Businesses risk customer trust and business growth by not prioritizing cyber security.
Cyberattacks continue to plague businesses, and they’ve only become more sophisticated, persistent and impactful. In 2019 ransomware—or malware that restricts access to data or a computer system until money is exchanged— could cost businesses an estimated $11.5 billion globally. By 2021, that number is expected to rise to $20 billion.
To save the organization’s finances and reputation, companies need to get ahead of breaches by prioritizing customer concerns and integrating cyber security into all facets of the business.
Customer priorities vs. business priorities
Customers continue to grow more security conscious. In “Consumer Loss Barometer – The economics of trust,” top consumer priorities concerning data breaches included:
When it comes to mobile concerns, customers saw the threat or misuse of personal data from Apps (78 percent) or Wi-Fi (74 percent) as top-of-mind issues.
However, businesses and consumers conflict over the importance of security breaches. One out of three executives surveyed admitted their cyber security budgets are less than adequate. Only 8 percent viewed proving a threat or breach had been resolved as a priority, and only a third listed providing updates on a breach—or even acknowledging a breach occurred—as necessary.
Adopting bold cyber strategies
The disconnection between customers and businesses can lead to customer defection if organizations don’t make cyber security a priority. In today’s ever-evolving digital landscape, forward-thinking businesses integrate cyber security in all aspects of their business with precise cyber defenses and recovery capabilities in an overall risk-governance structure. Businesses that also educate employees and customers about the best practices of cyber security technology and tools can gain a competitive edge in the security-conscious market. They’ll not only protect their business and customers from malicious security breaches but also stimulate growth.
Learn how to succeed in this time of digital disruption with a customer-centric focus in “Consumer Loss Barometer.” Let KPMG help you turn cyber risk into opportunity with our Cyber security services.