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Companies are losing business due to poor cybersecurity

(Image credit: Pixabay.com)

British firms are putting their livelihoods at risk by failing to ensure they are properly secure, new research has found.

A study by BitSight discovered that many companies have lost potential business due to failing to demonstrate they ensure their online safety.

In fact, nearly two in five (38 percent) of enterprises admit that they have lost out due to either a real or perceived lack of security performance within their organisation.

This is despite many business leaders realising that security is recognised as a key differentiator for sealing business, with nearly three-quarters of C-level respondents saying that improved security performance measurement would greatly or significantly improve company financial performance.

The majority of respondents overall agree that improved measurement would improve company business continuity (82 percent) and company reputation (81 percent). 

The study also found that companies which have formal security performance metrics in place are far more likely to successfully manage security.

This in turn would lead to more trust from executives and board members, as those managers implementing formal security metrics are likely to see a 10 percent or greater year-over-year increase in security budget.

The vast majority (82 percent) also agreed that customer and partner perception of security is increasingly important to the way their firm makes decisions.

“Financial success, brand perception, business continuity and company reputation now all hinge on security performance,” said Tom Turner, CEO, BitSight.

“But in order to effectively manage performance, you have to measure it. We think this study should serve as a wakeup call for security leaders and their executives and boards to take a close look at their strategies for security performance measurement and reporting – after all, their businesses are now on the line.”