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How to win business by building on the trust of your customers

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22 November 2016

Mark Hughes

Blogs by author:  Mark Hughes , President, BT Security

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It’s easy to think of cyber security purely in terms of mitigating risk. But the ability to tackle cyber crime effectively also offers new opportunities to organisations.

In the last decade, organisations have taken advantage of new ways to reach customers — including PCs, smartphones and tablets. But these platforms also come with new risks, giving cyber criminals more chances to strike.

Turning the negative into a positive.

To be competitive and efficient in today’s market, you have to look beyond the risks and avoid seeing cyber security as a cumbersome exercise. Instead, it’s important you see it as part of your product offering and innovation strategy.

Customer loyalty.

Trust is one of the factors that underpins all strong brands, particularly in the banking sector. With better security, comes increased trust from customers. Trust that their data is in safe hands, and that they’re banking with an organisation who understands the risks of today’s digital world.

Customer trust primarily works on two levels. Initially, it’s a prerequisite for a customer agreeing to a transaction. Most customers won’t commit information to a website unless they’re convinced it’s secure. On a deeper level though, trust is key to consumer loyalty, and therefore, to retaining a strong customer base.

Brand innovation.

Along with customer loyalty, cyber security also has a positive impact on brand innovation. Today, sales, customer service and back-office processes all typically involve networks. By making sure that these areas are secure, you free your business up to develop new ideas and innovations.

The Chief Digital Risk Officer.

To take advantage of new opportunities, and develop as a business, you have to make sure security is a part of your wider business strategy. An important part of this is to appoint a Chief Digital Risk Officer (CDRO).

A quarter of organisations already have a CDRO in place, and this role combines digital expertise with high-level management skills. The position has emerged as part of a re-definition of digital roles, and it has a huge amount of potential. Individuals in this position can develop policies and practices that allow organisations to create new, better ways of working.

CDRO’s can, for example, help you to develop innovative ways to deliver better services to customers and streamline back-office systems. It’s just one of the ways that security can make sure your organisation enjoys more opportunities than it would otherwise.

Find out more.

You don’t have to take a negative view of cyber security. Your efforts to prevent cyber crime can also help you attract new customers. Read our new white paper, ‘Taking the Offensive — Disrupting Cyber Crime’, in partnership with KPMG, to find out more.