Ensuring your business and its data is protected will not only benefit your own safety but also your customers too. If you can show your customers that your business is protected, they will put more trust in you.
More trust equates to better relationships, regular purchases, and therefore a healthy business. Here’s more on how data protection is key for customer trust.
Shows your respect for their wishes.
The general public is much more privacy-aware now than it has ever been before.
And, as our youngest population learns more about privacy throughout grade schools and high schools, they are having increased expectations, even before entering adulthood, that they have increasing rights over how their own personal data is collected, used, analyzed, and shared.
The general public is becoming more aware of all their increasing rights to tell those that collect their personal data that they expect to have their personal data protected, and have rights to access and control their personal data.
You can start winning now with ServiceNow CMDB as you can guarantee your data is protected. With a service that enhances data protection, you can better manage your business’s data and achieve greater success with better customer trust.
Accordingly, 65% of individuals whose personal data was breached lost trust in the organization that experienced the breach either directly, or as a result of a breach in one of their contracted vendors. One in four individuals breached took their business elsewhere.
Organizations that do not implement privacy protections, and subsequently experience breaches, will lose trust, which in turn will result in lower profits and fewer customers.
Hence the benefits of data protection implementation greatly outweigh not prioritizing it.
Helps you become a better competitor.
These significant worries about privacy, and how it impacts the actions of the public, demonstrate that if your organization can show that you truly care about the privacy of the personal data your collect and processes, you will have a significant advantage over your competitors who do not make privacy a priority.
Lack of protection could result in a financial loss.
For many, the most fateful consequence of a data breach is the financial loss incurred. Depending on the nature of the breach, there are various financial problems that can result.
Businesses that suffer breaches may have to grapple with costs incurred from containing the breach, compensating affected customers, realizing a decreased share value, and heightened security costs.
Although business leaders can’t definitively forecast how or if financials will be affected in the event of a breach, historically, the losses are significant.
Show how your business is in touch with ethics.
Most organizations have established business ethics policies or a code of ethics. Even those that haven’t still need to follow ethical practices if they expect to stay in business for any length of time.
Such ethics policies typically indicate something to the effect that confidential information will be handled responsibly, not used in business activities in ways that do harm as a result, and used only as indicated for business purposes.