Recognizing cybersecurity as a revenue growth strategy

Cybersecurity protocols are a necessity for every digital enterprise. However, as business leaders navigate a variety of tools on the market, they’re realizing just how imperative choosing the right solution is. The global average cost of a data breach reached $4.88 million in 2024, marking a 10% increase from the previous year — the largest yearly jump since the pandemic. Not only are enterprises losing money from the breach itself, but its impact on customer trust and brand reputation undermines revenue growth. 

Insufficient onboarding and authentication protocols, along with the continued use of wildly popular, and vulnerable, passwords such as “123456” are placing enterprises and their customers at risk.

However, there are modern strategies to combine security with simplicity. Let’s explore the specific security measures businesses across sectors use to transform risks into growth opportunities. 

The hidden connection between security and business outcomes

Traditionally, cybersecurity has been viewed as a cost center, but forward-thinking enterprises are reframing it as a growth driver. Effective security measures do more than safeguard data; they enhance user trust, streamline experiences, and improve operational efficiency — all of which contribute to a healthier bottom line. Digital onboarding and advanced authentication are key components of this transformation, particularly in industries where seamless user experiences and regulatory compliance are paramount.

Cybersecurity’s growth impact across industries

Seamless security measures are becoming a powerful growth lever. A 2024 survey found that 56% of United States respondents were not at all likely to trust a company with their personal data after a breach, highlighting the significant impact on consumer confidence. Industries like gaming have set a high bar for frictionless user experiences, leveraging intuitive onboarding and real-time authentication to keep users engaged. For example, gamers expect near-instant account creation and access, all while ensuring their personal data remains secure. This balance between convenience and security is something other sectors — such as banking, healthcare, and retail — can adopt to improve customer satisfaction and loyalty.

When security measures are invisible yet effective, they create an environment of trust that encourages customer engagement. In the financial sector, for instance, digital onboarding solutions help businesses meet anti-money laundering (AML) and Know Your Customer (KYC) requirements without creating friction for the user. This ensures compliance while preserving high conversion rates. By prioritizing seamless security, companies can reduce onboarding abandonment rates, increase customer retention, and ultimately boost revenue.

Digital onboarding: A practical and strategic tool

Digital onboarding, the process of setting up new customer accounts entirely online, has revolutionized the way businesses interact with clients. Key elements of this process include:

• Real-time identity verification: Using biometric tools like selfie matching, voice recognition and fingerprint scans ensures that the person opening the account is legitimate.
• Data collection and compliance: Collecting and processing client data, such as addresses and identity documents, in a secure and efficient manner helps meet regulatory requirements like AML and KYC.
• Automation and AI: Machine learning minimizes manual intervention, reducing errors and speeding up the onboarding process.

This approach not only enhances the customer experience but also ensures companies remain compliant with regulatory frameworks. For financial institutions, in particular, digital onboarding has become indispensable, offering a streamlined yet secure way to add new clients.

Cybersecurity as a strategic advantage

Security doesn’t stop at onboarding. Continuous authentication mechanisms, such as behavioral biometrics and device fingerprinting, provide ongoing protection without disrupting the user experience. These tools enable businesses to detect anomalies and prevent fraud in real-time, further strengthening customer trust.

Businesses that embrace digital onboarding and continuous authentication are not only protecting themselves against threats but also positioning security as a competitive differentiator. In fact, organizations that extensively deployed security AI and automation experienced an average cost savings of $2.22 million compared to those that did not utilize these technologies. By prioritizing seamless and secure customer interactions, enterprises can enhance trust, reduce churn, and unlock new revenue streams.