Although the digital world offers great opportunities for growth and value creation, it’s important to recognise the shift happening among businesses as a result of tighter cyber security policies.
The fact that 55% of businesses don’t know they’re vulnerable to cyber security attacks1, shows that policies like the EU’s GDPR, Australian Government ISM, and the California Consumer Privacy Act are necessary to ensure businesses are re-assessing their information risks, and protect consumer’s private information.
Failure in meeting your compliance requirements doesn’t just result in large fines. If a company loses the trust of its customers, prospects, partners, or investors, the results can be devastating.
When the Customer is King, it’s Trust or Bust
Trust is an increasingly valuable commodity. To establish a sustainable reputation, businesses need to implement an effective and robust cyber security management system addressing three main components: Confidentiality, Integrity, and Availability.
Confidentiality
Consumers have moved beyond simply purchasing a product or service, they are now driving the success and failure of companies, with a few keystrokes. To build trust, businesses need to give customers the confidence that their data is protected and only accessible by those authorised to access it.
Failing to keep data protected could keep customers away for good.
43% of consumers indicated they would never return to a company if their private data had been breached2.
Even when the data breach was less personal, 32% of consumers indicated they would never use the company in question.
Integrity…
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