Customers care about their data (and how it’s handled)
Studies show a resounding consensus: the majority of customers are uncomfortable with the way companies use their personal or business information.
What’s more, 87% say they will actually take their business elsewhere if they don’t trust a company is handling their data responsibly.
And who can blame them?
Globally, the likelihood of a business falling victim to a data breach is, on average, 28%, and customers are more afraid of their data being compromised now than they were two years ago. The majority (55%) are most concerned about having their personal data stolen, compared with their wallets (23%), cars (10%) phones (6%) or house keys (6%).
As customers place greater importance on the protection of their data, businesses must adapt to meet these demands, or risk falling by the wayside.
It’s harder than ever to build trust with customers
69% of CEOs said it is becoming much more difficult for businesses to earn and keep trust in a digital world – and is there a better representation of how trustworthy a business is than how they safeguard their customers’ data?
With 54% of customers saying it’s harder than ever for companies to earn their trust, and with only 25% believing that companies handle their sensitive personal data responsibly, businesses need to be proactive and transparent in their efforts to mitigate this.
Especially when 70% of customers say they would walk away from a brand entirely following a breach – and 93% would consider taking legal action if they were the victims of a breach.
Caring about your customers’ data and privacy is a marketable asset that will help you earn – and keep – their trust.
There is significant opportunity for those who are proactive
Cyber security isn’t just a defensive measure. More than 75% of high-growth businesses actually see it as a growth enabler, with 31% believing this to be its main purpose.
In fact, having good cyber security gives businesses access to a share of a significant $7.6 trillion global opportunity over the next decade. It will help while bidding for projects and is often a requirement for securing contracts with cyber-aware customers and government organisations. It is also proving to be a powerful differentiation tool that delivers improved marketing and a boosted reputation: Cyber security accreditations, for example, can be used strategically to demonstrate to customers that you take the security of their data seriously.
Smart businesses should start seeing cyber security as an investment that will provide a return, rather than a cost of doing business. Otherwise, their competitors are sure to overtake them.
So if you’re ready to finally get cyber ticked off your to do list, come to our 90 minute workshop at Grow Coffee House on January 29th at 17.30, where we’ll be discussing the cyber security basics that will save you time, stress and money.
For some straightforward, no-nonsense advice designed for a non-technical audience book your place today.