The Pivotal Role of Cyber Security in Maintaining Customer Trust

Published on: September 20,2020 Published in: Cyber Security Insights

The average cost of a data breach in the UK is a huge $3.88 million or just under £3 million. While this can be a crushing cost, it’s not the only problem that comes with a data breach or lax cyber security: it can make you lose your customers’ trust.

When people deal with a business, there’s an expectation that said company will keep their data safe. If you can’t do that, your business will suffer.

In this guide, we’re going to take a look at how cyber security and data privacy are crucial for customer trust. Let’s take a closer look.

Lax Cyber Security Costs You Customers

Your customers need to trust that your cyber security is tight and that their data is safe in your hands. According to case studies, a data breach can cause customers to stop dealing with a company

Therefore, you need to do the right thing for your customers and ensure that your cyber security is strong. Data breaches can always occur but by employing strong security for your customer’s data, your risks of a catastrophic breach are significantly reduced.

You need to employ firewalls and make backups of your customer data, while making sure that it is stored securely. This means encrypting customer files but it also means putting physical security measures in place so that only authorised personnel can access important data.

Customers Have an Expectation of Privacy

Your customers have a reasonable expectation of privacy. They assume that their purchases, credit card details, and other personal data are kept securely and only accessed as necessary. This is particularly true in the digital age, where knowledge of phishing and other online scams have made us wary to hand over personal information online.

As well as adhering to the Data Protection Act, you will also need to ensure that your company follows GDPR. These regulations apply to any business that does business with EU clients, regardless of where they are based.

Therefore, you will need to ensure that you only collect relevant data and that it’s only accessed when necessary and by authorised personnel only. 

Put customer privacy first and they will enjoy doing business with you. Treat it as an afterthought, and they will go elsewhere.

Strong Cyber Security Reduces Downtime

If your network goes down, it will affect every part of your business, including the customer-facing aspects. These include customer service and support departments. If these go down, trust in your business could be decimated.

Malware and cyberattacks can cause downtime that destroys your capacity to carry out business. Therefore, it’s important that you have good technical solutions and robust security protocols in place so that you can avoid this downtime.

How We Can Help

Strong cyber security and data privacy are vital for customer trust, as we’ve seen. Yet if you don’t have a dedicated security department, you might be unsure about how to bolster your security. 

We can help you. For more information, take a look around our site or get in contact with us.

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