| | December 2020ENTERPRISE SECURITY8here are so many new cybersecurity, privacy and risk laws and regulations to worry about. How can they possibly add value to your business? As you look at business innovation, many organizations will need to rely significantly on their cybersecurity and privacy groups, but these programs are often misunderstood functions within many corporations. Cybersecurity and privacy programs are often considered a "necessary evil," designed to address industry standards or customer compliance. However, they are not typically thought of from an innovation perspective. Well designed and marketed cybersecurity and privacy programs can create a competitive advantage for a company.Your business likely provides services to many customers and impacts hundreds or thousands of employees, families, and multiple communities. These groups depend on your company to perform as a reliable business partner and responsible corporate citizen. They also expect, and deserve, adequate security controls to protect their assets entrusted to you and your company. When you consider physical security, it's common place to use fences, locks, cameras and other mechanisms to protect our physical assets. So, why is it that we often have less consideration for those assets we can't see that could be electronically accessed by or transmitted to an unauthorized recipient? TThe Nuances of Information Security and PrivacyBy Leon Ravenna, CISO, KAR Auction Services, IncRobust cybersecurity is a critical component of being a reliable and trustworthy employer and business partner. Many factors are considered in the development and implementation of cybersecurity and privacy programs:· Helping drive new business and maintaining existing business· Ensuring consistent and secure delivery of services· Protecting assets from intentional or accidental misuse· Meeting customer compliance expectations and contractual commitments· Recruiting and retaining top talentEach of these drivers by themselves is important. However, in combination, they create a unique program that not only provides comfort to customers to entrust their data to your care, but also focuses on the continued, secure delivery of leading technology solutions.Let's look a little deeper at a couple of these items. Driving new Business:It may not seem like cybersecurity and privacy are drivers of new business. However, when was the last time you saw a contract without any cybersecurity or privacy provisions? When was the last time a customer said, "Sure, you seem trustworthy. No need for an audit here?" As the world moves toward a more digital, online marketplace, cybersecurity and privacy are increasingly considered critically important in the sales process. The ability to demonstrate strong cybersecurity and privacy programs IN MY OPINION
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