Digital transformation of businesses accelerated cybercrime and fraud, harming customer trust across their interaction. It has become essential for organizations to take a proactive and strategic approach to building customer trust in cyber security.
The digital transformation of businesses ensured the delivery of targeted solutions, services, and products faster, using multiple mediums. However, customer data that companies acquire faces significant mistrust due to this rapid digitization. Now, it is one of the top concerns of businesses- how they can build more customer trust with more effective cybersecurity solutions.
Consequences of Undervaluing Customers’ Trust
Customer trust in digital businesses has become increasingly critical. The new channels of service and product information provide customers with detailed knowledge and can create new avenues for revenue growth.
It makes sense for businesses to establish a proper customer trust framework by building robust cybersecurity solutions that safeguard customer data, privacy, information, and other related information.
Consumers are likely to feel confident interacting with businesses that provide product information, preventing access to sharing information and blocking criminal activities. Security breaches in products can threaten a particular product’s sales, risking future sales.
Also, a lack of security where they face significant security breaches compromising their data can push customers to get off their loyalty track with organizations.
Some customer-centric businesses may underestimate the importance of building customer trust with robust cybersecurity solutions and ignore the need to provide customers with security by not identifying potential cyber incidents and production disruptions. But then these brands may face massive loss of brand position, customer base, loss in ROI, and broadly customers’ perception of trust towards the brand.
The potential consequences of undervaluing customers’ trust in cybersecurity can be risky for companies in the digital era. So, what is the easiest solution to this? Companies can build customer trust by implementing robust cybersecurity solutions around their privacy. To understand it in depth, here are some practical ways to get started and allow security solutions to function, building customer trust.
Ensure data protection
More digital-based customer interactions mean more data collection, which leads to the need for more data protection. Detecting suspicious activity, implementing controls, and protecting against unauthorized access to data boost compliance, reduce risk and add IT security professionals. They can help by ensuring the right security protocols are in place to maintain consumer confidence.
Data protection of customers is even more critical for organizations to remain competitive and understand rising customers’ concerns. By providing robust data protection, customers may feel more protected and assured by giving their information to businesses.
Empower Employee
Businesses need to establish a culture where employees can freely express their doubts about risks when they encounter them at any time. Business doing so allow employees to understand potential risks and act immediately before they become a challenge for customers looped in the process.
Security breaches, in this case, may range from fraudulent emails (sent to customers), spam calls, personal information leakage, and customers’ getting notified about it. These risks will reach the customers instantly. In such cases, employees must be quick with response mechanisms, automate detecting systems, and report risks for instant actions.
As risks increase, IT security professionals should take strategic steps forward. They must receive support from leaders. Collaborating with IT and security leaders and other C-suite members is essential to building customer trust with security measures. With their help, employees can create a robust security strategy to build and maintain consumer trust.
Enable Multifactor Authentication
Business and security leaders must consider enabling multiple authentication methods across data storage and customer-centric approaches. That includes stronger passwords for website logins, member logins, payment logins, identification information, and verification information. These are the soft targets for cybercriminals as they easily read credentials and use them for breaches and thefts. MFA-based defense mechanisms can reduce such cyber challenges and prevent all accesses.
Businesses might also recognize that some consumers are not comfortable or familiar with multifactor authentication at first and are reluctant to share crucial information. That makes it essential for businesses to educate them about the importance of the MFA under privacy policies. Companies must encourage security leaders to adopt and build strong MFA practices that involve more security steps to mitigate security breaches.
Providing Transparency on Security Measures
Many consumers show interest in sharing their information with brands in exchange for getting the latest services or product information every time they interact. Businesses must comply with privacy protocols. Brands can help build trust by making the information process easy for consumers after they provide inputs of customer information used to follow their requests.
Businesses must issue permission options to customers before they share their crucial information. That builds trust and provides transparency for customers to stay engaged further for more services, solutions, and product information.
Also Read: Mobile Device Security Best Practices for Businesses
Managing Third-party Sources
In today’s digital business landscape, many companies share or sell customer data and other information to multiple third-party sources, a significant source of risks to customer trust. Brands practicing and leveraging third-party resources may face a large customer dropout.
This may harm the brand’s reputation. Companies collaborating with third-party sources and sharing customer information can build customer trust by asking their vendors to follow strict cybersecurity standards and prioritize safeguarding consumer information and trust.
Take a Collaborative Approach to Build Customer Trust with Cybersecurity
Cyber risk impacts businesses adversely. However, the other side of the coin is losing customer trust. Companies must collaborate to build and nurture customer trust with advanced cybersecurity solutions.
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