Boosting Revenues with Cybersecurity
Cybersecurity isn't just about defense—it's a strategic lever for growth. At slashBlue, we've spent over two decades helping businesses in the Architecture, Engineering, and Construction (AEC) industry utilize technology to stay ahead of the curve. Most recently we had a breakthrough that has helped harness the power of cybersecurity maturity to boost their revenues by the millions. Through our work, we've found that businesses that proactively strengthen their cybersecurity practices not only protect their operations but also position themselves as trusted partners, leading to increased opportunities and growth. By embracing a proactive approach to cybersecurity, businesses can unlock new markets, secure lucrative contracts, and build lasting trust with clients.
A Different Way to Look at Cybersecurity in Business
Traditionally, many companies viewed cybersecurity as a necessary expense—a cost of doing business in a digital world. However, this perspective is rapidly changing. As illustrated by a study from PwC, a staggering 58% of organizations cited cybersecurity concerns as a significant barrier to entering new markets. This highlights a growing recognition that robust cybersecurity practices are not just protective measures but are also crucial for business expansion.
Moreover, with 87% of clients stating they would take their business elsewhere if they don’t trust a company’s cybersecurity practices, the stakes are high. For businesses, especially those in the AEC industry, the message is clear: cybersecurity can no longer be seen as a mere compliance requirement. Instead, it must be leveraged as a competitive advantage that can differentiate your company in the marketplace and drive substantial revenue growth.
Case Study: The Profitability of Cybersecurity
Consider the case of a consulting engineering firm that partnered with slashBlue to tackle a critical challenge: securing new revenue from Fortune 100 clients who had stringent cybersecurity requirements. By collaborating with slashBlue, the firm developed a defensible cybersecurity posture that not only met but exceeded client expectations. This proactive approach to cybersecurity maturity helped secure approximately $4 million in annual revenue, proving that cybersecurity can be a powerful revenue driver.
How do you add millions in revenue using cybersecurity maturity?
The answer lines in our three step process. But before we cover that it’s imperative to understand how your partners are viewing cybersecurity. Since the Target breach in 2015, which was caused by a unprotected vendor who had access to their network, a process called Vendor Risk Management (VRM) was born. VRM is the process of assessing and mitigating risks associated with third-party vendors and partners. It begins with identifying and evaluating vendors based on their access to sensitive data or critical systems. Regular assessments and monitoring are conducted to ensure vendors meet security and compliance standards. If a vendor is deemed high-risk, organizations may require corrective actions or consider alternative vendors.
The AEC industry depends on a network of contractors, suppliers, and service providers. Collaborative technologies like BIM and GIS increase complexity and potential cybersecurity risks. This interdependency means any one company is only as strong as their weakest vendor/partner. As a result, organizations are requiring more and more vendor risk management practices be put in place.
The emphasis on vendor risk management (VRM) is a testament to the increasing importance of cybersecurity in business relationships. Companies are being evaluated on their cybersecurity posture more than ever.
You may already have been evaluated. Typically VRM is kicked off through a questionnaire asking things like “is your data encrypted at rest” or “do you have SIEM monitoring inplace”. These questions along with possibly hundreds of others are provided with a simple “yes” or “no” response. Once your responses are collected and assessed, your organization is assigned a score indicating its risk level to the evaluating company. This score is then presented to the executive team for evaluation. Recommendations are frequently provided for transitioning to organizations that pose lower-than-average risks.
By proactively strengthening your cybersecurity practices, you can position your business as a preferred partner, opening doors to new opportunities.
Moreover, robust cybersecurity practices can enhance customer trust, reduce financial risks, and ensure compliance with industry regulations. This not only safeguards your business but also makes you more attractive to potential clients who value security as a critical aspect of their operations.
A Three-Step Process to Turn Cybersecurity into Revenue
To help businesses capitalize on the revenue potential of cybersecurity, slashBlue recommends a straightforward three-step process: Preflight, Countdown, and Launch.
Preflight: Identify New Revenue Opportunities
Start by identifying industries where cybersecurity offers a competitive edge. Research the specific cybersecurity frameworks, such as NIST, CIS or even certifications like SOCII, that are required or highly valued in these markets. By aligning your cybersecurity efforts with these frameworks, your business can not only meet compliance standards but also stand out from competitors.
Countdown: Address Business Risks
Once you've selected the appropriate framework, focus on addressing the business risks necessary to achieve compliance. This involves both small fixes and larger initiatives that enhance your cybersecurity maturity. By prioritizing these efforts, you can mitigate risks and position your business as a trusted partner in the industry.
Launch: Equip Your Sales Team
The effectiveness of your cybersecurity investments depends on your sales team’s ability to communicate them as a market differentiator. Equip your sales team with the knowledge and tools they need to highlight your cybersecurity maturity during client interactions. This not only helps in building trust but also accelerates the sales cycle by addressing client concerns upfront.
Taking Flight: Leverage Cybersecurity for Growth
Cybersecurity is no longer just a protective measure—it's a strategic imperative that can significantly impact your bottom line. By following the three-step process of Preflight, Countdown, and Launch, your business can take flight, transform cybersecurity from a cost center into a revenue booster. Whether you're looking to enter new markets, secure high-value contracts, or build lasting trust with clients, investing in cybersecurity is a powerful way to achieve your business goals.
At slashBlue, we’re here to help you navigate this journey. With our expertise and experience, we can assist you in turning cybersecurity into a competitive advantage that drives growth and boosts revenues. If you're ready to take your cybersecurity strategy to the next level, contact us today and let's take flight together.
