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Customer Data Security and Data Security Strategy

The ways we take care of Customer Data Security

Customers have more concern about their privacy than any other issue. Consumers want to control their data as they lack trust in the companies handling it, which is clear from the recent laws like CCPA and GDPR. 84% consumers confirm of wanting more control over their data.  Many surveys establish that the significant cause of concern for the consumers is data security and issues regarding privacy as there is a hacker attack every 39 seconds.  Hence protecting the privacy and data security should become the top priority of companies, as confirmed by over 50  recent statistics.  It is for continuously re-evaluating and updating their strategies and policies for privacy and data security.

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Critical statistics to consider:

46% consumers confirm of losing control over their data.
81% of consumers confirm they are little or no control over their data.
107 countries have proper privacy policy legislations for data security.

Because of the above critical stats confirming the need for complying with the data laws, 50 stats establish the reasons for companies to prioritize consumers’ privacy.

Majority of the global companies have committed to reducing the carbon footprint. There is a general shift towards digital transactions rather than printed materials. This also poses a much bigger challenge in ramping up of digital security and access management.

58% of companies in Europe have already declared complying with GDPR as the topmost priority compared to only 11% of the US Companies

97% of companies reported realizing benefits like outsmarting the competition with better investor appeal because of investments in data privacy and security policies.

With no doubt because of the above stats, companies worldwide have significant responsibility for protecting the customers’ data and sharing their strategies for doing it.

They also can build trust and retain customers, depending on establishing their best ways to protect data.

Keeping it in mind, the following are the five areas for data security strategy:

1. Continuous monitoring of customer data

Continuous customer data monitoring for all forms of threats is the first step of data security.  It enables the customers to know details of the stored data, and the place of it as something is safe only by knowing where it is.  Also, monitoring data like a watch guard enables it to be safe ahead of any potential cyber-attacks.

2. Testing to limit data damage

Only periodic testing of the data will enable us to know if there is any hacking to solve it for minimizing damage.  Hence, regular tests of the cybersecurity system, like spot checks or full-blown mock attacks of the various programs, will help confirm the employees’ response.  Also, conducting tests will highlight any weaknesses or issues to make essential changes well before any actual attack occurs.

3. Complying consumer privacy Acts

Complying with the consumer privacy Acts like GDPR and CCPA will avoid hefty fines and increase the customers’ trust in the companies. Hence any cybersecurity plan needs to be ready for complying with the changing regulations.  It will give the customers assurance to have the power back over their data by knowing that the company is aware of cybersecurity challenges and will protect their data.

4. Transparency the key to gain customers' trust

Only by being transparent on collecting, using, and protecting the customers’ data can any company gain their trust. Hence there is a need for having a systemized and transparent cybersecurity plan.  It should include updating the customers on the security regularly and offering them options to opt-out from collecting data.

5. Updating the cybersecurity plan

It is not enough to have a transparent cybersecurity plan with no updating.  Since the hackers use developing technology, any cybersecurity plan needs to adapt to the continuous changes.  It includes updating the software and gadgets to the recent versions and periodically evaluating the cybersecurity approach for protecting consumer data. Watching around for new potential cyber threats for now and the future for updating and adapting is critical.

Modern customers consider cybersecurity crucial for their personal data.  Hence companies need to have an appropriate cybersecurity plan that continuously tests, updates, adapts for ensuring customer data safety to build on their trust to become market leaders.

At QR solutions we take your data security seriously. Do you have any queries over Data Management? Contact us now we are always ready to interact with customers.

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