Tendering can be a competitive landscape, but cybercriminals are lurking in the shadows to try and steal a win. With today’s clients and companies savvier about security than ever before, compliance is key to closing deals according to Hicomply, experts in information security management.
In business, the difference between winning and losing can often come down to trust and reliability. As such, companies leveraging tenders as a primary means of securing business need to recognise that the emphasis on cybersecurity compliance and certification has never been more pronounced.
Amidst growing concerns over data breaches, privacy, and cyber threats, organisations that can demonstrate a robust cybersecurity posture through certification are increasingly finding themselves at the forefront of potential deals.
Compliance: edging the competition
Certifications such as ISO 27001, SOC 2, and GDPR compliance aren’t just badges of honour. They are a shorthand, communicating a tangible commitment to cybersecurity standards, and showing customers that a corporation cares about data protection.
A survey by the International Association of Privacy Professionals (IAPP) revealed that 76% of companies are more likely to engage with partners holding recognised cybersecurity certifications. This highlights a key market trend: trust through proven compliance is a significant determinant in awarding tenders.
This is no surprise, as certification is vital in mitigating risk. In an age where a data breach can cost on average $3.86 million (or just over £3 million) according to a report by IBM, achieving compliance greatly reduces the likelihood of such incidents taking place.
Compliance also saves time and resources. The rigorous process of achieving and maintaining certifications means that the company has ongoing processes in place to manage and protect data effectively, reducing the burden of due diligence.
A done deal: the impact of certification
There is a growing emphasis on cybersecurity in the tender process, and businesses are seeing a notable difference to their client base as a result of compliance. For example, IT company The HBP Group recently said that they have seen a significant increase in the number of tenders they are asked to complete since prioritising cybersecurity accreditation.
Industries such as finance, healthcare, and government, where data sensitivity is paramount, have shown a marked preference for certified companies. Both B2C and B2B consumers are making rigid cybersecurity a non-negotiable factor in their operations and communications.
In 2023, Consultancy.uk reported that cybercriminals were increasingly targeting supply chains and partners in order to reach their targets. Certification lets potential collaborators know that a business takes cybersecurity seriously, which immediately raises trust and transparency, enhancing the organisation’s marketability.
Certification is a strategic investment
Achieving certifications is by no means a trivial task. It requires a significant investment in time, resources, and often, cultural changes within an organisation. But this investment shouldn’t be viewed as just a tick in the compliance box, but as a strategic move towards business development.
Beyond the immediate benefit of increasing tender success rates, certifications also improve overall cybersecurity posture, employee awareness, and can even lead to operational efficiencies through the implementation of best practices.
The correlation between cybersecurity certifications and tender success is becoming increasingly evident. As companies vie for business in an environment where data security is paramount, those with the foresight to invest in compliance and certifications are not just better positioned to win tenders, they’re setting a standard for trust and reliability in their industry.
Prioritising cybersecurity compliance isn’t just a good practice, it’s an essential strategy for long term success. Hicomply’s comprehensive compliance support system can speed up your journey to accreditation.
Want to see what our platform can offer you? Why not book a demo today or ask a question by emailing hello@hicomply.com.
