Cybersecurity and trust are synchronous.
Like an excellent dancing duo, the two routinely work in concert with each other. If an organization experiences a client data mishap, client trust erodes. Watch CNBC, read the Wall Street Journal, or just Google the company's name. These channels can exacerbate negative sentiment.
And as the protectors of trust, Chief Security Officers (CSO) face an uphill battle. An nCipher survey revealed:
Take a deep breath. CSOs at some of the world's largest firms and institutions thwart new attacks daily, lead the physical security and safety of employees, participate in loss and fraud prevention, and deal with the pressure of keeping client data safe on a budget of hundreds of millions of dollars. Add that mishaps can lead to fines matching the size of some of the largest security budgets, and you can see how this can make the stakes feel insurmountable.
Unfortunately, for your customers, it's a constant tug-of-war of how much trust they should have in a company. Their affinity for a brand is fleeting. Trust is the foundation the CSO builds with consumers through data security efforts.
PwC once wrote, "If the lifeblood of the digital economy is data, its heart is digital trust - the level of confidence in people, processes, and technology to build a secure digital world."
Building Awareness
Spending millions on security is a good optic, but getting employees on board is a must. It all starts with your people.
Yes, employees will moan and groan about the obstacles created by added security measures. Change is hard. But awareness is essential when 60% of employees don't know if an employer HAS TO comply with major privacy regulations or more than 25% struggle to identify a phishing email.
Even with the best intentions, employees will make mistakes. Many integral companies set measurable goals to know if this security aspect is moving in the right direction. Measurable goals can include phishing rates, training metrics, or tying your training to defects in the software.
Building Trust
Data privacy concerns are barriers to securing trust in today's digital world.
Your customers want to know how you're using their data. Saying "we have policies" will fall on deaf ears. Is there a way to prove you have the appropriate control levels, business partners, and staff to convey confidence?
The National Institute of Standards and Technology, SOC 2, and other cybersecurity assurance programs are worthy of investments and can instill client confidence in a firm's ability to protect their client's digital world. Showing your ability to attain these standards reveals a company that clients will be more receptive to trusting with their sensitive data.
Building Resilience
Assessing risk and creating data security resilience, efficiently and accurately, is a continuous process. This is not a check-the-box endeavor.
As a CSO, you know bad actors are working on the next virus and searching for the next target. The tall task of data security resilience starts with analyzing your enterprise risk profile. Doing so can identify where you can focus security investments on mitigating enterprise data risk.
Your analysis will lead to third-parties and vendors. When vetting vendors, ask about their security investments, their track record, and what security standards they have met. Incorporating this into discussions with business leaders will ensure you're on the same page for your security approach and expectations.
Learn how the Kingland Platform protects your client data in a secure environment through disciplined and ongoing security investments.