Poor security may mean clients prefer your competitors

 

 

 

Poor security may mean clients prefer your competitors. 

 

This is not a radical statement. It's a reality more and more businesses are waking up to, as they invest a bigger percentage of their budget into cyber security.

 

This is according to the 2021 Hiscox Cyber Readiness Report, which explores how businesses are coping with the changing cyber security landscape.

This report explored the commercial cyber security of businesses across the UK, the US, Spain, the Netherlands, Germany, France, Belgium and Ireland. 

This is especially important research considering the drastic rise in cyber attacks on companies during the Pandemic. The report's findings are particularly enlightening for business owners since businesses were targeted more than ever in 2020, with 28% targeted on more than five occasions. 

 

The report also found that those who fared the best against these attacks were those businesses that devoted at least 24% of the IT budget to cybersecurity.

 

These businesses were better protected, suffered significantly fewer losses and maintained good standing in the eyes of the public.

 

Academics have been calling for years for companies to invest more in their cyber security, with a 2019 report issued by King’s College London urging businesses to work with the UK Government on their cyber security, or face future consequences.

 

One of these consequences could be, the loss of your clients.

 

The report warned that as more and more companies invest in ACD (Active Cyber Defence) this will become a more significant factor in the buying patterns of customers. Customer expectations for cyber security will rise, and many will only invest time and money into companies that can prove their personal data is adequately protected.

 

Meaning, in the words of report convener Dr Stevens, businesses unwilling to invest in their cyber security "may find their customers moving to more cyber-secure competitors.”