WorldExecutivesDigest| With the amount of personal information online, data security has been of utmost importance in recent years. Every time someone enters a credit card or social security number online, that data is going somewhere. More than that, most of our health records and other sensitive information is now stored online. When personal data gets in the hands of the wrong people, it can be devastating and costly to fix. Here are five reasons why you should protect your business data.
1. To Remain Compliant
Businesses that do not adhere to the rules and regulations regarding data protection can receive hefty penalties and fines. These fines can climb upwards of tens of millions of dollars while penalties can last up to 20 years for some offenses. Not only is this costly, but it can also be very damaging to your brand. Investing in a powerful firewall, an antivirus program, and backup or recovery system may seem expensive. It’s less costly in the long run, however, as opposed to having an actual breach of data that will cost your business time, money, and reputation. You may checkout Avast Ultimate Suite for this.
2. To Gain Customer’s Trust
According to PWC, only 25% of consumers believe that their personal data is handled responsibly by companies that have it. Businesses that implement strategies to either limit the sharing of personal information or give the consumer more direct control over it will be favored by consumers. This will help businesses to grow as a trusted and responsible company and will help build brand image in the eyes of consumers.
3. To Keep Customers Safe
One consequence of data breaches that gets talked about quite a bit is identity theft. Lack of privacy can lead to actual physical harm, however, if put into the wrong people’s hands. Stalking is a serious threat that many people may experience in their lifetime. If their personal information becomes known by a stalker, this puts them in danger. More and more people are learning how to hack into systems and databases and not properly protecting your data puts people at risk in more ways than just having their identity stolen.
4. To Remain Ethical
Practicing and adhering to ethical codes and standards is a big deal when it comes to business. Most large companies have a code of ethics that they are supposed to follow. Unfortunately, some of those same companies do some very unethical things with customer data if it means improving their bottom line. Not only is this a poor way to do business, but again, you risk your brand image and customer’s trust. Ethical business practices will always end in the long run, even if it means passing on some profit. The goal is to show your customers that they can trust you and to follow through with it.
5. To Avoid Potential Loss
As mentioned previously, not practicing adequate security measures is very costly. Some companies may not have the finances to continue operations while also subject to expensive fines. Aside from that, most companies actually need data in order to operate their business. If you were to walk into the office one day and find that a security breach has effectively made your business inoperable, how would you bounce back from that? These are just a couple of ways that this can stall or completely ruin a business, but there are many more.
The bottom line is, consumers are concerned about how their private information is being handled online. They want more control over their information and who it gets shared with. Companies who want to succeed in the future must put cybersecurity and privacy on the top of their priority list. Not only will this establish trust with their customers and gain them a competitive edge, but it will also help to avoid costly repercussions in the future. Privacy protection policies should be clearly communicated with customers in a way that’s easy to understand so they know that it’s safe to do business with you.