How demonstrating security around your IT Systems allows businesses to gain competitive advantage in a digital age.
TRUST IN A TIME OF DIGITAL DISRUPTION
Trust is crucial to attracting and retaining customers. It’s no secret that as digital engagement continues to evolve, both business and consumer markets are demanding trustworthy, secure digital experiences.
As technology innovation progresses, customers have a higher standard of expectation on how organizations deliver digital products and services, and see cyber-security as integral to their digital experience.
There seems to be a gap in perception forming between clients and organisations when it comes to technology: “Twenty-first century enterprises use technology to enable consumer engagement, realize value from intangible assets, and develop the workforce of the future,” says Greg Bell, KPMG Global Co-Leader, and Cyber Security. “But these models should be broadened to include cybersecurity as part of the investment, enabling organizations to change faster, while reducing risk.”
OPPORTUNITY AND THREAT
Business and consumer markets are fully aware of the upsides of technology advancement; they are also becoming increasingly aware of the risks that come along with it. It’s a rational concern: we are constantly reading about organisations on the receiving end of a cyber-attack, with leaked information such as passwords, activity logs, and financial records.
Clients are concerned, and rightly so, about how this will affect them personally – they’re less worried about how the security breaches will affect the organisation in question. As organisations continue their transformation journeys, those that are able to address their consumers’ concerns can have a competitive edge.
ACTIONS SPEAK LOUDER THAN WORDS
Brand trust used to be developed through consistency (and persistency) in messaging. Although this still has a part to play, growing customer knowledge means that companies now need to prove their trustworthiness as a brand. It’s easy for companies to overlook the potential ramifications of losing trust. Executives will often think about production disruption and loss of intellectual property – however, tarnished brand perceptions can permanently damage your business.
Chief Privacy Officer at Immuta agrees, “Security and privacy concerns can no longer take a back seat in the product / service development lifecycle — not simply because of the value of security and privacy alone, but for their business impact as well.”
So what can be done? Businesses need to be proactive in risk minimisation, and a plan should a breach occur. Communicating this to customers will help build trust and enhance the overall experience with your brand. Clients see value in companies providing more transparency and communication to assure cybersecurity protections are ongoing and present. When organisations take the time to align cybersecurity as a business priority, and invest in it properly, they create positioning as trusted leaders and providers. Reputation and trust are precious attributes that both consumers and businesses seek in this digital age.
Ultimately, understanding customers expect you to have some sort of cybersecurity measures in place will go a long way in keeping them happy and maintaining their patronage.