When you think about competitive advantages, what comes to mind? Some people might say “cost-cutting measures,” while others might suggest it’s the quality of products that speaks for you. Those are correct answers, but here’s something else you should consider: cybersecurity is a competitive advantage.
In this day and age, cybersecurity practices can set you apart from the pack. Read on to learn why bolstering your digital defenses can help win you business.
What Risks Do You Take By Not Shoring Up Your Cybersecurity?
There’s clear evidence that not having strong cyber defenses can hurt your business. Researchers from Ping Identity reported that over three-quarters of consumers won’t interact with a brand through its digital channels after it’s suffered a breach. Moreover, 36% of consumers would completely abandon that brand.
Moreover, if hackers infiltrate your system, customers will think twice about staying with you. A study from Varonis indicates that 52% of those surveyed said they would consider spending more money to buy the same products or services from a provider with better security.
Cybersecurity and Your Customers’ Needs
Today, cybersecurity measures aren’t a nice-to-have – they’re a must. Your customers are afraid that their data is going to wind up in the wrong person’s hands. When you show that you can take steps to keep that from happening, they’ll trust you more.
Just as there’s clear evidence that not having strong cyber defenses hurts your business, there’s unequivocal proof that customers demand a tough stance on cybersecurity from vendors. Seventy-seven percent of consumers responding to a Capgemini Digital survey stated that cybersecurity and data privacy is one of their top five criteria for selecting a retailer.
Knowing your information is protected puts your mind at ease. As a result, you’re more likely to buy more from a retailer that you trust. In the same study, 40% of consumers said they’d increase their spending online by 20% or more if their primary retailer was able to provide them with assurances that their data was safe (such as encrypting data with SSL or TLS).
Incentives to Strengthen Cybersecurity
Even governments are wising up to the advantage cybersecurity confers upon organizations. In 2018, the State of Maryland began offering a tax credit to companies that purchase cybersecurity services or products from a qualified vendor. This tax credit is a boon to smaller businesses that might not otherwise be able to afford cybersecurity.
Not to be outdone, the Mayor’s Office of the Chief Technology Officer (MOCTO) of New York City launched a moonshot challenge for cybersecurity technology providers. To win the prize, they must come up with affordable, scalable solutions that protect the Big Apple’s small and medium-sized businesses from cyberattacks.
Maryland and New York City aren’t alone in their quest to incentivize cybersecurity. Other jurisdictions are introducing initiatives such as improving funding for cybersecurity or requiring the public and private sectors alike to implement specific security tools. Hopefully, the federal government will follow suit, showing that the US takes cybersecurity and business seriously.
Aquila is ready to secure your systems. Please contact us for more details on how we can help.
Rachel Levy Sarfin
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