Your customers are trusting you with their data, day in and day out. So, how are you going to make sure that no one else gets their hands on it?
If data security isn’t one of your top priorities, it definitely should be. It not only benefits your customers; it can benefit you too.
Keeping your customer data secure can increase your reputation within the industry, with your investors, and with your all-important customers. As a business, you have a duty to protect any sensitive information that comes your way, so you should always take steps to ensure that customer data is secured.
It can also help you:
Handing your data over to a company is so much easier than it’s ever been before, but customers are becoming more savvy with 77% of all consumers deeming it important to know how data is collected and used.
If you can earn their trust by showing that you take it seriously, you will earn loyal customers who can recommend you to their wider circle.
Big corporations and organisations can seem to lack a more human element, meaning customers can fall into an ‘us and them’ view, where bigger companies aren’t seen to have a strong moral compass.
Taking steps to show that you do care about their data can shift their perspective and help you be seen as a company that genuinely wants to help people.
It’s more than likely that you’re currently complying with national and international regulations such as GDPR or CCPA.
If you are, it’s even more imperative that you take care of customer data to avoid hefty fines or lawsuits from official bodies.
If you can tell customers that you’ve got protections in place to keep their data secure while your competitors are falling behind, you’re more likely to win them over. Even if data isn’t at the centre of what you do, for those who take their data protection seriously, it could be the difference between winning a contract or watching your competitor close it.
Towards the end of 2022, data breaches rose by 70% around the world. And with cybercriminals becoming ever more sophisticated, there are always new threats to think about.
Data breaches can expose your customer’s sensitive data, company secrets, and more, leaving people vulnerable to having their data stolen and accounts hacked into.
You have a duty as a business to protect your customers and taking risks with their data could lose their trust, and impact your brand reputation. On top of that, you could be hit by financial losses. In 2022, SHEIN were fined $1.9M for a data breach affecting 39 million customers a few years before. By not declaring this, the company were leaving customers open to hackers.
There are a few ways you can gain your customers confidence when it comes to data security:
Depending on the countries you’re operating in, getting the approval of authorities like SOC 2 or ISO can make a huge difference in your data security standing.
When you do get this sort of certification, let your customers know by proudly displaying it on your website or in marketing materials. Having this third-party validation can ensure you earn the trust of new customers.
You should take great care when choosing your suppliers as if they suffer a data breach, it could leave your business vulnerable too.
Focus on suppliers who have privacy at their heart. For instance, Metomic doesn’t save your data but instead saves references of it, meaning that if we encountered a data breach, your data wouldn’t be affected. You can read more about this in our recent case study with Hatitye Chindove from Zappi.
Having too much data on your hands, sprawled across multiple SaaS apps can be a challenge. The less you have stored, the less you have to lose.
Using a data security solution like Metomic can help you reduce the amount of data you’re holding on to, with automatic redaction and retention policies in place. If you can, limiting the amount of data in your possession can really make a difference.
Get the right access controls in place so that sensitive documents are locked down to the wider organisation. The fewer people who are granted access, the fewer chances of data being leaked.
Your employees won’t always create the strongest passwords, and will likely go for ones that they’ve used time and time again. Using password management software like 1Password or Nordpass can be a great solution for building strong passwords that are more difficult to hack.
Keeping your customer data secure could be extremely beneficial to your business, earning their trust and improving your reputation.
To see how Metomic could help a business like yours, try our free Google Drive scanner here. We don’t read the contents of your files, and your data is deleted completely after 24 hours.