Cybersecurity as a Profit Center: Transforming Risk into Opportunity | A Conversation with Robert Fernandes | Redefining CyberSecurity with Sean Martin

Jun 24, 2024

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Guest: Robert Fernandes, Chief Information Security Officer, The Investment Center, Inc.

On LinkedIn | https://www.linkedin.com/in/robert-fernandes-cybersecurity/

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Host: Sean Martin, Co-Founder at ITSPmagazine [@ITSPmagazine] and Host of Redefining CyberSecurity Podcast [@RedefiningCyber]

On ITSPmagazine | https://www.itspmagazine.com/sean-martin

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Episode Notes

In the latest episode of the Redefining CyberSecurity Podcast, host Sean Martin engages in a compelling conversation with Robert Fernandes, CISO at the Investment Center, a financial service provider based in New Jersey. Together, they delve into the concept of viewing cybersecurity not merely as a cost center but as a profit center. This innovative perspective is fundamentally altering how businesses approach their cybersecurity investments.

Sean Martin opens the discussion by addressing the evolving landscape of cybersecurity. He highlights how traditional views of cybersecurity — such as those held for an insurance policy — are outdated. Robert Fernandes agrees and emphasizes that times have changed; there's a growing need for businesses to leverage their cybersecurity posture as a competitive advantage. He advocates for the proactive use of a robust cybersecurity program to attract clients and secure trust, much like other marketing strategies.

Drawing parallels from various industries, Fernandes notes that grocery stores and restaurants don't just sell food; they sell safe and high-quality food experiences. Similarly, automobile manufacturers sell not just vehicles but also safety and comfort. In the same vein, cybersecurity should be seen as an integral part of the product, enhancing its value and appeal to customers. For Fernandes, this shift in thinking can transform a company's cybersecurity program from a necessary expense into a key marketing asset.

Fernandes also discusses the importance of breaking down silos within organizations. Effective communication between different departments, such as marketing, operations, and cybersecurity, can lead to a more cohesive strategy where cybersecurity is embedded in the company's culture and operations. This integration can significantly enhance the company's security posture, making it a selling point rather than an afterthought.

One particularly intriguing point Fernandes makes is the role of education in shifting perceptions about cybersecurity. He stresses the need to inform and educate stakeholders - from end-users to executives - about the importance of cybersecurity. By moving past buzzwords and misconceptions, businesses can better understand and articulate the value of their cybersecurity measures to clients and partners. Martin and Fernandes also touch on the role of cyber insurance in conveying trust. A robust cyber insurance policy can serve as a testament to the company's strong security posture, further building client confidence.

Ultimately, the conversation underscores that by rethinking cybersecurity - from product design to marketing and beyond - businesses can realize substantial benefits. This episode is a must-listen for business leaders looking to turn their cybersecurity efforts into a profitable and strategic advantage.