Building Trust With Security Assurance

tyler_munro
tyler_munro Tugboat Employee Tugboat Team
edited June 2021 in Blogs

Today, we’re talking about security assurance. If you work at a startup and you’re selling software-as-a-service (SaaS), you’ll want to pay attention. Turns out, companies that can provide their customers and prospects with security assurance build stronger, more profitable business relationships.

They also sell more.

Which means more revenue.

Don’t believe me?

Then read on…

What Is Security Assurance?

Security assurance is still a new concept. That said, I scoured the internet for the most thorough definition I could find. Naturally, it came from the National Institute of Standards and Technology (NIST, for short).

Here it is.

Security assurance is the measure of confidence that the security functionality is implemented correctly, operating as intended, and producing the desired outcome with respect to meeting the security requirements for the system—thus possessing the capability to accurately mediate and enforce established security policies.

Seems pretty straightforward, right?

Well, not exactly.

You see, proving your systems are trustworthy is easier said than done. First, you need to design the right security controls. By the way, controls are safeguards you put in place to reduce your security risks. As I’m sure you can imagine, there are a lot of them to consider, so you’ll only want to stick to relevant ones.

Once you’ve designed the right controls, you need to operationalize them. Keep in mind, when it comes to implementing security controls, you don’t go about it will-nilly. You need to have a plan. That is, an InfoSec plan. Beyond that, you might be trying to get compliant with a security standard, like NIST SP 800-53, which I quoted above, SOC 2, or ISO 27001.

Security Assurance = Trust

Security frameworks all have specific requirements when it comes to which controls you need to implement and how. To be compliant with any one of them, an accredited third-party will come in and audit your system. Your auditor will produce a report. That report is just one piece of proof that’ll provide your customers and prospects with security assurance.

You can also talk to customers and prospects about your InfoSec program. Here, transparency is key. To that end, our platform enables businesses to generate a security assurance report, which offers an in-depth look at your systems in real-time.

In the digital world, where the relationships we build with customers are mediated by technology, determining a vendor’s trustworthiness can be difficult, if not impossible. But it’s critical—especially when you consider the massive uptick in data breaches.

By providing security assurance to customers and prospects, you demonstrate your trustworthiness. And since trust is central to business relationships, you put yourself in a position to build more of them.

And who wouldn’t want that?

Why You Need to Provide Security Assurance

Okay. So, we’ve already established what security assurance is. We’ve also looked at what it can do for your business, i.e. build trust.

Now, let’s unpack why you need it.

In the grand scheme of things, security assurance is a relatively new concept. It became a business imperative with the rise of SaaS-based businesses. That’s because SaaS products and services are deployed digitally. And digital is fraught with danger—including cyberattacks.

All this to say that if you’re a SaaS company, you represent a real risk to businesses that are considering working with you.

Think of it this way. Your customers are outsourcing tons of critical data to you. If anything happens to it, they’re held accountable. That’s why they need to be certain it’s secure. Or, at the very least, that you’re providing the same level of security they are.

Prospects want to make sure you’ve got a good posture, which is why you’ve got to provide them with security assurance.

Consider this: TrustRadius recently published a report, which found that 85 percent of B2B vendors said they were honest throughout the sales process. By contrast, only 36 percent of B2B buyers believed that their vendors gave them the complete picture.

There’s clearly a huge disconnect between vendors and buyers, and it’s a big problem—especially because buyers are twice as likely to be influenced by vendors they consider to be transparent and trustworthy.

Now, imagine you could fill that trust gap?

Turns out you can.

How Tugboat Logic Can Help

Tooting your own horn is never a good thing, so we’re going to keep this bit brief.

We are the only security assurance platform that provides continuous compliance. Full stop.

We work with businesses of all sizes. Seed stage startups that are looking to launch their first InfoSec programs. Growing startups that are trying to get and maintain compliance. Even mid-market businesses that are juggling a compliance program that spans multiple products.

We make it easy for businesses of any size to manage their security programs in one place. With our platform, you can see your program’s status in real-time, prove you’re compliant anytime, and provide security assurance that will inspire confidence in the most scrutinizing of prospects.

Want to find out how we’ve helped customers complete their audits 50% faster and increase sales win rates by 300%Let’s talk. Heard enough about us and want to kickstart your free trial? You can do that here.