The rapid spread of digital technology is enabling organisations to quickly roll out new products and services to meet shifting customer demands.
Although the digital world offers great opportunities for growth and value creation, it’s important to recognise the shift happening among businesses as a result of tighter cyber security policies.
The fact that 55% of businesses don’t know they’re vulnerable to cyber security attacks1, shows that policies like the EU’s GDPR, Australian Government ISM, and the California Consumer Privacy Act are necessary to ensure businesses are re-assessing their information risks, and protect consumer’s private information.
Failure in meeting your compliance requirements doesn’t just result in large fines. If a company loses the trust of its customers, prospects, partners, or investors, the results can be devastating.
When the Customer is King, it’s Trust or Bust
Trust is an increasingly valuable commodity. To establish a sustainable reputation, businesses need to implement an effective and robust cyber security management system addressing three main components: Confidentiality, Integrity, and Availability.
Consumers have moved beyond simply purchasing a product or service, they are now driving the success and failure of companies, with a few keystrokes. To build trust, businesses need to give customers the confidence that their data is protected and only accessible by those authorised to access it.
Failing to keep data protected could keep customers away for good.
43% of consumers indicated they would never return to a company if their private data had been breached2.
Even when the data breach was less personal, 32% of consumers indicated they would never use the company in question.
The age of the ‘informed’ consumer illustrates that availability of data is more than just a compliance issue, it drives business and trust. To be successful, businesses need to be able to access the right information wherever and whenever they need.
78% of consumers will buy from the first company that answers their questions quickly and accurately.
Availability of information is often associated with the reliability of being able to access the information without failure, accessing the information at the right place and by the right user, as well as the timeliness of when it is accessible.
Integrity of data aligns closely with confidence. Many techniques used to ensure confidentiality also maintains integrity. Data protection is among the most significant deciding factors in a purchase decision.
3 out of 4 consumers would accept a lower quality product for increased data protection1.
It’s not enough to just say to customers that you have systems and processes to maintain data integrity, business needs to be able to prove it.
Risk-Based Approach to Cyber Security Management
Customers today want more from the organisation they interact with. In addition to products and services, they want a relationship they can trust.
Bringing a risk-based approach to cyber security that is integrated with the organisations processes, gives confidence to your customers, prospects, partners, and investors that information security risks are being managed.
Certification to ISO 27001 Information Security Management Systems Standard, enables alignment to global best-practices for information security management. It offers organisations a robust and practical framework to assist with the continual improvement of information security risks.
1 SAI Global Australian Business Survey 2019
2 SAI Global Consumer Trust Index 2017