In certain circles of an organization, cybersecurity can be seen as a headache and conundrum due to the substantial financial investment associated with it. Executives and managers must carefully balance the need for the best security measures with being solvent. Oftentimes cybersecurity budgets are set begrudgingly with many in the organization knowing the truth, that no matter how expensive, expansive or comprehensive the current security software may be, cybercriminals are already developing exploits to bypass it. It is a veritable Red Queen paradox, a digital arms race if you will. But, this attitude of investing in security with gritted teeth may be tempered somewhat, and all it needs is to see this investment from a new perspective.
When companies or government entities are forced to release a statement letting the public know that their systems have been compromised, they are often lambasted, bashed and shamed. Unsurprisingly, this takes a toll in more ways than one. Reputation takes a hit, profit margins decrease, public opinion tanks, and customer trust is lost. Money has to be spent to fix the problem within the system and even more money is needed to build public relations back up to the point where it was pre-incident. This is why investing in cybersecurity is necessary and, in some ways, crucial to the success of any business.
Security systems, software, training and enforcement is not cheap. It can represent a significant amount of a company’s capital funds. It is both costly, but also painfully necessary for the survival of the business in this day and age. Usually, such a large spend would earn the ire of executives, investors and shareholders who see it for what it is on the surface, a large sum of money being spent. However, by simply looking at it not just as a security expense but also a marketing tool, then the spend may not be so hard to justify.
Spending money to protect company data, customer information and everyone’s ones money (in general), is not just a good thing, but a public relations gold mine. The company should take this opportunity to use the implementation of their latest state-of-the-art security system in digital marketing campaigns, letting the customers and the public know that the company takes security so seriously that it is willing to put its money where its mouth is.
From a branding perspective it can add a new layer to the company’s repertoire, thereby making the company synonymous with putting the clients interest first. Furthermore, while most consumers are trusting of e-commerce companies to efficiently and securely handle their money online, they are often left in the dark with regards to the actual security portion. When companies share information with their clients, especially with regards to security, they are seen as being more transparent. This mere act deepens their relationship with the client and strengthens the trust they have built with them over the years. This would not have been possible had a company kept its blinders on and only looked at cybersecurity implementation as a mere expense line.
Article by Amazing Support
Award winning Managed IT Support & IT Consultancy for SMEs in London, Hertfordshire and Overseas.