Why Business Needs Stronger Control over Consumer Data

Data privacy has always been a priority for everyone. However, as data becomes digitized and more information can be shared online, data privacy is becoming more important. Companies may possess personal information of their customers that must be secured to protect their customers’ identity. Exposing customers’ identity will tarnish the reputation of a company. This makes it important for companies to have stronger control over consumer data.

Importance of Data Protection and Security

Protecting business and consumer data is paramount to the success of a company. Adopting privacy and security practices will give businesses more control over their data. Here’s why this is important for any company:

  • Meet compliance requirements. Companies that fail to implement privacy protection will face hefty fines and penalties. Also, they risk losing valuable business relationships if they fail to comply with their contractual requirements for privacy protection.
  • Prevent data breaches. Organizations must implement strong security safeguards to protect personal data to reduce the number of security incidents which lead to privacy breaches. Even fewer breaches can mean that a business can lose trust which can result in them losing customers and even partners. When data ends up in the wrong hands, this can hurt businesses as they have to deal with fines, penalties, and civil suits.

  • Maintain and improve brand image. A privacy breach can damage brand value and reputation. Organizations must make consumer data protection a priority by following privacy practices. This will build connections to their brand, improving brand reputation and value.

How to Protect Consumer Data

A lot of businesses overestimate their ability to handle data loss after a breach takes place. Many of them think they are well-prepared to put off phishing efforts without realizing that most data breaches don’t happen this way. Systems such as unsecured portals, endpoints, websites, smart devices, and networks are vulnerable to possible invasion. That is why companies must review their safety mechanisms for secure data processing and handling in their IT environment.

One of the ways to protect consumer data is to stay current on encryption practices. Also, it is important to limit access to customer information. The fewer the people with a need for access, the fewer the chances for hackers to attack at a weak point. Also, data must be destroyed after using it. There are professionals who can completely destroy data without leaving any trace. This service is usually available as part of electronic waste recycling packages. But, complete data wiping and deletion can also be done by the in-house professionals if companies have them.