It might surprise and concern you to learn that around half of UK businesses have suffered a cybersecurity breach in the past 12 months. According to the same study from the government’s Department for Science, Innovation and Technology, the threat is even higher for large organisations: nearly three in four (74%) have had their digital defences compromised by bad actors.
While not all of these breaches are particularly sophisticated, meaning they may not result in material loss for the victim business, the collective effect of cybersecurity failure currently amounts to £32bn annually according to one data analysis.
It’s not that companies are ignorant of the need to review and potentially strengthen their ability to repel cyber attacks. This is especially true for larger organisations, with 63% of medium-sized businesses and 72% of larger enterprises completing cyber risk assessments in 2023.
Reviewing and upgrading your approach should be a central facet of a wider digital transformation programme. With cybersecurity overlooked, your customers could lose confidence in online interactions with your organisation - which could mean taking a big hit to your bottom line.
In fact, consumers are similarly aware of the threat of cyber breaches and what that could mean for them personally. According to a survey, almost two-thirds (63%) are anxious about their data being stolen from a business that fails to batten down its hatches online. Furthermore, 59% of them would abandon a brand they didn’t feel was serious about cybersecurity.
So, cybersecurity is not a subject to be taken lightly. It should be treated as a key aspect of your overall plan for digital transformation and viewed it as a strategy of its own. It’s not a great leap to imagine a time when consumers will only interact with and buy from a business they believe to be at the leading edge of cybersecurity defences.
Ask yourself the question: is it time to hit the reset button on your cybersecurity strategy? If the answer’s yes, you’re in the right place. MMT’s cybersecurity experts bake the right processes and protection into your online operations from the word go, ensuring they’re a focus of your comprehensive digital transformation.
We take a three-pronged approach to solving cybersecurity problems. It involves a focus on digital infrastructure, channels and data:
1. Keep your digital estate ahead of the curve
We’ll ensure you have the most up-to-date software in place. This means making informed choices about which tools and platforms to adopt and - crucially - how to optimise them for cybersecurity best practice while also ensuring a slick digital experience for your customers. As part of this, you should instigate a rolling test and learn programme, alongside continuous research into what customers need from your organisation. By pouring insights back into your operations you’ll be able to call on solutions that are as secure as they are innovative.
2. Create seamless, secure experiences across channels
Today’s customers want a joined-up experience. And in growing numbers they also want organisations to interact across the digital estate, with cutting-edge features that wrap in AI, Virtual and Augmented Reality options. By implementing these tools of digital transformation in a water-tight, connected manner, you’ll provide your customer with a consistent - and consistently secure - experience; keeping their precious personal data safe at all times.
3. Make data the beating heart of your business
Data is a natural target for attacks on cybersecurity because it’s so valuable. That’s why customers expect you to guard it with your life. MMT advises not just how to keep all of the information in your systems secure; we also put the onus on using data and analytics to make informed decisions about your customer experience, keep customers safe online, and also keep them coming back for more.
Looking at cybersecurity through these three lenses is sure to make your organisation more secure. To understand more about how to make all areas of your business responsible for creating a more secure operation - from your people and processes, to the tools and technology they use, and the mass of data and insights produced - you can read more here.
If you would like to discuss how MMT can elevate your cybersecurity strategy and better protect your business, get in touch today.
