Seeking a more efficient cybersecurity solution might not be the first thing that comes to mind for a business boost. But, more and more companies have been looking towards tailoring cybersecurity solutions to increase business sales. How exactly can these comprehensive web protection or phishing detection services lead to business growth? Take a look at the top four ways cybersecurity solutions can provide your business that turnaround:

1. Acquire necessary business operating license

Before looking at business growth, we first need to talk about stabilising your business operations with cybersecurity solutions. In Singapore, businesses are required to practice secure data management to avoid financial penalties of up to 10% of the company’s annual turnover. This requirement is part of the Personal Data Protection Act (PDPA), whose main objective is to protect all forms of information – be it private, personal, or sensitive data.

Aside from the PDPA, the Monetary Authority of Singapore (MAS) has enforced some guidelines for adopting robust practices under the MAS Technology Risk Management (TRM). If your business dwells in e-commerce, Fintech, or provides any form of financial service, you are required to adhere to the TRM guidelines for operations.

2. Establish trust with your customers and clients

Cybersecurity is a crucial business component because it establishes your company’s reputation as a secure and trustworthy business. The rationale here is simple: customers and clients would be reluctant to work with you if your internal security is not well guarded.

For instance, in the 2018 Facebook-Cambridge data leak, Facebook took a huge hit when this event compromised the information of approximately 87 million users on the platform. In a single day, Facebook lost about 3 million users in Europe and a $119 billion drop in revenue – proving just how much customers value the security of an organisation. Especially if you delve into Fintech or e-commerce, showing customers that you have secure websites and payment platforms offers them assurance in making a purchase.

On the other hand, if you are looking for business partnerships, you can attract organisations by showing a robust internal security system. But, how can you prove the security of your system? Be sure to let your IT networks undergo regular vulnerability assessment and penetration testing. Here at GROUP8, on top of CREST-certified penetration tests, our consultants are also qualified to assist with ISO 27001 audits for businesses who wish to evaluate their cybersecurity solutions according to the international standards.

3. Deter a loss of unnecessary revenue

Cyberattacks come at a great cost. Whether it is malware, ransomware, or other types of attacks, companies are forced to shoulder heavy financial burdens when confronted with a cyberattack (especially one that concerns data breaches). In the case of losing confidential information, remediations are required and typically within a short period.

Whether paying for data leakage or fixing technical aspects, these solutions can be quite costly. To avoid damage control, having a cybersecurity system is crucial. Putting in place a pre-emptive solution will prevent emerging threats from developing and save you on unnecessary financial expenses.

4. Reap the growing benefits of cybersecurity

As the cyber landscape evolves with technological advances, many have seen changes in the nature of cyber threats, leading to a surged interest in cybersecurity. This influence has led to the emergence of startups focusing on cybersecurity. In 2021 alone, the industry has already seen a record-breaking of 9 new cybersecurity unicorns thus far.

Unfortunately, there is no total cure for cyberattacks. Even if cybersecurity companies can extinguish issues like ransomware, hackers will always come up with a new means of extorting money, such as crypto-jacking. Moreover, the COVID-19 pandemic has arguably worsened this concern as companies have moved their digital assets to cloud platforms. While these platforms are an effective solution for remote working culture, the nature of a highly accessible cloud exposes itself to more cyber-threats.

Due to the changing nature of cyber-threats and the growing number of cyber-attacks, having cybersecurity as an investment protection plan is a smart move to make. As cyber-criminals continue to capitalise on the weaknesses of technology, it is wise for businesses to likewise take advantage of technology – in which there are growing benefits of cybersecurity to reap.

Conclusion

With an extensive suite of solutions, GROUP8 is inspired by offensive cybersecurity research and takes a proactive approach to protect your digital assets. We know how crucial it is to steer away from cyber threats and strive to let you take a back seat in this aspect. Looking to find out how we can tailor a robust cybersecurity ecosystem to your needs? Drop us an enquiry at hello@group8.co today.