Corporate executives have a responsibility to ensure long-term positive outcomes for the companies they lead. One way to accomplish this is by minimizing corporate risk and protecting assets through proactive and innovative approaches to cybersecurity. Time and again, however, we have witnessed companies become unnecessary cyberattack victims. Often, these incidents are sadly due to their inaction.
As technology constantly evolves, so, too, do risks. These risks drive the need for strong security measures. We must apply a mindset of protection consistently throughout the organization, or more businesses will fall victim to inaction and cybersecurity threats.
To reap the benefits of positive outcomes for your business, you must also be held accountable for any negative outcomes a company experiences. The responsibility does not stop there—as a business leader, you are responsible for protecting employees, partners and customers from cybersecurity threats and attacks that can compromise personal identities and financial well-being.
Therefore, growth cannot be the only business priority. Security must be positioned as a way to promote and protect the growth of the company.
There are three basic mistakes leaders most often make that hamstring security and create risk. The goal of highlighting these mistakes is to avoid the trap of security indecision.
Mistake Number One: Not Prioritizing Security as Foundational
Commitment to a company’s security foundation is essential. Budgeting, resource allocation and monitoring for risk might not be exciting, but they are necessary underpinnings that ensure a secure foundation for the business and provide customers with the protection they need and expect.
Mistake Number Two: Hesitating on Security Investments
Every moment a leader hesitates to invest in data protection is a second where the company, employees and customers could fall prey to cyberattacks. This hesitation is an active choice to allow a major vulnerability that could cost everyone involved, including your shareholders.
Smart investments such as reallocating resources, time and priorities to promote security is the way forward. It is not as simple as throwing more money at data protection, however. It is a difficult and ever more complicated process. But it is essential for all businesses if they are to ensure their health and longevity. Do not allow your company to be another negative statistic.
Mistake Number Three: Shying Away From Technology Evolution
Tokenization has gone from being a novel technology designed solely to prevent the worst from happening to becoming an industry standard that can work for any business. With proper implementation, tokenization enhances critical revenue-generating operations. It can provide access to more data and more third-party integrations. It can simplify internal systems, drive digital transformation by improving flexibility and enable what was previously impossible or impractical, especially with digital payments.
Technology is fast-paced and ever-changing. As leaders, we can ignore or deny the speed with which it evolves, but the fact is, if we stay stagnant in our security, the cybersecurity threats will not.
Being Decisive is an Asset to Security Posture
Investing in technology to prevent data breaches may not be the most exciting initiative, but it should be the most compelling, as it expedites growth, increases revenue and most of all, builds confidence. Customers and employees should trust your guidance and feel comfortable with your abilities as a leader.
It’s critical to change the conversation from “Data protection is a requirement to prevent the worst,” to “Data protection can be a fortifying catalyst for your organization’s growth.” Viewed within this context, prioritizing data protection not only is the safest decision—it’s the smart decision.
By bringing awareness to these issues and igniting the conversation, it should become clear that organizations must prioritize data protection to promote safe, responsible growth.