The modern-day customer is more informed than ever before. They have a basic understanding of data, how companies use it, and why it is so profitable in the wrong hands. New privacy laws in California and the European Union also give consumers more power over their own data. For companies to retain the rights to this information, they need to build customer data trust. So how can you make sure your customers trust you with their data?
Comply With Privacy Laws
So far, Google, British Airways, and the Austrian Post are among several of the companies that have been fined for violating the General Data Protection Regulations (GDPR). The GDPR and the California Consumer Privacy Act are relatively new and companies are still trying to adapt. Even so, when companies like Google make the news for this, it undermines overall consumer data trust. This causes more people to reconsider who they give access to their data and why.
Take a Proactive Approach
When Capital One suffered a breach, the company did not even know it happened until the information surfaced on GitHub, someone saw it, and notified the bank. No security system is foolproof, and the alleged hacker had experience working as a software engineer for Amazon, which hosted Capital One’s servers. Even so, routine tech audits might have discovered the loopholes the alleged hacker exploited to prevent a breach and preserve customer data trust.
As more companies allow remote work opportunities, encrypting data (encryption) becomes even more important. Encryption is when data is converted to secret code so the information is not easily accessible, and it’s important because devices can get stolen or lost. In the case of a lost or stolen device, encryption makes it almost impossible to access information on the device. Encrypting data transmitted between devices also makes intercepting the data extremely difficult. This is one of the best ways to reduce data breaches, which then helps to improve customer data trust.
Assess your Organization’s Security Posture
Companies can assess the integrity of their organization’s security posture by using penetration testing or offering money for attempts to find weaknesses in their systems. Google has also repeatedly offered hackers money to get into its software and devices. In 2013, Google offered a reward of $3.14159 million for its Chrome OS hacking contest. Just last November, Google offered $1 million to anyone who could hack its phones. If you believe your system is up to the challenge, offer bug bounties to test it out.
At the rate cyber crime continues to grow, it’s possible that most businesses or business owners might suffer a breach at least once. If or when it affects employees, contractors, or customers, it’s important to be open and honest about this. Then, proceed to rebuild customer data trust by offering solutions for how you plan to take responsibility for what occurred and beef up security so that it never happens again.
At Hancock & Poole Security, helping companies build data security trust is one of our core purposes. We provide several tools you can use to ensure you protect customer data. This, in turn, reduces the likelihood of data breaches and allows you to give customers greater detail into what you do to safeguard their personal information. Contact us for more information on how our services can help you build consumer data trust.