Most People Ignore Data Privacy Until it's Too Late!
Knowing how to protect your customer data can save you thousands of dollars, keep your reputation intact, and put you at a competitive advantage against other businesses that are waiting until it’s too late.
Most People Ignore Data Privacy Until It’s Too Late
Turning a blind eye to a problem might not be so bad if you’re ignoring something like doing the dishes or turning off Netflix to get some much-needed rest. But in the case of data privacy, sticking one’s head in the sand could have much more disastrous results than dirty mugs and bleary eyes.
A lot of people put their data out on the internet without really thinking about it. We share our information freely, and push away that feeling that maybe we should be a bit more careful. We’ve all clicked ‘yes’ faced with a lengthy terms and services page, and many of us have signed up for various online services and platforms without a second thought about how it could impact our data privacy. But for end users, and for businesses, it is well past time to start considering data privacy.
Data Privacy and Your Business
If you have an online presence, and you interact with your clients in any capacity on the web, data privacy should be a concern for your business — now, not later. Data breaches are a major problem that can severely impact your company’s success, reputation, and financial future. If end users are going to give away their data, it’s up to you to protect it when it’s put in your hands.
The Identity Theft Research Centre 2017 annual data breach year-end review says that its tracked data breaches in the USA hit a record high of 1,579 incidents, up by 44.7 per cent from the year prior. Business-related breaches were the number one of all the industries ITRC tracks, for the third year in a row.
Kaspersky says the average annual cumulative loss of a business data breach is $347,603, up to $497,097 for companies with 500+ employees. It’s a costly problem, but becomes less expensive if you are prepared — Ponemon Institute’s 2017 Cost of Data Breach Study shows notification costs are highest in the USA and the United States spends the most on post-data breach response, at $1.56 million. If you can secure your data, you lessen the risk of having to pay out the post-breach notification and response costs.
User data can play an important role in your company, providing analytics, contact information, and more. But given how often businesses are being targeted for data theft, you owe it to your customers to be proactive, instead of waiting to respond until after their information is stolen.
Best Practices for Enterprise Data Privacy
If you are collecting consumer data, bring your clients on board. That should go beyond simply getting their permission to collect the data. Many companies are moving toward empowering consumers to review what has been collected, ensuring transparency and accuracy.
This could also look like providing a privacy statement or disclosure on your website that is written in the type of language an average user would understand, and providing contact information within this notice inviting clients to reach out with any questions or concerns they may have
Your company should have a strong system for data privacy, both technically and legally. The IT department needs to implement and maintain data security, and everyone should adhere to legal regulations and rules regarding how data can be collected, stored, and used.
Your business also needs a plan for what to do in the event that your data is compromised. Depending on what information is lost, and what industry you are in, there are certain regulations to follow and responsibilities to meet, as well as the need to manage your company’s response and reputation in the coming days.
One of the best things your company can do to prepare for a data breach is stop ignoring the inevitable and start budgeting, preparing, and planning. The Ponemon study says that the larger a breach is, the less likely it is that another one will happen in the next two years.
Tellingly, in the Global Information Security Survey (GISS), 76 per cent of respondents said the discovery of a damaging data breach would likely lead to greater resources allocated to security in the future.
Knowing how to protect your customer data can save you thousands of dollars, keep your reputation intact, and put you at a competitive advantage against other businesses that are waiting until it’s too late. We’re here to help you create a data privacy plan that protects your customers and your business.
Don’t be like the people and businesses that ignore data privacy like it’s a pesky household chore. Take ownership of your security and the interests of your clients, and you will end up on the right side of the statistics.
At CloudSkope, our team of experts can help tackle your most critical data privacy and security challenges.
Contact us to learn how you can protect your business.