Digital Marketing / Inbound Marketing
Data Privacy- 4 ways businesses can protect consumer data
Customer data is the goldmine for businesses. Companies collect large amounts of consumer data as it helps them make better decisions and efficient strategies to increase sales and ROI. According to surveys, around 49% of businesses believe that customer data helps them to make better decisions, and 16% say that this…
Customer data is the goldmine for businesses. Companies collect large amounts of consumer data as it helps them make better decisions and efficient strategies to increase sales and ROI. According to surveys, around 49% of businesses believe that customer data helps them to make better decisions, and 16% say that this data helps them to enable key strategic initiatives.
In the era where technological advancements happen now and then, data protection has become an essential part of all business strategies. With the evolution of technology, data breaches have become more advanced and heavily impactful.
The global data security landscape has witnessed an unprecedented increase in cyber threats in recent years. It has become easier for them to use phishing and social engineering attacks to infiltrate networks and spread malware and ransomware. By stealing personal information, tricking employees into divulging their credentials, or clicking infected links or attachments, cybercriminals can gain access to work laptops. Once infiltrated, it can easily infect an entire network. There has been a 125% increase in cyber attacks globally through 2021, with the increasing numbers continuing to threaten businesses and individuals in the forthcoming years.
Why must customer data be protected?
Protecting customer data is important for one reason. Your business depends on it. If companies don't take steps to protect customer data, they become vulnerable to hacking, which can lead to loss of consumer confidence, impact business reputation, and more.Certain laws mandate the protection of consumer information, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). In India, the Information Technology Act 2000 is the primary law in India for matters that relate to e-commerce and cybercrime. Even if you don't have a physical place of business in a state or country with data protection laws in place, you may still be subject to penalties if you obtain data from citizens living in that area.4 ways businesses can protect consumer data
We have listed down four ways in which big organizations can ensure to protect their consumer data at all times:Encryption
Encryption is the lock and key for protecting consumer data. Make sure all sensitive data is encrypted regardless of where it is stored or transmitted. Methods of encrypting connections include Virtual Private Network (VPN), Secure Sockets Layer (SSL), or Transport Layer Security (TLS). A VPN service can help you hide your IP address and protect your online activities. An example of this is an SSL certificate that encrypts personal data when processing payments. This helps protect consumer privacy, especially if your business uses third-party applications to process transactions.Restricted access
Not all employees need access to every nook and cranny of the business. Give each employee only the access that is necessary for their position. The same applies to internal networks. Use firewall protection to block them internally from each other. This makes it harder for cybercriminals to devastate your business.Keep plugins and software up-to-date
Hackers are well-aware that non-updated and out-of-date softwares and plugins are the easiest to hack. It is important to keep your software up-to-date to avoid any hacking or cyberattack. While many devices and applications offer automatic updates, sometimes operating system updates make a device unusable for a couple of minutes, which can extend to hours, and have to be manually launched after download. If you use plugins, make sure they are always updated to mitigate vulnerabilities and protect consumer data from hackers.Password management tools
By using password management tools, you can improve cybersecurity and reduce the risk of hacking. These tools create and store complex passwords for all the tools and software your team uses. Complex passwords are usually difficult for users to remember and are not used by users. Password managers make this much easier by storing all your passwords encrypted. This way, if someone needs to log in to the tool, they can easily get the credentials from the password of their managerFinal thoughts
Your customers entrust you with their most sensitive information, from credit cards to social security information. It is organization’s responsibility to keep it safe. As we move into the era of data protection by design and default, every business must implement security plans to protect data from internal and external threats.
