The digital age in which we live means that businesses have been able to enjoy a host of valuable benefits. However, the digital environment has also increased risks for businesses, which is why focusing on cybersecurity has become so important in order to protect data and digital assets.
This type of security refers to the measures that businesses – and individuals – take in order to reduce the risk of cybercrime, which has become a huge problem these days. The aim of cybersecurity is to reduce the risk of all types of cybercrime that could negatively impact computer systems, files, data, and digital assets.
In short, cybersecurity measures are used much in the same way as standard security measures are used. Of course, the measures themselves are different because they are digital ones – so, while you would use a security alarm system to protect your premises or other physical assets, you would cybersecurity measures to protect your digital assets.
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So, What Is Competitive Intelligence?
Competitive intelligence, on the other hand, is something quite different to cybersecurity. As the name suggests, this is a process that involves gather intelligence, and this intelligence can then be used by the company to do things such as make more strategic decisions.
The information that is gathered as part of the competitive intelligence process can be about competitors, products, customers, and technologies, and it is gathered via the internet. The data that is gathered is then analysed and verified, which means that it can then be used to aid your business and decision-making processes.
The use of competitive intelligence allows businesses to better understand and learn about other businesses, and this can effectively help them to gain a competitive edge. This is not like obtrusive and illegal measures such as hacking and intellectual property theft – instead, this is all about gathering information that you can use to become more competitive.
When undertaking the competitive intelligence process, businesses may use a team to search for information via sources such as the Internet, or they may use a commercial database service, which can be more cost-effective. This then enables them to find out what competitors are doing and what they could do better in order to be more competitive.
One thing to keep in mind is that the data that is gathered as part of the process is publicly available. So, there are no dicey processes such as espionage and hacking involved in order to gain information that is supposed to be classified. It is all data that is available to anyone, and all you have to do is find the best way to gather this information.
A Means of Helping Businesses
While cybercrime and cybersecurity relate to what is essentially digital criminal activity, competitive intelligence is all about finding out information that is freely available if you know where to look. This is something that can then provide your business with a valuable means of being more competitive and gaining an edge when it comes to your rivals.