With many companies holding terabytes of data, cybercrime is arguably the highest ever. Every 32 seconds, a cyber attack is launched online and even the largest companies become victims. Therefore, without a data protection strategy, companies run the risk of being compromised and manipulating important customer data. Therefore, it is relevant for companies to establish an action plan to establish the protection of customer data.
As cyber-attacks proliferate, it's essential to double down on internet security to protect the sensitive information of customers in your database. 69% of consumers believe that companies are vulnerable to cyber attacks and are usually hesitant to disclose personal information. However, the quality of the customer experience and marketing efforts depend on the collection and use of that personal data. That's why it's your job to guarantee the protection of customer data today.
WHY IS CUSTOMER DATA PROTECTION IMPORTANT?
Research shows that from 2019 there was a 53% increase in online users concerned about internet privacy issues. Exposed customer data allowed hackers to gain access to the company's confidential information. This leads to losses for the company and the activities can suddenly stop.
In addition, your company's credibility and trustworthiness are closely related to your customer data protection policies. With competitors waiting to intervene at every opportunity, few companies can recover from the setback of a public data breach. Customer loyalty and business reputation can deteriorate quickly when cybercriminals steal, publish or sell stolen data.
Given the many advanced options available, there is no excuse for lax data security. So why not strengthen your position today by strengthening your company's data protection strategies?
5 APPROACHES TO ENSURE CUSTOMER DATA PROTECTION
CHECK THE CONTENTS OF YOUR DATABASE
Companies are often guilty of collecting more dates than necessary. With increasing data volumes comes greater risks of attracting cyber attacks and compromising the protection of customer data. Therefore, your business should regularly reassess itself to ensure that only important and appropriate data is collected. In addition, all redundancies must be immediately removed from the database. In the future, consider using progressive profiling to control how much data is collected at a time. Remember that customers need to be able to see the correlation between the service offered and the sensitive information requested.
PLACE RESTRICTIONS ON ACCESS TO CUSTOMER DATA
There is too much room for error and oversight when just about everyone on the team has access to such sensitive information. It will be more difficult to properly manage and control how the data is processed. For example, the customer, sales, and marketing teams need customer data. However, a hierarchical system that only allows access based on rank can be used to streamline data control. The more restricted the access, the easier it will be to detect breaches when they occur. Therefore, use measures such as one-time passwords and biometric and multi-factor authentication to ensure the protection of customer data.
REGULAR UPDATE SECURITY TOOLS
It is important to constantly update the software tools involved in your customer data protection strategies. With every update to firewalls and intrusion detection software comes new features that further protect your data. Advances in encryption technology are improving the ability to protect information from hackers. Therefore, use only the best and most up-to-date encryption software to strengthen your defenses.
ENSURE COMPLIANCE
Due to the widespread use of personal data worldwide, certain authorities have taken on the role of overseeing the use and security of consumer data. For example, the General Data Protection Regulation (GDPR) has introduced strict laws for the management of data protection and privacy within Europe. These laws increase customer access and control over their data, while demanding transparency from companies. That's why it's critical that your business adheres to these customer data protection regulations for the sake of trust and credibility.
TRAIN ALL YOUR EMPLOYEES ON DATA PROTECTION
It is essential to take a top-to-bottom approach when working to improve customer data protection. Any staff member who handles customer data can help prevent a breach as quickly as facilitate it. That's why it's important to schedule regular employee training on the company's data security policies and protocols.
In short, it is part of your responsibility if e-commerceowner to secure your customers' data. Hackers can use the data to impersonate customers, initiate financial transactions, and worse. Your company risks corporate lawsuits, fines, significant customer churn and a tarnished reputation by neglecting customer data protection. Therefore, make sure you prioritize the customer data security by applying the convenient methods described above.
