It’s no surprise that customers have high expectations for companies when it comes to the protection of their data. In fact, 71% of consumers believe organizations have an obligation to control access to their information.
In the case of B2B businesses, protection is a top priority. Data breaches cost businesses money and customers. As a business, your data is one of your critical assets, and if it were to be gone, corrupted or used against you for nefarious purposes, your business could be gone in short order. Regardless, if your business can survive a significant breach, the tarnish to your brand will still be there. Enterprise and government organizations are deeply aware of the damage and fallout that a significant data breach can cause. Because of this, they’re scrutinizing the data protection strategies of the vendors they buy products and services from with the same vigor that they apply to their own organizations. If you’re selling to any organization of significant size, you need to be prepared to answer questions about what your company does to protect data.
Protect and Serve
When a company is breached, its customers start to question the integrity of their data. In the USA, 1 in 5 banking customers will switch to another bank if their account became compromised or their bank was breached. And in the UK, customers are 30% more likely to switch to a competitor if a company that holds their data experiences a breach.
Basically, once you lose customer trust it’s extremely difficult to earn it back. And because cyber threats aren’t going away anytime soon, it’s important to prove to customers that you’re doing everything in your power to protect their data.
A good place to start with data security is with the following:
- Talk to your team and raise awareness
- Reinforce team awareness and knowledge with regular training
- Enforce a secure password policy
- Encrypt and backup your data
- Consider your Business Continuity Plan and ask your service providers and partners about theirs
For more on these tips, check out our full blog here.