Who is responsible for my device and application security? This is a critical question in today’s growing threat landscape, and one without a clear answer. Despite increases in demands for mobile app and connected device security features, no key players—device manufacturers, consumers, mobile carriers or organizations that consumers do business with via devices—will take responsibility.
While this is certainly problematic, it also represents an opportunity to differentiate your business from competitors by baking security into your platform. Over 70% of C-suite executives report being greatly concerned about data privacy and 66% admit that their network is vulnerable to hacking. In light of this, security must be recognized and acknowledged beyond an add-on or premium feature; it must be treated as an integral feature for any business owner.
The True Cost of Data Insecurity
When security is included as a core component of a business, it strengthens customers’ perceptions of your company. In fact, security itself can be a key selling point that sways customers from competitors. Startups that especially integrate security as part of its foundational architecture have a competitive advantage over companies of all sizes that gloss over security or utilize it as an unsupported, unplanned add-on.
Indeed, security as an afterthought is a major, and potentially fatal, flaw during a company’s decision-making process. The average cost of a data breach is $3.9 million – an amount enough to put myriad companies in bankruptcy. But costs can be even higher. For example, Yahoo agreed to a settlement of $50 million following its 2013 data breach and had to pay an additional $37.5 million for attorney fees and expenses. And it didn’t end there; the original $4.83 billion deal to sell Yahoo’s digital services to Verizon was also discounted by $350 million as an added penalty for decreased brand value and to amend for other potential related costs. The true cost of a data breach? Far more than the current visible numbers.
Potential Growth Areas
Instead of approaching security as an extra, optional cost, business owners would do well to view security as a core capability for revenue; the growth potential for security as an integrated core strategy is enormous. Need proof? Just look at the numerous security vulnerabilities that accompany the constant onslaught of innovative hacking threats. Commonplace attacks, like IoT botnets, mobile APIs and malware, show no evidence of going away anytime soon and companies that are prone to system vulnerabilities are at risk. Even threats from a decade ago, such as Trojan malwares, and exploitation of vulnerabilities are still utilized as attacks, either in their original form or through modifications like malware botnet Mirai.
This is why companies shouldn’t wait for the “perfect” security product; delaying an investment in security only increases a company’s risk factor for being attacked and potentially dooms one to a constant game of catch up—and enormous costs. Conversely, by adding new applications within a secure business framework from the start, businesses can ensure optimal protection without any extreme added costs.
The sooner a business incorporates security as a core piece of the business puzzle, the better they’ll be at protecting and mitigating threats, and capturing new revenue opportunities.
Don’t let data seep through the cracks. Secure the customer experience now.