3 Must Have Aspects to Manage Security Risk and Preserve Digital Trust
July 27, 2017
The digital age is here. By adopting latest digital technology such as cloud, hyperconverged system or even IoT, you are able to unleash your potential to be fast, agile and develop a more competitive advantages. But do not forget, even if you have the latest technology, without any trust from your customer, those competitive advantages may only look good on paper without any real profit for your business as your customer will most likely place their money on a company that they trust more, not the one that has the latest technology in the market.
Trust takes years to build but only seconds to lose. That is why trust has become an important intangible asset which has a huge impact on your business success, or even your organization survival in the digital age. Many companies have invested tons of money to provide the best products or services but still suffer big loss due to security breaches. FireEye research also showed that 75 percent of consumers stated they were likely to stop purchasing from a company if a data breach was found to be linked to the board failing to prioritize cybersecurity (Security Magazine,2016).
With this in mind,here are three aspects companies must have to manage security risk in order to preserve digital trust:
- Comprehensive Security System
2014 can be seen as the year of security breaches. Big companies such as Sony, Home Depot or even eBay have become the target of cyber security attack and grab the attention of almost all media and industry. In the following year, business leaders were forced to respond the increasing threat and security of many security issues such as ransomware, data theft and security breaches to protect their business.
To respond to these new and even more persistent threats, emerging technologies and approaches are needed. Companies can no longer rely on just a firewall to barricade their perimeter, but need a more advanced and comprehensive security system that could cover 360-degree correlation across the whole system. Starting from endpoint security, data and information security up to application security, enhancing protection of your security system will help you reduce potential incident and protect your company from any external threats that could affect your customer trust.
- Data and Information Management.
Every day, organizations gather a massive volume of data and personal information. This data includes detail of personal information, behavior pattern and many valuable information that can be used to provide valuable services in trust-worthy ways and become a big advantage over competitors.But on the contrary, if a company did not manage to secure this data, it could cause a backlash and costa huge amount of moneyjust like what happened in many companies such as Sony and eBay in 2014.
That is why a company should have a clear data and information management to comply with current security threats. There are several elements in data information management that you have to considersuch as data confidentiality, data integrity, data availability, and authenticity. But the main point is to make sure that the data is not being mishandled and only right people get the right access to the right data to help you minimize the risk of your valuable data from being overexposed and misused at the same time. Conducting a clear data and information management will help you build digital trust by ensuring customer privacy and data control.
- Education is Even More Important.
You have a comprehensive security system combined with a clear data and information management, if you think that your company is secure enough it means you miss one crucial point, that is to educate your employee about your security policy and know why it’s important. Studies show that internal employees account for 43% of data loss, with 50% of these cases being accidental (cbisit, 2016). It shows how internal carry the same risk with the external factor.
Education doesn’t need to be expensive as it can be easily integrated withany employee events, but the most important thing is that the employee understands how important their role in protecting the company against cybersecurity and to strengthen your position in managing security risk to build digital trust.