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The importance of data privacy and securing personally identifiable information (PII) is at an all-time high. Cyber threats are evolving, data breaches are growing, and privacy regulations and certifications are consistently being rolled out. Having a strong security and data privacy infrastructure is no important to just IT teams and business leaders. Consumers are now making purchasing decisions, determining the products they use, and the brands they love with privacy in mind.
Companies eyeing a competitive advantage should prioritize making data privacy and protection a core part of their business. Here are three ways having strong data protection policies and governance can separate your business from the competition:
Not being able to adhere to global, regional, and industry-specific compliance certifications can dramatically hinder an organization’s growth and opens them up to potential fines. It is key for companies to not only ensure they are compliant with the rules and regulations that apply to the current state of their business, but begin laying the foundation to achieve certifications in industries and areas they are targeting for growth. For example, companies looking to further their business into the EU need to comply with GDPR and EU-US Privacy Shield, while organizations looking to expand into the healthcare market need to be HIPAA compliant.
Be Upfront and Transparent
The reality is, the majority of consumers today are aware that their data is being collected at a growing rate. Businesses are in constant search of creating personalized and hyper-targeted customer journey’s and marketing campaigns. In order to achieve this, PII and customer data is needed. However, being upfront, transparent, and honest with your customers about what data you are collecting, where it is going to live, and making sure they are aware that they have the ability to access it will go a long way in building a trustworthy relationship between brands and customers. The ability to showcase the steps and precautions your business is taking to protect customer data can go a long way and be a key differentiator regarding purchasing decisions.
Creating a Culture of Security and Compliance
It is a phrase that has become somewhat cliché, but still rings true. Your security is only as good as your employees. With data breaches happening at record rates, it is essential that companies make sure their employees are well-versed in how to spot potential attacks and how to share and store data. Establishing best practices, regular check-ups and trainings, and more can go a long way in ensuring all employees are reducing vulnerabilities and keeping critical customer data safe.
Data privacy and compliance has always played a key role in establishing and growing a business, but now, the stakes have been raised. From market penetration to competitive analysis, the ability to protect customer data and comply with the latest security certifications are crucial factors in being to go above and beyond the competition.