used with permission from HP Technology at Work
Once upon a time, the only person worrying about securing customer data might have been the grizzled IT veteran in the company’s basement cubicle. Customers seldom thought twice about how their data was protected, and many businesses didn’t either. Security was simply not high priority, and for most people, not a problem [1, 2].
Once upon a time, that might have been true. But not anymore.
Recent headlines have disclosed major data breaches affecting millions of consumers worldwide. It’s become clear that protecting customer data can no longer be just another item on the agenda to be taken care of “later.” The consequences of losing customer information are severe. A recent survey by Harris Interactive reveals that 89 percent of consumers avoid doing business with companies they believe do not protect their privacy [3]. And customer concern is growing: A full 74 percent of internet users are more worried about their online privacy than they were a year ago [3]. Loss of customer data can mean loss of consumer confidence, fines and lawsuits and the expense of restoring your compromised systems.
To stay ahead of the threats, you need to make sure you’re doing everything you can to secure your customers’ data. Here are some tips on where to start:
The volume and sophistication of attacks is increasing every year. In fact, 19 percent of data breaches combined phishing, malware, hacking and entrenchment in order to gain access to valuable customer data [4]. To protect your customers’ information, it’s important to regularly review your security practices, and research new services like cloud computing before you deploy them. A proactive approach will help you build customer loyalty, effectively launch new technologies and defend against evolving threats.
[1] Newtek Business Services, Majority Of Business Owners Not Concerned About Credit Card Security, March 2014
[2] NFIB, Small Business Problems and Priorities, August 2012
[3] TRUSTe Privacy Index, 2014 Consumer Confidence Edition, December 2013
[4] Verizon, The 2013 Data Breach Investigations Report, April 2013
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