Fighting cybercrime is often associated with preventing loss rather than generating a tangible benefit for your organization. However, understanding cybersecurity isn’t only about tackling the negative.
If you understand your organization’s cybersecurity posture, you can not only prevent loss but also benefit in at least two ways:
1. Working with customers, partners and prospects. Customers worry about the cybersecurity risk you as a vendor could introduce to them. Tackling this issue can lead to lengthy questionnaires as part of their procurement process. However, with a good understanding of your cybersecurity posture, you have much of what is needed to provide the answers quickly and easily and in a way that is easy to understand. When you can demonstrate good practice and benchmark your cybersecurity posture with your competitors, you gain a competitive advantage.
2. Getting cyber insurance. Cyber-readiness is increasingly a necessity for organizations, but for insurance underwriters, evaluating an organization’s cybersecurity risk and setting the appropriate insurance premium continues to be an inexact science. Proactively understanding and addressing your organization’s security posture means you can demonstrate that your risk mitigation strategies are working to protect your organization’s digital assets.
Presenting insurers with a reliable assessment of your risk for the coming year can help you work with them to reach fair premiums, tailored to your risk. Over time, as you continue to manage data security issues, you can measure and mitigate them and provide your insurers with the proof points they need to lower your premiums.
To learn more, read our Executive Briefing Understanding Your Cybersecurity Posture.