Quite often when speaking to SAP customers on the topic of SAP security, or security in general, they see security as a cost driver with a return on investment that is hard to determine. Despite the growing focus on cybersecurity, organizations remain unsure about the business benefits of having security in place. Therefore, we would like to introduce some alternative ways of looking at the topic.
As businesses worldwide depend heavily on digital processes, it becomes more important than ever that these processes and the systems they lean on are secured properly. Improving security for the organisation, customers and other shareholders might bring more than just a lower risk of a security breach.
Security as a prerequisite for digital transformation – Agility
With an increase in doing business online, as driven by the global pandemic, it is important to stay competitive by implementing new products and services. An increasing number of organisations have undergone a digital transformation to enable this. However, for a digital transformation to be successful, it needs to be built on strong cybersecurity as a foundation for business agility. Organisations that are confident and successful in their cybersecurity are more likely to innovate and have an advantage over the competition.
64 percent of executives recognize that cybersecurity is a vital foundation for their digital growth strategies, citing it as a “significant” driver of success for digital products, services, and business models.Cisco Cybersecurity as a Growth advantage
Keeping your business operational – Lesser outages
A business that has prudent cybersecurity in place is more likely to reduce the financial and operational impact of a data breach and will also recover faster in the case of an incident. Getting your employees trained and made security-aware, having a tried-and-tested disaster recovery plan and a strong security hygiene (via policies and processes), greatly reduces the risk of downtime and improves the resilience of your business.
Downtime of your business-critical SAP systems should be avoided at any time, especially since costs and damage to the business can be extensive. According to SAP itself, the average costs of a security breach is estimated a $5 million per attack.
The average cost of SAP security breaches is estimated at $5 million per attack, and the risks are growings.SAP Cyber Risks and How to Prevent Them
Building customer trust
A global increase in cyberattacks increases the risk of damage to your business as well. A security breach can have a big impact on customer loyalty and the trust they put in your company, potentially leading to loss of business.
73% of consumers would reconsider using a company if it failed to keep their data safe.The Deloitte consumer review
Cybersecurity is more than just costs. Cybersecurity is about more than just reducing risks and should be seen as a business enabler that is part of a successful organization’s strategy.
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