When a company experiences a cyber-attack, it always makes the news. It’s the negative press that does the business in question no favours at all. So, here’s why investing in a good data protection policy can be great for your business.
With GDPR on the horizon, all businesses will have to follow the new rules in how customer data is handled and retained, or face a financial penalty from the ICO. But it isn’t just the monetary problems that businesses have to worry about…
As the public grows increasingly wise to the new regulations, your customers will want (and have the right) to know that you are handling their data securely.
By dealing with the issue right now and encrypting your data, you can get the early edge over your competitors, especially those that may be slower to react with GDPR compliance for their business.
But how will you gain an advantage?…
Your customers will trust you
Clearly, businesses and organisations adopting a good data protection policy and demonstrating properly secured and encrypted information will have an obvious advantage over those who don’t.
By way of example, back in July this year; the private healthcare group BUPA suffered a data breach. Data for 500,000 customers on their international health insurance plan was compromised. That included names, dates of birth and other contact information.
Likewise, the payday loan company, Wonga, fell victim to a large data breach this year. An estimated 245,000 customers had data compromised. That included bank account numbers and sort codes.
These breaches will be resonant for years to come.
Your business will have credibility
Network operator, Three, suffered a customer database breach in November last year. The data stolen included names, phone numbers, addresses and dates of birth. Although the company said the breach didn’t include financial data, the stolen data would make it easy for identity theft to occur.
Without being a fly on the wall, it’s hard to say what direct impact these security breaches had on the companies. But you put yourself in the shoes of one of their customers – and wondering whether to remain a customer after such negligence. Customers might well have moved away because of a lack of trust. Other businesses with a proven security record would then be in an advantageous position.
Follow the advice of the ICO
In a recent video blog, information commissioner, Elizabeth Denham explained how the GDPR could damage your public reputation as well as your bank balance.
“Get data protection right and you can see a real business benefit. Accepting broad accountability for data protection encourages an upfront investment in privacy fundamentals, but it offers a pay-off down the line – not just in legal compliance, but a competitive edge. Whether that means attracting more customers or meeting pressing public policy needs, there’s an opportunity for companies to present themselves on the basis of how they respect the privacy of their customers. This can play a real role in consumer choice. Now is the time to act!”
The fact is, encrypted data in a secure environment will help your business build trust with your customers, as well as adhering to new governmental regulations.
Encryption at the heart of your data protection policy
Encryption doesn’t need to be complicated. MFG Managed Encryption have developed a solution that is:
• Hassle free
• Quick to deploy
• Fully managed
Not only that, but we offer centralised for all devices. That includes desktops, laptops, tablets, mobiles and yes, even the cloud.
Call +44 118 914 8800 to discuss your data protection needs with us today.