Will data transparency regain consumers’ trust?
The evolution of innovative technologies have enabled companies to understand their customers’ needs and demands better than ever before. At the same time, customers have benefited from high quality, streamlined and personalised shopping experiences.
However, as the data ecosystem has evolved, hackers have also found ways to infiltrate businesses’ defences and steal customers’ sensitive Personal Identifiable Information (PII).
These data leaks have made customers across the world question their trust in brands. Although the costs associated with regulatory fines and lawsuits following a data breach can be severe, the loss of consumer confidence can be far more harmful.
Consumers are calling out for transparency when it comes to their data but can (and will) businesses deliver on this request?
Transparency should start at the board level
Businesses know that there is a growing risk of cyber attacks but very few leaders truly understand where all data leak vulnerabilities exist and how to prevent them.
The Government’s recent FTSE 350 Cyber Governance Health Check report, revealed that while 96 per cent of businesses have a cyber security strategy in place, just 56 per cent of businesses reported testing their cyber security incident response on a regular basis. If business leaders are blind to or ill-informed on the potential weaknesses, how can they be transparent with consumers and more importantly protect their data?
Echoing MP and Digital Minister, Margot James, much more needs to be done by boards to ensure the right security precautions are in place. This may sound obvious, but the problem is that many companies assume that their IT or security teams have all bases covered. But the reality is that most do not.
Hackers are finding new ways to steal data every day and as we have seen with breaches such as Ticketmaster, businesses are missing the points where they are vulnerable. Without the correct security measures in place the website supply chain is often an open door for criminals.
Historically, these platforms have fallen under the care of the marketing team instead of the security department. As a result, the security team may not have full sight of the very places hacking groups like Magecart are targeting.
These types of breaches are preventable with the right technology, but given boards are often unaware of the potential threats, it means they are not providing the investment needed to shore up their marketing platforms prior to a breach occurring.
Be proactive, not reactive
The introduction of GDPR means that consumers expect transparency from companies. However, being compliant alone is not enough to secure customer trust.
Data from PwC revealed that 88 per cent of consumers ‘agreed that their willingness to share personal information was predicated on how much they trust a company’. Other than protecting data in the first place, this trust is built on transparency. Businesses need to proactively provide updates rather than wait to be told by a regulator to communicate issues, updates and changes with data.
Despite this need, insight from PwC’s Digital Trust Insights Survey showed that only around half of global businesses worth $100 million or more were making large investments in data governance to ensure consumers have transparency and control over their data.
Ultimately those brands that are not respectful of consumers’ data will lose customers to those organisations that are. Data owners therefore must be clear with why an individual’s data is being collected and how it benefits them, through to honouring the right to be forgotten and consequently explain how data is stored and protected.
Keep evolving your data strategy
Looking ahead, data transparency and retaining customer trust will only become more complicated as consumers become more connected - not just with smartphones but IoT devices such as smart TVs. With more touch points to share data, there is more scope for potential leaks.
Businesses must continue to review and evolve their security strategy, while also informing customers how their data is protected. This also means alerting consumers quickly if something goes wrong (such as a data leak) so that customers can change passwords or monitor credit card payments if necessary.
It is time for businesses to prioritise security within their organisations and make sure they are being transparent with their customer base. This starts with the c-suite having transparency across the entire business to ensure that a robust security approach can be employed.
Even a single breach can have a devastating impact on consumer trust - a proactive and transparent data security strategy is not optional in our new data economy - it is imperative.
Industry: Cyber Security News
- SailPoint Integration Consultant
- Upto £75000 plus benefits
SailPoint Integration Consultant. SailPoint Integration Consultant is needed for this expanding service business to help them with complex deployment with their FTSE focused customer base. They are looking for experienced SailPoint Integration Consultants who have: • Strong solution designing experience with in depth understanding of IAM concepts and thorough understanding of Sailpoint domain. • Thorough understanding of Identity and Access Governance concepts • Leading and creating Identity & Access Management (IAM) technical architecture • Secure by Design principles in Identify Access management, Privilege Access management • Familiar with cloud architectures, data management and source control from a security perspective. This is a great opportunity to join a business that is growing and looking for individuals who want to grow and develop and work on some of the most complex Sailpoint deployments.
- CyberArk Integration Consultant
- Greater London
- upto 75,000 plus benefits
CyberArk Integration Consultant. CyberArk Integration Consultant is needed for this expanding service business to help them with complex deployment with their FTSE focused customer base. They are looking for experienced CyberArk Integration Consultants who have: • Strong solution designing experience with in depth understanding of IAM concepts and thorough understanding of CyberArk domain. • Thorough understanding of Identity and Access Governance concepts • Leading and creating Identity & Access Management (IAM) technical architecture • Secure by Design principles in Identify Access management, Privilege Access management • Familiar with cloud architectures, data management and source control from a security perspective. This is a great opportunity to join a business that is growing and looking for individuals who want to grow and develop and work on some of the most complex CyberArk deployments.
- Penetration Tester, UK based. Ability to achieve SC clearance
- United Kingdom
Experienced Penetration tester- UK based with the ability to achieve SC clearance. On-going training and development and paid certifications / renewals. Interested to hear from all areas of penetration testing, web app, infrastructure, mobile, etc. MUST have current hands on experience delivering penetration testing. Ideally from a consultancy background with experience working with multiple clients. OSCP / CREST / CHECK / Tigerscheme penetration testing experience / certifications desirable. Apply today for more details. All information kept in the strictest of confidence.
- Senior Data Privacy Specialist, London. CIPT
REF CH7875 £60,000 Senior Data Privacy Specialist, London. CIPT Senior Data Privacy Specialist needed to help advise client on project and programmes relating to Data Privacy and compliance. UK based role. Ideally looking for someone that has a strong appreciation of technology and Data Privacy that can work with clients to develop or enhance their strategies, policies, processes and techniques to manage cybersecurity risks while enabling business driven data. Certified Information Privacy Technologists (CIPT), Certified Information Privacy Professional/Europe CIPP/E experience and or certification highly desirable. Specific experience within the healthcare industry is of particular interest. All details kept in confidence Apply today for more information