Security assessments may not be as well known outside the security world, but they are very important, as using measurements based on data reflecting the attitude and level of security of a company, assess the risk that a company faces in the field of cyber security. Security assessments also provide valuable information and at the same time detect any vulnerabilities in the ecosystems of their suppliers. Especially at this time when most employees are turning to remote work, ensuring a stable and secure attitude throughout the corporate network is paramount. Companies with a higher security rating are less at risk in cybersecurity, which enhances their business value and helps them gain the trust of their investors, consumers and partners. On the contrary, a low safety score indicates that there are some issues with one's ability business to protect critical business assets, which can have a negative impact on the business reputation but also affect it financially.
As CFOs begin to play an increasingly active and important role in managing business cybersecurity, they need to consider the value and importance of security assessments, as well as the financial impact they can have.
In a traditional corporate structure, cybersecurity is a field managed by CISOs, security executives and their teams. With the average global cost of a data breach reaching around 4 million in 2019, it is no surprise that CFOs are increasingly concerned about practices applied to their businesses.
As businesses realize the significant costs involved violations CFOs are called upon to understand and evaluate the economic impact that insufficient cybersecurity can have.
Therefore, it is useful to mention the 4 key aspects of a business security attitude that can be taken into account by platforms security assessment, helping CFOs ensure cybersecurity and financial security to both business partners and customers.
Ensuring regulatory compliance
From an economic point of view, non - compliance can lead to sanctions and fines, while news of non-compliance can affect business relationships. Security assessment platforms can help businesses prove that their security practices are sound and effective, thereby boosting confidence in your business partnerships.
Control and monitoring and third-party fourth-party suppliers
Most companies outsource important business ventures services, such as human resources (HR), billing, customer relationship management (CRM) and corporate resource planning (ERP) to others. These services can complicate the vendor's risk management process, as any third-party vendor may also outsource tasks to others. Safety assessment platforms collect information that is publicly available so they can indicate risks to the entire supplier ecosystem. In this way, the CISOS and CFOs can be sure that third-party and fourth-party vendors will not violate critical data.
Strengthen cybersecurity with fewer resources
The cybersecurity skills gap has posed a challenge to companies in recruiting and training effective security personnel, leaving security teams with fewer resources to complete the job. Security assessment platforms provide a single control panel for monitoring and prioritizing cyber risk, allowing businesses to protect their ecosystems more effectively. With a security assessment platform, businesses can identify risks in real time, without the need for additional staff to manually monitor, control, record and repair vulnerabilities.
The business value of high security ratings
Due to the serious risks posed by data breaches to businesses, CFOs play an important role in overseeing cybersecurity management. In addition, they are beginning to realize that a high security rating can help increase stock valuation and improve relationships with insurers, customers, and potential investors. Through a high security rating, companies can demonstrate compliance with the regulations and due diligence of the seller and, thus demonstrating a good attitude towards cybersecurity. Then, stakeholders, partners, consumers and investors are more likely to trust the company's executive team and management practices. These ratings also help build trust between partnerships, as well as improve business efforts, which in turn can lead to significant return on investment (ROI).
In conclusion, a complete and well-structured program security can also ensure financial prosperity in a business. Companies that invest in cybersecurity and earn high scores in security ratings, will hold a stronger position in the market in terms of security, but also in terms of overall business. Finally, more secure businesses will be better able to build strong partnerships, improve customer relationships and attract high-value investors. All these parameters will contribute to the strengthening of the financial security of a company.