Cybersecurity as a Growth Strategy

Today’s business world is becoming ever more interconnected. A meeting to discuss running projects with colleagues in China, a client meeting to close that crucial international deal, a team-meeting to check if all coworkers are doing alright, or checking the status of an order with your supplier in Africa. What would we do without digital connections these days? Globalization in its purest form. But also think about all new product and service innovations, where would they be without technology? These increasing online activities leads to vulnerabilities, on which we would like to share our insights.

In this digital age full of new opportunities and possibilities regarding company growth and process-optimization, threatening external influences come forward just as much. New threats are emerging every day, from the vulnerabilities created by a widening attack surface as well as from enhanced communications. Besides all negative impact COVID-19 had on both human health and society, it also led to an increased amount of cyberattacks. With organizations and businesses rapidly deploying remote systems and networks to support staff working from home, criminals are taking advantage of increased security vulnerabilities to steal data, generate profits and cause disruption. Cross-sector we hear within our network that things are heating up, and both companies and professionals need to adapt to these new dangerous developments.

We noticed that in current business environments the main function of cybersecurity is often assumed to ‘just’ be reduction of risks by fighting the dangers caused by viruses and hackers. But it’s time look wider than that, and see how cybersecurity have an impact on the on the entire company’s growth strategy.

New products, new services, providing better customer experiences, and much more aspects are crucial for development, innovation and growth of a business. Organizations with competitive advantage often excel in digital technologies, involving big data, cloud and digital infrastructures. In order to handle the complexity of threats in the digital age we’re living in, security needs to be embedded in all the organs of a company. A strong cybersecurity posture needs to be part of a business’ DNA.

As securing is becoming more complex due to the increasing surface for potential attack, companies must strike the right balance between digital development and risk. More often we hear from our network that the more security is implemented, the less user-friendly, innovative or disruptive the product or service gets. The phenomenon of the level of security versus user convenience, is an ongoing challenge for companies these days.

As the false acceptance rate of a system goes down, as a natural consequence the false rejection rate goes up. In other words, the more secure your access control, the less convenient it will be, as users are falsely rejected by the system. Remember the increasing difficulty in Captchas? Where you have to select, traffic lights, crosswalks or storefronts, to enter a certain webpage. But after trying and failing three times you might even doubt yourself whether you are a robot or not. The same thing happens the other way around. You want to increase the user convenience, by reducing the false rejecting rate? The system will be likely to less secure.

Looking at innovation and development regarding new product development within the marketing discipline, cybersecurity is often seen as a pain in the neck as well. Creativity develops quickly, and new ideas have to be launched yesterday to stay ahead of the competition. How much risk can a company take in order to stay both competitive for the market but trustable for their customers as well? Isn’t a customer trust the raison d’être of every company? It’s the best long-term competitive advantage a company can have, we often hear from our network. In order to be or become a continuous successful, future proof and competitive business, a flawless cybersecurity strategy should not be underestimated.

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