The better your enterprise performs, the more valuable it becomes – amplifying the risks of attempted infiltration. But, you can keep your business competitive by ensuring you have a comprehensive cybersecurity strategy.

The more Information and Communications Technology (ICT) is incorporated into a business, the greater it’s connectivity, and competitive advantage. But, the more connected businesses become, the more dependant they become on technology, which increases the risks to companies. Especially when you consider the rise in cyber-attacks and the increase in sophistication of cyber criminals.

BLOG BITES

• Cyber-attacks have the ability to shut down whole countries. Ensure you’ve optimised your cybersecurity to avoid losing competitiveness while your business’s systems recover.
• You can’t be competitive or even profitable if your business is underperforming or closed down because of a cyber-attack.
• Data breaches cost on average USD5.9 million in 2015, reports Lazarus Alliance. Since companies have learnt their lesson, the average cost has reduced to USD3.62 million in 2017, according to IBM.

Optimised cybersecurity can help to improve your business’s competitive advantage, here’s how:

Case Study: Global Cyber Attacks

There has been an increase in global cyber-attacks in the past few years, one which crippled the National Health Service hospitals and facilities in the United Kingdom. This effectively halted a large portion of emergency services and delayed vital medical procedures.

A month or so later another global cyber-attack took place, which still has businesses across the world improving their cyber security. The ransomware hit Ukraine’s infrastructure, disrupting utilities and the central banking system. To recover, Ukraine had to shut down the incoming internet from outside the country.

Remain competitive by being the only one still open for business

Having proactive, state-of-the-art cyber security can be your competitive strategy over your competitors.

Proactive IT operations include:

• Stabilise your infrastructure: Identify where your network is vulnerable and find cost-effective solutions to every gap in your defence.
• Standardise and systemise your operations: Implement standard, vendor-supported, mainstream hardware and software.
• Have a plan and budget allocated to your IT infrastructure: This will allow you to minimise challenges, maximise staff efficiency, forecast costs and pay for improvements when you need to.

Reduce costs by having a solid cybersecurity system

USD5.9 million was the average cost of a data breach in 2015, says Lazarus Alliance. Since companies have learnt their lesson, the average cost has reduced to USD3.62 million in 2017, according to IBM. Can your business afford to lose millions because of cyber-attacks, when you could have spent thousands protecting it?

Efficient cyber security needs to become a foundational cornerstone of your essential business practices. “By focusing on the P&L benefits of mitigating cyber risks, aligned with appropriate tech solutions and security architecture, business leaders are empowered to show the market, their customers, and their competitors that good cyber security is good business,” says Kyle F. Kennedy, chief information security officer at Cyber Security Network.

TAKE NOTE

Cyber-crime prevention can cost less than one employees salary, and save your business millions of Rands in costs as well as down time. Having an optimised cyber security strategy is a competitive advantage.

Resources:

https://www.xantrion.com/article/how-to-leverage-information-technology-to-develop-a-competitive-advantage

https://www.youtube.com/watch?v=92fdk35IvWQ

https://securityintelligence.com/what-are-the-benefits-of-security-intelligence/

https://www.wired.com/story/2017-biggest-hacks-so-far/

http://theartofthehack.com/3-ways-to-turn-cybersecurity-practices-into-competitive-advantage/

https://www.ibm.com/security/data-breach/