2023 business priorities: The critical link between new business, security, and compliance
Compliance and Security
Learn how businesses prioritize data security, compliance, & growth in 2023. Discover top cybersecurity tools, compliance standards & strategies to build customer trust while protecting your business. Invest in robust security systems, adopt cloud & app security, and leverage data-driven decision-making.
As your business keeps its ship afloat in 2023, the intersection of data, compliance, and security has never been more profound.
According to our Q1 SaaS Trend report, cybersecurity was the second most purchased software category in Q1-2023, with the leading products being Crowdstrike, HackerOne, and Tenable.io. Equally, Cloud and Application Security also took center stage, with Snyk, Cloudflare, and Orca Security topping the list.
In the drive to increase profits this year, companies are refusing to compromise on one essential aspect: security.
Focusing on security impacts growth.
This stance underlines a critical shift in today's business landscape. While expansion and the pursuit of new opportunities are at the forefront of corporate agendas, it's clear that navigating this path of growth is far from straightforward. Companies now acknowledge that attaining their financial goals comes with complex challenges, among which security is a key priority.
Today, businesses face the daunting task of navigating an increasingly complex security landscape while keeping pace with regulatory requirements. For example, Hiscox.com reports an 80 percent increase in the average data breach cost in the past year. This growing threat underscores the need for investment in robust security tools like 1Password and Crowdstrike.
As cyber threats continue escalating, compliance with standards like SOC 2 and GDPR remains paramount. As a result, businesses increasingly use tools like Vanta, Drata, and Avalara to align their operations with these crucial standards.
Kevin Kriebel, VP of Partnerships at Drata, emphasizes the crucial role of compliance in fostering customer trust:
"For any business, maintaining customer trust hinges on adhering to compliance standards. [..] We aim to serve as a reliable bridge of trust between businesses and their partners."
However, striking a balance between growth and compliance is a complex task. It requires an approach that respects the importance of business objectives and regulatory requirements. It requires an appreciation for the need to simultaneously grow and protect the business.
How to have "both, and" with security and business growth.
Invest in robust security systems.
Investing in top-tier security systems like Crowdstrike, Hackerone, and Tenable.io can help prevent data breaches and protect customer information. This protection ensures compliance with regulations and builds customer trust, which can lead to increased business.
Adopt cloud and application security measures.
Solutions like Snyk, Cloudflare, and Orca Security can provide a secure environment for your applications and data, enabling you to offer secure and reliable services to your clients, increasing customer retention and acquisition.
Compliance with standards like SOC 2 and GDPR isn't just a regulatory necessity; it can also serve as a key differentiator in the market, especially in critical data privacy sectors. Companies can leverage tools like Vanta, Drata, and Avalara to streamline their compliance processes and use this as a selling point.
Leverage data-driven decision-making.
Utilize analytics tools to gain insights into your business performance and customer preferences. This can help identify growth opportunities, streamline operations, and ultimately increase revenues while ensuring compliance with data regulations.
Offer secure products and services.
Create products and services that prioritize security and privacy. This approach can attract privacy-conscious consumers and open up new market segments, boosting your bottom line.
Train staff on security and compliance.
Regularly training staff on the importance of compliance and security can help prevent costly breaches and errors that could result in fines or reputational damage. This focus on training can also increase productivity and efficiency, aiding growth.
Perform regular audits.
Regular audits can ensure ongoing compliance with various regulations, avoiding potential fines and demonstrating your commitment to security to customers.
Partner with trustworthy entities.
Working with trusted partners can enhance your company's reputation for security and compliance, attracting more clients and fostering growth.
Automate compliance processes.
Utilizing automation for compliance can save time and resources, allowing you to focus on other revenue-generating aspects of your business.
Establish a robust data governance strategy.
A robust data governance strategy helps ensure compliance and improves decision-making capabilities, allowing you to respond better to market trends and opportunities. This dual focus can enhance customer trust and lead to business growth.
Success in today's landscape is contingent upon a dual focus on growth and security. The companies that will thrive recognize the importance of investing in top-tier cybersecurity and compliance tools. It enables businesses to leverage compliance as a competitive advantage.