Cybersecurity plays a crucial role in building customer trust. Research indicates that 81% of customers will avoid purchasing from companies they don't trust, and 94% won't buy from a company they believe cannot protect their data. Therefore, a strong cybersecurity posture is essential for retaining customers and driving revenue.

A solid cybersecurity program can significantly enhance a company's reputation. Achieving compliance with frameworks like SOC 2 and ISO 27001 not only boosts credibility but also increases referrals from satisfied clients. Conversely, data breaches can lead to financial losses and long-term damage to a company's public image.

Companies should start with a comprehensive risk assessment that includes maintaining an asset inventory, recognizing potential threats, and engaging stakeholders to identify risk scenarios. Analyzing risks by assigning likelihood and impact values, prioritizing them, and developing a detailed mitigation plan are essential steps in effectively addressing cybersecurity threats.