Ryan Smith, our Chief Information Security Officer, writes some initial points on the essentials of cyber security for a sustainable business.
In today’s business world, cyber security concerns play a pivotal role in ensuring a company’s sustainability. Ensuring the right areas are protected and secure provides ample benefits from both a business and a customer standpoint, creating an environment that is well-equipped to ward off potential cyber threats.
Focusing on the right cyber security concerns can save businesses substantial financial resources. Cyber-attacks often lead to significant financial losses, ranging from penalties for non-compliance to regulations, costs of recovering lost data, or acquiring new systems. Being proactive about identifying and reducing vulnerabilities can minimise risk and associated costs. This financial prudence can then be relocated to other areas of the business, supporting growth and sustainability.
In an economy increasingly built on trust, dealing adequately with cyber security can increase customer confidence. Consumers are undoubtedly more aware of data privacy and digital rights today than ever before, and businesses that place a premium on protecting consumer information are likely to win customer trust. Loyalty built on this trust leads to customer retention, a key component of business sustainability.
Keeping up with regulatory compliance is another excellent example of how focusing on the right cyber security concerns promotes business sustainability. Regulations related to data protection, such as the General Data Protection Regulation (GDPR) in the EU, impose stringent rules on how businesses should handle customer data. Constant compliance with these regulations not only protects the business from penalties but also portrays the company as responsible and credible, further promoting sustainable growth.
For industries where innovation drives competition, ensuring the right security measures are in place to protect intellectual property is vital for sustainable growth. Cyber threats related to espionage or sabotage can compromise a company’s competitive advantage. Therefore, a keen focus on cyber security can help guarantee a more resilient business model and maintain a company’s market position.
In conclusion, prioritising the right cyber security issues can result in a more sustainable and a more resilient business. By fostering customer loyalty, preserving financial resources, staying regulatory compliant and shielding competitive advantage, businesses can ensure a sustainable future in a digital world fraught with cyber threats.