When it comes to cyber security, it is easy for business owners to get frustrated with the efforts of being constantly on guard, as well as the extra expenses involved with it. However, instead of seeing cyber security as an expense, it may help to see it as an investment and a way to set yourself apart from competitors.
How to Make Cyber Security Profitable
When cyber security is at its best, it should improve a company’s market access, branding and reputation. Although it may take a while, proper cyber security techniques should also increase revenue. Making cyber security an investment as opposed to an expense involves doing the following:
- Including the security team on sales decisions—For example, if the sales team wants to target customers in highly regulated areas like government or health care, the security team should be able to assess its readiness for entering those markets. If it can’t demonstrate compliance with market regulations, business owners should see that as a warning to avoid those markets, thus avoiding potential losses.
- Performing a risk assessment and acquiring adequate cyber coverage—A risk assessment can help determine what type of cyber coverage is right for your business, as it identifies potential losses that could result from security failures.
- Realizing the damage a cyber threat can pose—According to cyber security company Kaspersky Lab, close to 200,000 new malware samples appear daily. However, most small and medium-sized U.S. businesses assume they will not be victims. Early adopters who address their cyber security concerns can grow profitable by uncovering customer needs, easing fears, and addressing the concerns and requirements of end users.
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