Customers are hesitant to share their data with companies, and nobody is asking why this is happening!

Today, Consumers have become too cautious about how their data is being used, especially by business organizations. According to research:

• 81% percent of the adult consumers state that they either have little or no control over the data the companies collect about them.

• 79% of the research said that they were cautious about how the data is used.

• 59% stated they have very little knowledge of what companies do with their data.

• 79% believe that companies do not accept mistakes or take responsibility when the data is compromised.

Given these statistics, it is clear that it is challenging to develop the relationship of trust with the customer now more than ever. Companies that make the mistake of eliminating data experts will lose customer confidence and put their business at stake.

Rising Importance of Data Privacy

Data privacy is essential to any organization because its absence puts the reputation of their brand at risk due to increased customer information churned by companies. Apart from that, the irregularities in data privacy and non-compliance will lead to several fines and legal battles that will also cost the company a lot.

Top data privacy Tips for 2020

New Laws And Regulations:

When the GDPR was implemented in 2018 and fines were imposed due to the violations, it was just a matter of time the new rules were passed in the states like Nevada, Washington, Vermont, and California. Several more states are already proposing to implement data privacy laws in their legislation.

Data Security Scientist:

As the global issues of data breaches are evolving, the data security scientists and the expert need to lead from their positions and take control over data privacy attacks and breaches effectively during a period of attack surges.

Employee Training, Education, And Awareness:

Data privacy and protection must be unified throughout the organization. Every employee must be trained and educated regarding data privacy.

Cloud Solution Security:

Today, everything is stored in Cloud Servers and the security of the cloud has been a matter of worry from the start. It is a necessity to use proper tools and procedures to secure your cloud server.

Third-Party Risk Management:

You also have to assure the third parties you are working with also using proper tools and techniques to protect user’s data and following the GDPR properly.

In Short

Data is both the biggest asset and the biggest challenge that will be faced by companies across the world in 2020. So far, none of the conditions are favorable to revert to old means of data privacy protection, and it is quite possible that we may not be able to get help from old ways anymore. Times like these call for practical actions on behalf of companies to ensure customer retention by securing data privacy.