3 reasons you need to take data protection more seriously
DATA privacy is a constant struggle but building a comprehensive protection plan is well worth the effort as it adds business value on top of securing confidentiality.
Information security and privacy threats are more prevalent than ever before and data privacy protection is rapidly growing in demand.
As it impacts the all-around confidence of a brand, businesses with a plan to protect their data are considered more credible and reliable for investors as well as consumers.
Here are the top 3 reasons data privacy protection adds value to your business beyond security measures.
# 1 | To prevent breaches
Data privacy breaches do not spare anyone. It hurts the business and its subjects when data is not safeguarded properly.
With data privacy protection built into the business, there are fewer opportunities for security breaches.
In March 2018, a hacking syndicate offered 5 million stolen credit and debit cards up for sale. With the help of financial organizations, the sale was traced back to luxury departmental stores Saks Fifth Avenue and Lord & Taylor.
Hudson Bay, the owner of both departmental stores, was quick to remediate the breach but it was too little too late thought customers.
# 2 | To improve brand value
Forbes Insights reported that 46 percent of organizations find that their reputation and brand value has been damaged as a result of one or more data privacy breaches.
A security breach is cited to have the potential to do the most damage to a business’ reputation amongst other threats such as IT system failure, human error, data loss, and natural or manmade disasters.
It’s important to make a clear stance that protecting customers data is a top priority followed by transparent steps to ensure data privacy is always in check.
# 3 | To maintain public, investor, and customer trust
According to a study, 70 percent of consumers whose personal data was breached lost trust in the organization and 33 percent terminated the relationship.
In the same study, it was reported that stock prices drop an average of 5 percent when a data breach is disclosed.
It is hard to build trust and harder to regain it when it has been compromised by a security breach, so a data privacy protection plan would add trust value to a business.