Customer attitudes and expectations about data privacy and security have altered in recent years, owing to a slew of new data breaches, increased online buying, and a surge in remote employment.
A recent survey by Techwire Asia, “Data security is an expectation for APAC consumers”, more than 50 % of consumers are concerned about the data that organizations acquire due to opaque data collection practices. Consumers want to know why their data is being taken, how it will be protected, and if a fair value exchange is in place.
Despite the fact that stringent data management adds new constraints to enterprises, companies that go beyond compliance and prioritize data privacy can gain a competitive edge, preserve digital trust, prevent breaches, and boost brand value.
Data privacy is beneficial to businesses
Data privacy practices can help businesses in a variety of ways. According to a 2019 report by Cisco, “Privacy Gains: Business Benefits of Privacy Investment”, 97% of businesses have identified at least one benefit from data privacy investments, and 75% of brands report at least two positive outcomes resulting from greater data privacy measures.
Transparency and accountability in data collecting and protection will be competitive differentiators for brands in the future years. Customers want to know what is happening with their personal information. Businesses develop trust by telling them, and trust is a critical component of corporate growth and success.
Fewer data records have been affected as a result of breaches among firms that have invested in privacy and compliance than would have been the case otherwise. Furthermore, when data breaches did occur, the overall cost of the incident was lower than it would have been if effective data protections had not been in place.
Enhance brand value
Brands with strong data privacy policies and communication initiatives will strengthen and expand their market position. Customers will choose them over competitors that do not make data privacy a visible priority.
Strategies for enterprises
Many businesses use consumer data to acquire a more comprehensive understanding of their customers’ pain areas and emerging requirements. The information is used to develop new products and services, as well as to tailor advertising, which benefits both customers and businesses. New consumer expectations, on the other hand, can catch businesses off-guard. The following strategies can help businesses navigate new customer data privacy expectations:
Build a privacy-first ecosystem: If they don’t already have one, companies should consider forming cross-functional data privacy teams and communicating their data protection policies to customers.
Adopt automation solutions: These can help companies do more analysis and acquire more insight with fewer data.
Data mapping: This aids enterprises in registering, categorizing, and tracking their customer data.
Businesses should only collect what they require: Organizations should define the information required to improve products and services. Also, they should limit the amount and type of data collected by the company to mitigate security risks.
Gen V attack security: When organizations tell their customers that their data is secure, they want to assure them that it is secure against the most advanced attacks. Companies should use Gen V security solutions to do this.
Despite the fact that consumers have stronger data privacy expectations than ever before, many brands are unprepared for a cookie-less world. Cookies, customer confidence, and business growth can be able to coexist if more rigorous data protection measures are built into present marketing frameworks.
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