How Cybersecurity Can Boost Customer Loyalty and Sales
A consumer would rather do business with a credit union who specializes in defending data from cyber-thieves rather than a bank who hasn’t mentioned any word about securing your money. If you’re a business owner, you would prefer working with an organization that can document a rock-solid cybersecurity defense rather than the one who can just assure you they have done everything to fight against breaches but no evidence to show.
The value of data security to the business is still mostly explained in terms of risk reduction, loss prevention, and regulatory compliance, according to most cybersecurity professionals. The issue with this story is that it ignores the single most crucial purpose of most businesses: increasing revenue, profit, and expansion.
Data Security and Privacy
Represents a significant market opportunity before the most important source of competitiveness is how businesses use digital technologies to create new value for clients, increase operational efficiency to serve customers and form digital ecosystems that generate entirely new revenue streams.
Instead of focusing on the cost of a robust Cybersecurity defense program, the cybersecurity community should help our collective enterprises focus on the actual commercial benefits of a rigorous Cybersecurity defense program. We should explain how revenue development and market differentiation are linked to the correct programs and risk management measures. All of the bleating hasn’t stopped.
However, capitalizing on the turmoil in the market by explaining your approach to Cybersecurity defense and what it implies for your consumers can go a long way toward attracting new customers and retaining existing ones.
Five easy consumer and revenue benefits will accrue from a well managed cybersecurity program, as detailed in this article:
You will Enhance Customer Relationships That will Increase Client Loyalty and Retention
Data Security and Privacy will be Redefined and Elevated as a Corporate Social Obligation
Behind every stolen customer record is a victim who must deal with the indescribable difficulties of rebuilding their credit and, in some cases, their entire identity. Those who perceive it this way and tell appealing tales about their cybersecurity and privacy efforts will gain consumer loyalty and revenue. Data privacy has become a corporate social responsibility (CSR) initiative for companies like Nestle, Apple, and IBM, and you should too. We’re all aware of how costly it is to assess vulnerability, acquire a new customer and it even costs more to misplace one. Equifax could pay the ultimate price if they go out of business. You’ll quickly see that having a comparable strategy in place for your own business makes a lot of sense.
Establish Premium Pricing or Offer One-Of-A-Kind Privacy Items
There is a growing market for solutions that allow users to preserve their online privacy, and financial institutions can choose to integrate freemium privacy controls or add them as an optional feature to generate totally new revenue streams. In either case, additional revenue and client growth are the end results, rather than increasing costs for Cybersecurity programs.
Capitalize from Risk
Using Smart Data to gather feedback and to better serve customers through new and advanced cybersecurity measures improves and enhances the shopping experience, but only if it is supported by special and unique assurances that you have the best Cybersecurity measures. Amazon was successful in figuring it out a long time ago, and their subsequent growth has been phenomenal.
Secure and Safe Future Revenue Streams
The lifeblood of today’s digital firms is data. Hacked customer data can wipe out millions of dollars in revenues, stolen intellectual property can wipe out a company’s competitive advantage, and unwarranted privacy violations can bring unwelcome scrutiny, class-action lawsuits, and fines from regulators, all while harming a company’s reputation. In the field of cybersecurity, there are numerous opportunities. Most businesses spend a significant amount of money attempting to surpass their competitors. Cyber security warriors may set an example by describing how presenting data security and privacy skills as competitive differentiators and strengths can help to develop an organization.
There’s no doubt that focusing on cybersecurity measures will boost revenue and create a new type of customer relationship that’s more profitable and secure for both parties. The only question is if your management team has the courage to fight cyber attackers who are potentially dangerous in any kind of business.