If you want to grow business revenues, there is no better way to do that than with spending on your cybersecurity posture. Even though the revenue growth is not an exact number, if we want to speculate with numbers in mind, the first thing that is clear is that cybersecurity affects your bottom line.
When you look at last week’s article, Cybersecurity costs under the microscope, you find that you will spend way less on your cybersecurity posture than you will if a cyber attack is successful and you didn’t take the proper measures to secure your business.
This means that prevention alone strengthens revenues because it saves a business from the losses that a cyber attack can have on a company.
Another aspect that benefits revenue growth is that you are able to close more deals thanks to proving you have an effective and holistic cybersecurity posture.
A perfect example is for DoDD contracts. In order to close or even bid on a contract with a DoDD company you must meet CMMC and NIST 800-171 compliance requirements. The two involve the components of a holistic cybersecurity posture. Closing a DoDD contract, or more than just one contract, is going to bring revenue growth to a company no doubt about it.
So, how else can executives understand just how much revenue a business can grow thanks to cybersecurity costs?
If you are a business who wants to consider mergers and acquisitions (M&A), whether buyer or seller, you need to have done your cybersecurity due diligence for the M&A to close successfully. Just go back to 2017 when Verizon bought Yahoo and what happened after Yahoo’s security breach disclosure. The breach caused a $350 million acquisition cut.
But let’s say there is no breach, a company that is considering buying or partnering with you to do work will check your cybersecurity status with their cybersecurity rating tool. This will give them an accurate reading of how vulnerable you are, and this will risk your business or save it and allow acquisition or partnering to follow through.
Another point in favor of cybersecurity costs for business revenue growth.
Additionally, when we look at a survey by Forescout from a couple years back, we find that at the time, 53% of IT and business decision makers reported that their organization had encountered a critical cybersecurity issue or incident during a mergers and acquisitions (M&A) deal that put the deal in jeopardy.
Not to mention the 65% buyers’ remorse experienced by companies after a deal was made because they discovered cybersecurity concerns.
This is why cybersecurity rating tools began to pop up. Now a company that is interested in doing business with another company or one that wants to go through with a merger and acquisition has the ability to know what they are getting into before they go through with the deal.
In addition to these revenue growing elements that make a very clear point as to how your cybersecurity costs boost your company’s bottom line, you want to consider the following benefits that an effective cybersecurity brings your way.
- You build customer trust and loyalty thanks to taking cybersecurity and data privacy seriously.
- You protect your assets, which is very important for revenue growth if you have trade secrets that you need to protect.
- You can pass cybersecurity rating tools with high numbers and avoid spending more money later, while trying to also salvage a good deal that might not go through due to the delay in investing in cybersecurity.
As you can note from everything listed above, growing revenues thanks to cybersecurity costs is a certainty. What is also beneficial is knowing that it keeps your business data assets safe. You also prepare for backups and incident response to take care of down time or if there were to be an attack that gets through.
The benefits of cybersecurity done right will always outweigh the costs of a business not investing in the proper cyber resiliency posture. Let’s talk about how we can support your company with being cyber ready.
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