A 2014 Deloitte study revealed that 83% reported recent security breaches of personal information stored with retailers. It also showed that 59% of customers said that a single breach of data would negatively influence their chances of buying products from the retailer in question. However, 51% of customers said that they would be forgiving of a company that had one data breach of their personal information, but with a condition that the company addresses the issue immediately.
If this study is anything to go by, then it is clear that the need for companies to intensify their data security is not an option, but a necessity. Luckily, with technological advancements, it is easier for businesses to redefine the experiences of their clients.
There are plenty of threats, risks, and consequences of erroneous data security systems. And since the potential risks of security breaches outweigh the cost required to integrate superior data security measure, it is important for a business to consider preventative security solutions upfront. Some of the things that they can do include:
Firewalls
Firewalls watch over the network traffic and regulate it according to the fixed security rules. Practically, firewalls serve as barriers between an internal and an external network. Web Application Firewall (WAF) help safeguard the internal network from networked computer worms, malware, and other infections.
Backing up data
Frequent data backups are critical, it allows organization to ensure that all their important information is copied and stored in a dedicated server, cloud server or a physical data storage device. This way, it is easy for them to retrieve information even after an unexpected data theft or loss. Data backup can be done automatically or manually where one updates the information on a daily or weekly basis.
Backing up information is a great data security strategy, and is an ideal way for companies to show clients that they care.
Recovering data
This is where the companies reclaim information that’s no longer accessible due to damaged or corrupted storage. Sometimes, the damage could be on the file system or the storage system and in some cases, in both. By implementing frequent data backups, a company can significantly ease the data recovery process.
Clients feel comfortable working with companies that have an excellent data recovery plan because it makes them feel certain that their information is safe.
Virus and spam protection
A malware program or virus is malicious software that duplicates itself into other files or programs. When undetected, this malware or virus can easily infect and destroy crucial information. They can also access sensitive information, corrupt files, leak private data and even spread spam.
For companies, viruses are risky and, even if they don’t damage the data, they have the ability to ruin the reputation of a business.
Other ways for businesses to safeguard their information
More and more companies are integrating innovative techniques to build brand loyalty, enhance customer experience, and most importantly, maintain their edge within the market. Embracing cybersecurity as the bedrock principle is a great way for consumer-facing businesses to differentiate themselves and also build customer trust. To achieve this, companies may want to consider:
Managing third-party vendors and business associates: Today, there are many instances of consumer information being shared with business associates and third-parties. Unfortunately, this has the potential of not only jeopardizing the reputation of a brand but also exposing clients to risks. So, businesses should ensure that associates and employees adhere to their security benchmark to help develop consumer trust.
Building security into their solutions: As businesses develop new services or products, they can embed security features to the designs and functionality of whatever it is they are offering, to serve as the basic element of building customer trust.
Thinking like a customer: Consumers should be at the center stage of the privacy and security planning and practices. So, companies have to adopt a customer mindset when building plans for using and safeguarding consumer information. For instance, when considering the kind of data to collect, and the use, a company should think about how a client might interpret their activities and policies. They ask:
- How do we only collect relevant information and avoid ones that we don’t need?
- What kinds of situations do we look for opt-in customer consent?
- What information do we need to enhance customer experience at different stages of their life cycle?
- Which marketing strategies do customers see as intrusive instead of helpful?
Building a reputation of protecting customer data: Another great way for companies to build trust is by letting their clients know that they take the issue of data security seriously and that they are doing everything they can to protect their information. This can be achieved through consumer education in relation to cybersecurity and the products or services in question, providing information on how to keep customer data secure, and sharing responsibilities with customers for the possible legal involvement of connected products.
Being transparent: Many clients have no problem sharing their information with companies as long as they have the power to control how the information is used. Businesses can make it easy for clients to be part of the process by integrating measures that let clients take charge.
Putting clients first: When a security breach happens, a brand is bound to lose the trust of its consumers. In such circumstances, the best approach is for companies to enhance their mitigation measures towards cyber risks and also be accountable to their clients.
Conclusion
Today, businesses are more keen on embracing new technological solutions so their needs tend to change more quickly than they did in the past. Organizations and enterprises that include significant online component, therefore, need to consider data security for two reasons: safeguarding their bottom line, and enhancing customer trust.
