Fourth Revolution: Revenue Source?
All of the big breaches over the last few years have had three things in common. Home Depot, Yahoo, Target, Adobe and even Equifax had good technologies in place, smart people and responsive processes yet all suffered extensive breaches worth tens and hundreds of millions of dollars. In the case of Yahoo, the breach stripped $350 million of valuation from the Verizon deal and in the case of Equifax, their breach may well signal the end of that company altogether.
Most cybersecurity professionals still explain the value of data security to the business only in terms of qualitative risk reduction, loss prevention and regulatory compliance. The problem with this narrative is that it fails to connect to the single most important goal of most companies — driving revenue, profit and growth.
As a result, we witness a further erosion of the communication bridge between the CISO and the Board.
At a time when the biggest source of competitive differentiation comes from how businesses exploit digital technologies to create new value for customers, increase their operational agility to serve their existing customers and form digital ecosystems that generate entirely new revenue streams, data security and privacy represent much more opportunity than what is usually assigned to newly recognized cost centers like cybersecurity.
Cybersecurity as a Profit Center?
If you suggested to the average board member that there was revenue and customer opportunity in cybersecurity, s/he would think you were crazy. Some of this disconnect stems from