How a Cybersecurity Certification Could Give Your Business an Advantage 

Cybersecurity in Australia is as much a concern for large companies as small businesses. Cyberattacks are on the rise and are becoming increasingly more complex, with small businesses often the victims of targeted attacks.  

With the risk of cyberattacks growing, data breaches are a primary concern for many Australians. This means that many consumers will not willingly hand over data to companies they think are untrustworthy or don’t have strong enough cybersecurity measures in place. In some cases, it may force them to search for a competitor who can meet their needs and can be trusted to handle their data safely and responsibly.  

One way that businesses can show their commitment to protecting their business and their customers is by earning a cybersecurity certification.  

What is a cybersecurity certification? 

A cybersecurity certification is an official way to demonstrate that a person or business understands how to follow recognised cybersecurity best practices and how to protect against online threats.  

Earning a cybersecurity certification takes significant time and effort, clearly demonstrating a company’s strong commitment to enforcing best practices and protecting against threats and breaches.

Individual certifications 

Individual cybersecurity certifications are certifications that employees, business owners or IT professionals can earn by completing training and passing an exam. Cybersecurity certifications like CompTIA Security+ or Certified Information Systems Security Professional (CISSP) show that a person knows how to spot risks, defend systems and respond to cyber threats. 

Business certifications 

By achieving a business-wide, globally recognised certification such as ISO/IEC 27001, companies can demonstrate to clients, suppliers, partners and investors that they have strong cybersecurity measures in place to defend against threats and cyber risks. 

Receiving a business cybersecurity certification often requires a company to undergo a full review of its cybersecurity practices and policies.

The benefits of a cybersecurity certification for small businesses 

Obtaining cybersecurity certification can have real advantages for small businesses. Here are some of the key benefits.  

Build customer trust 

Customers are becoming increasingly cautious about how businesses store their data and information. In recent years, cyberattacks against private companies and government agencies have made nation-wide headlines – especially when those cyberattacks have been successful and people have had sensitive information exposed.  

Displaying a recognised cybersecurity certification can help to reassure customers that their data and information is safe with you. It shows that you take cybersecurity and data privacy seriously, and your skills and knowledge are backed up by an industry certification. 

A recent information privacy study found that 85% of consumers said they deleted a phone app, 82% opted out of sharing personal data, 78% avoided a particular website and 67% decided against making an online purchase due to privacy concerns. 

The evidence is clear. Customers care about their privacy and how their data is used, and are willing to take measures to protect themselves – such as switching to a different, more trustworthy business or service.  

Win new business opportunities 

Depending on what kind of industry you’re in, you may find that having a cybersecurity certification is becoming a requirement when bidding for contracts or working with larger corporations.  

A recognised industry cybersecurity certification may help your business stand out from the competition and open doors for new partnerships. This is especially true if you work with sensitive data or provide services to other businesses. 

In April this year, the UK’s Royal Mail was targeted by cybercriminals through a third-party provider. The cybercriminals claimed that more than 144GB of sensitive data belonging to Royal Mail was stolen, via the third-party provider. This included personally identifiable customer information and confidential documents. 

The extent of the damage in this cyberattack highlights how important it is for businesses to fully vet their suppliers and third-party providers to ensure their cybersecurity is up to scratch. Otherwise, this could expose their business to risks, leading to financial and reputational damage. Therefore, it makes sense that any company looking to take on a new contract would want to ensure that contractor has the right kind of cybersecurity certification.  

Strengthen cybersecurity 

The process of achieving certification usually involves reviewing and improving existing cybersecurity practices. This gives the business the opportunity to identify vulnerabilities you might not have known about and put stronger protections in place.  

Measures like employee training, updating software, implementing cybersecurity tools and creating a cyber incident response plan can all make a difference. 

Are there any drawbacks to getting certified? 

Cybersecurity certification can bring many benefits. However, it’s important to understand the potential challenges and costs involved before making a decision.  

Cost considerations 

Achieving cybersecurity certification requires time, effort and money. There are both direct and indirect costs associated with obtaining certification.  

Direct costs include things like training courses for staff to prepare for exams; auditing fees in case an external auditor needs to review your cybersecurity measures; and application fees to register and maintain the certification.  

As well as this, there are also indirect costs to think about. If you have employees, then they may need to take time away from work to focus on certification-related tasks, such as updating systems, writing policies or attending training sessions. You might also need to invest in upgrading your technology or changing internal processes to meet the certification standards. 

Ongoing maintenance  

Obtaining a certification is an ongoing commitment to data protection and cybersecurity. Once the certificate has been achieved, this does not mean you can relax your security measures.  

Most certifications require regular audits, renewals, or updates to stay valid. As cybersecurity threats evolve, certification standards are often updated, which means your business will need to continually review and improve its security practices. 

Are there alternatives to full cybersecurity certification?

If you’re concerned that some of the cons outweigh the pros, or that your business doesn’t require full certification, there are other steps you can take to improve cybersecurity and protect your business’s data. 

There are plenty of proactive measures you can take to mitigate cyber risks, which include things like:  

• Investing in cybersecurity tools, such as antivirus and malware protection software, endpoint detection and response (EDR) tools and multi-factor authentication (MFA). 

• Planning regular staff training to help employees understand how to identify and respond to cyber threats.  

• Purchasing Cyber Liability insurance, which is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. 

• Backing up data regularly in case of a breach or outage.  

• Installing new software updates as soon as they become available.  

Cybersecurity certification: Is it right for my business? 

Cybersecurity certification is one way that you can actively demonstrate to clients, employers and third parties that your business is committed to data privacy and cybersecurity.  

While cybersecurity certification isn’t a must-have for every small business, it can be a smart move for those who handle sensitive customer information, operate in highly regulated industries or want to strengthen their reputation. 

However, for many small businesses, simply starting with strong basic cybersecurity practices is a great first step. This can go a long way to building customer trust, protecting the business’s finances and reputation, and also preparing for future growth without the need for full certification.  

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording or Product Disclosure Statement (available on our website). Please consider whether the advice is suitable for you before proceeding with any purchase. Target Market Determination document is also available (as applicable).

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