Security validation and a higher security posture aren’t the only advantages of a cybersecurity plan. Although few people consider it, businesses that take a strong cybersecurity posture may profit in terms of client acquisition and retention.
In 2020, the research looked at the linkages between cyberattacks and customer behavior and discovered some eye-opening information concerning the relevance of company security. According to the report, which polled almost 2,000 customers in North America and Europe, 59 percent of purchasers are unlikely to do business with a company that has had a cyber attack in the previous year.
The security posture of a company is important, as shown by real-world statistics. The usage of WAF and purple teaming is one of the relatively recent but extremely successful strategies for attaining outstanding cybersecurity, and its beneficial influence extends to enhanced customer perception.
Strengthening security measures
Simply having security rules in place isn’t enough in today’s cyber threat world. Security validation is a crucial component of an organization’s overall security posture. Having the greatest antivirus, privacy monitoring tools, secrets managers, or web application firewalls in the world won’t help you unless they’re operating properly.
One way to secure current and legacy apps, third-party apps, cloud services, containers, APIs, and microservices is to use a trustworthy web application firewall or WAF protection. However, whether they will operate perfectly all of the time remains to be seen. Regular, ideally continuous security testing is advised to ensure that problems or malfunctions are found and rectified quickly.
Purple teaming, which is frequently seen as a hybrid of red and blue teams, is one of the greatest security validation methodologies. However, it isn’t quite a red-and-blue team combination. It does not result in the formation of a new team, but it does instill a new mindset in terms of evaluating the effectiveness of current security systems. It stresses the adversarial viewpoint and allows for some communication between the defensive and attack teams without turning them into one entity or requiring them to be completely aware of what the other is doing.
“The complexity of current online apps implies that they include a huge number of undiscovered vulnerabilities,” says InfoSec Institute cybersecurity expert Howard Poston. Purple team exercises combine offensive skills with the internal visibility and defensive expertise of the blue team to enable the successful detection of previously undisclosed vulnerabilities and security holes inside a system, particularly one that is extremely complex.
Security testing, particularly when combined with purple teaming, leads to improved cyber protection, which benefits both the firm and its customers. Early adopters of this technique have unknowingly benefited from superior commercial results, particularly since their solid security postures boost client trust.
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Increasing consumer trust
Returning to the data mentioned earlier, it’s worth noticing how buyers see reliable cybersecurity as a critical component in selecting whether or not to try or patronize a company. Potential purchasers are interested in more than just the quality of the items or services on offer. They’re worried about the safety of their transactions as well.
Nearly 90% of clients consider trustworthiness to be a crucial aspect when working with a company. They want to know that they are working with a real company before purchasing a product or paying for a service. The age of a corporation is not the sole indicator of reliability. A company’s history of preventing and responding to cyber threats is also taken into account.
Consumers, on the other hand, are more inclined to move to a rival if a firm is unable to restore its systems and applications within three days following a cyberattack, according to the survey. Also, Consumers will not wait indefinitely for the online business they have been shopping at to reopen.
Consumers may and will locate a different shop that can meet their wants after a short wait period since the internet marketplace is large. On the internet, customer loyalty is quite restricted. According to the poll, more than a third of respondents said they would switch to a new retailer or service provider if they were unable to access a website or complete a transaction within 24 hours.
Even organizations that seem to have nearly captive clients are vulnerable to customer desertion and switching to rivals due to Cybersecurity Posture issues. Banks and financial service firms expect to lose almost half of their clients “immediately after a ransomware-related occurrence,” which restricts consumers from transacting or accessing information.
In the telecoms business, over 43% of respondents said they would switch to a new communications product or service if their present supplier link to data security vulnerabilities or other cybersecurity issues.
Bad security encounters have a negative impact
Furthermore, consumers do not overlook or minimize security breaches and other unfavorable cybersecurity situations. They are unlikely to remain quiet about their negative experiences with an online store’s or a company’s website’s security system. The vast majority of them anticipate to tell others about their experiences, resulting in a public relations nightmare for a company that has just had a security breach.
“During or immediately after a cyber assault, the potential harm does not end.” According to the cyber attack and consumer behavior survey, “more than eight out of ten respondents confess to discussing their unpleasant ransomware-related experiences with family, friends, or coworkers, publishing about their experiences online, or emailing about the occurrences.”
This reputational harm may avert by maintaining a strong Cybersecurity Posture. Which includes not only putting in place the appropriate security tools and mechanisms but also conducting testing and validation processes to ensure their effectiveness.
Although indirect, it is effective.
Although some may dismiss the ideas made here as fanciful, it is apparent that purple teaming may give tangible security improvements that matter to customers. Cybersecurity is no longer a niche sector focus on avoiding data breaches and business interruptions. It is now a requirement that practically every company should consider.
In the era of online shopping and the inevitability of customers maintaining online digital presences, a history of security breaches, online theft, and other digital crimes does not bode well for companies. No customer wants to be a part of a firm that puts them in danger.