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Cybersecurity can not only prevent data breaches, but can also assist in building businesses, according to KPMG.
According to John Havers, director at KPMG First Point Global, and Matt O’Keefe, a cybersecurity partner at KPMG, the “data locked away in IT systems" could hold the key to the future of a firm.
“With all that we read about information security and privacy – with a constant and increasing stream of news about emerging cyberthreats and hacking exploits – it might come as a surprise that cybersecurity can help build a business, as well as protect it,” Mr Havers stated.
Mr O’Keefe stated that while cybersecurity discussions typically revolve around the concept of ‘locking down’ data access and keeping out hackers, inviting people to interact with systems and technology is a vital part of the process.
“To take advantage of the business opportunities driven by the digital/mobile/data revolution, you need to invite people ‘into the store’ to access and share information,” he said.
“That is not about locking down data access. It is about unlocking the information needed to become more intimate with customers – getting to know customers, digitally, to understand their needs to serve them better.”
Mr Havers noted that respecting the wishes of clients is vital to the process of consumer identity management, and made reference to what he described as the “three P’s” of data security management: permission, preferences and privacy.
“To be in the game, businesses need to empower staff with the technology tools, including consumer identity management, data analytics, cybersecurity and privacy safeguards,” he said.
“After that, building digital literacy skills and applying old-fashioned business sense are the keys to knowing customers in the digital world and building a competitive advantage.”