By Devin Partida, Editor-in-Chief, ReHack.com
Customer trust is the backbone of any successful enterprise. Without it, people have no reason to spend their money, let alone advocate for the brand.
A security breach is one of the quickest ways to effectively ruin customer trust, leading to lasting repercussions, such as lost relationships and damaged reputations. That’s why building trust always begins with people knowing that their personal information and transaction details are secure, as is their legal right.
Organizations can continuously establish trust and improve customer relationships by following standard security procedures and going beyond the minimum.
The Cybersecurity Landscape
Cyberthreats are ever-evolving in terms of sophistication and frequency. Roughly 97% of organizations noted increased risks of potential data breaches since 2022. The attack vectors vary from phishing and ransomware to insider threats and DDoS attacks.
In a recent survey, 33% of global chief information security officers identified email fraud as the top cybersecurity risk in 2023. However, in the same year, ransomware attacks damaged over 72.7% of businesses worldwide.
Data breaches have become increasingly expensive, costing a global average of $4.45 million in 2023, the highest figure over the last three years.
All this points to a dire need for a resilient security infrastructure.
Implementing a Robust Security System
Every organization is responsible for enforcing a multipronged approach to safeguard customer information. According to McKinsey, a whopping 87% of consumers would sever business relationships with a company over security concerns.
Here are the critical components of a solid cybersecurity program.
Comprehensive Risk Assessment
Conducting an in-depth scrutiny of all aspects of the IT infrastructure can reveal potential risks and vulnerabilities that could compromise data integrity. Identifying these specific threats early helps companies prioritize resources and direct efforts where most needed. At the same time, continuous monitoring and auditing are essential for maintaining a sound security program.
Data Encryption
Encryption scrambles sensitive data into code to prevent unauthorized access. It also ties directly to customer trust. Many compliance certifications designed to establish trust require it as a security measure. For example, encryption is one of the 12 PCI DSS requirements for secure payment processing certification.
While not explicitly stated in their requirements, encrypting private data is also integral to earning GDPR and ISO 27001 certifications.
Authentication Protocols
Authentication verifies if a user accessing a computing system is really who they claim to be. One-time passwords, biometrics and multifactor authentications are the most common examples.
From a customer standpoint, these measures provide reassurance that the organization values data privacy enough to add an extra layer of security. This way, hackers cannot access user accounts even with a compromised password.
Secure Data Handling Procedures
Measures must be implemented to ensure safe data handling and storage. These include using secure storage devices, enforcing access controls and performing regular data backups. It also covers the organization’s security policies and procedures, which are readily available for anyone to read.
Telling customers exactly how their data is safely handled and stored is a great way to enhance trust. However, it also sets high expectations, which businesses must live up to without fail.
Regular Patches and Updates
Cyberthreats lurk everywhere and can easily exploit vulnerabilities in outdated systems. For instance, ransomware malware variants increased by 650 million since 2010.
Installing the latest security patches and requiring customers to do the same helps prevent incidents. More than that, it demonstrates an organization’s commitment to maintaining a secure customer environment.
Incidence Response
As consumers seek simpler, better experiences, they will pay closer attention to how businesses respond to security incidents. A recent study shows that 66% of customers expect companies to understand their needs, which include empathy and real-time, transparent communication.
Being transparent about incident reports doesn’t absolve negligence, but it goes a long way in maintaining trust and providing assurance that the matter is receiving the necessary attention.
Security Culture Builds Customer Trust
Data protection is a prominent customer concern. According to Pew Research, 81% of U.S. adults admitted feeling concerned with how companies use their data. Furthermore, four in 10 are worried about their information being stolen or sold.
Building a solid security culture is more important than ever in addressing these concerns and promoting customer trust. It can help ease fears over data privacy and usage worries by providing open communication about what information organizations collect and how they use it.
This ongoing process encompasses the values and actions that drive how an organization approaches security. It also involves embedding best practices into every business process, such as:
- Making security top priority: Everyone in the company, including senior management, must place the highest importance on measuring their decisions’ security implications.
- Training employees regularly: This goes beyond forcing staff to undergo cybersecurity webinars once a year. Instead, there should be a shift in mindset wherein everyone is aware of their obligations regarding security.
- Reviewing security investments: Data protection measures often need to change as organizations grow. Management must evaluate current measures to ensure the culture reflects the business’s needs.
Enhance Customer Trust Through Security Measures
People don’t buy from businesses they don’t trust. It’s that simple. With increasing awareness of data privacy, addressing security concerns and maintaining a solid infrastructure are paramount for maintaining successful customer relationships.
Devin Partida is an industrial tech writer and the Editor-in-Chief of ReHack.com, a digital magazine for all things technology, big data, cryptocurrency, and more. To read more from Devin, please check out the site.
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