Recently, Forbes Magazine published an article by Ron Shevlin entitled “5 Cybersecurity Myths Banks Should Stop Believing.” We highly recommend the piece; we find it well-researched and crucial to dispelling long-held mistakes in financial cybersecurity.
However, the article also raises a distinct question: can businesses use their cybersecurity as a competitive advantage? Put another way, can businesses—financial or otherwise—market themselves in part on their cybersecurity policies and strengthens?
The Argument Against A Competitive Advantage
Mr. Shevlin puts forth the idea of cybersecurity as a competitive advantage to refute it as a myth. He argues customers expect their financial institutions to demonstrate strong cybersecurity as a prerequisite for their patronage. Concisely, consumers consider cybersecurity a necessary feature rather than a perk.
Indeed, IAM vendor Ping Identity found well over 75% of consumers won’t digitally interact with brands after they suffer a breach. 36% would abandon a brand altogether. Their research indicates customers do expect cybersecurity to some degree. Certainly, a breach poses a significant danger to your word-of-mouth.
Moreover, Mr. Shevlin points out that boasting about your enterprise’s cybersecurity can, in fact, backfire. No cybersecurity policy or endpoint security can prevent 100% of all penetrative cyber attacks.
While enterprises adopt detection and response cybersecurity with capabilities like EDR, consumers still hold onto a preventative cybersecurity mindset. Marketing your endpoint security as a competitive advantage, then reporting a breach (however m ..
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