security is a factor businesses should plan for and a feature customers should demand
Choosing between vendors is never cut and dry. When searching for a web hosting service or an email client we do our homework. How much is it going to cost me? What features does it have? Is it easy to integrate with? It becomes a calculus with price often being weighed most heavily. A simple Google search of CRM software will reveal more than 500 options. In a sea of technology how do you stand out?
For any business-minded individual it is often difficult to see the immediate benefits that security provides. Security is often an afterthought tacked on ex post facto instead of being integrated into a business model or product. This is all about to change. Security is about to become the defining characteristic motivating all business decisions.
A study conducted by Gartner reported spending on information security will grow 7% to reach $86.4 Billion in 2017. It doesn’t take a rocket scientist to see which way the wind is blowing.
With overall sending increasing, revealed preference tells us that firms are beginning to value security highly. Turning security into profit may be easier than it seems on the surface. Mike Vizard in a post for Barracuda Networks states, “organizations that have the foresight to invest in IT security to minimize risks are going to be viewed as preferred digital business partners.” With high profile data breaches all over the news, the smart decision maker will spend that extra money on a solution with integrated security, seeing it as a feature, not a cost.
A helpful way to dispel the myth that security isn’t worth the hassle and extra outlay is to look at the numbers. In a study released this October, The Ponemon Institute and Accenture reported the average corporate malware attack costs $2.4 million and took 50 days to resolve. These numbers only increase with the amount and type of data that was breached.
Security serves the dual purpose of protecting a firm’s digital assets while making their product or service more attractive to customers. The initial spend on a firewall or in-house security expert seems cheap when the benefits of decreased cyber attacks and increased customers are considered. For companies to survive in an increasingly saturated tech marketplace, they must turn to security innovations to gain and maintain market dominance.