It has always been pretty obvious how important cybersecurity is for customer retention, but this new research into the matter has shed light just how important it is. “The Security Imperative: Driving Business Growth in the App Economy”, commissioned by CA Technologies, says that 89 per cent of UK organisations experienced increased customer retention, once they amped up their security practices.
There has been a 39 per cent increase in customer satisfaction, and 38 per cent increase in revenue, among companies that have employed an identity-centric approach to security. “Security has always been about protecting the business, compliance, and efficient business operations; this study is proof that security also contributes to business growth,” says Paul Briault, Sr Director, CA Technologies.
“In the application economy, customers want failsafe security and a frictionless experience. Identity-centric security applies consistent security measures across channels, allowing organisations to improve how they protect and support business operations while driving customer confidence and business growth.” Almost three quarters (74 per cent) of organisations reported an increase in customer experience, 71 per cent increase in competitive differentiation, and 87 per cent talent acquisition and retention.
Employee productivity has gone up, and so has operational efficiency. According to the report, identity-centric security can do more than 'just' protect the business – it can help build a trusted digital relationship that are essential to an organisation's success.
It was also said that security still remains a concern in the UK – with a third of organisations (33 per cent) reporting an increase in cyberattacks, in the last 12 months. A fifth, however, has reported a decrease. This decrease is the result of extra investments, and the implementation of strong authentication measures. The full report can be found on this link (opens in new tab).
Image Credit: Sergey Nivens / Shutterstock