Knowledge (CBK) is an 8-domain collection that covers all aspects of information security and CISSP domains explained. To obtain the certification, an applicant must demonstrate expertise in each of the domains. The 8 security domains are explained in detail.  CISSP-8 Security Domains 1: Security and risk management All organizations must develo...
Read more

Security Controls: Types with Examples and Best Practices

Security controls are parameters that are put in place to protect various types of data and infrastructure that are important to an organization. A security control is any safeguard or countermeasure used to avoid, detect, counteract, or minimize security risks to physical property, information, computer systems, or other assets. Data security controls are more crucial now than ever due to the rising number of cyberattacks. According to research from the Clark School at the University of Maryland, one in three Americans are now subject to cybersecurity attacks in the United States, which happen on average every 39 seconds and target small businesses 43% of the time. In the United States, a data breach cost an average of USD 9.44 million between March 2021 and March 2022. Businesses must strengthen their data protection policies or risk facing fines as a result of the expansion of data privacy regulations. Last year, the General Data Protection Regulation (GDPR) regulations of the Europ...
Read more

Cybersecurity, Common Key Security Terminologies and Key Roles and Responsibilities

Image
You've been informed that a lockdown is imminent due to a pandemic attack. You get ready by gathering the supplies and necessities you'll need for survival. You check your security. A first aid kit, tools, food, and necessities are put together. You are ready. You are forced to remain at home when the lockdown occurs. Unluckily, one of your family members has been infected with the widespread disease. You will utilize your first aid supplies to reduce any risks. use the prescribed medication to reduce the infection and seek online medical advice from your doctor for prescriptions. You check to see if the prescribed medication is in your first aid kit. If so, use it; otherwise, check the options that are available to get them. Dealing with a security incident is the same. Organizations must equip themselves with the tools necessary to quickly respond to threats from the outside or from within in order to be prepared for the lockdown. The goal is to reduce risk and potential harm...
Read more