Data privacy refers to critical information that should stay secured! In today’s digital era, usually, we refer to the concept of data security to secure essential personal and financial data. It also includes PHI (Personal Health Information) and PII (Personal Identifiable Information).
The data comprises financial information, social security numbers, medical and health records, credit card numbers, and bank details as well. Organizations need to maintain mission-critical data to invest in advanced data security solutions. It helps in improving the brand and business value. You can get in touch with an expert for protection des données personnelles.
The way data protection enhances brand value are:
To cater to the compliance needs
Companies that don’t deploy data privacy tools end up paying maximum fines. That is not all. These companies might also lose out on crucial business associations by not adhering to the contractual clauses for privacy rules.
It helps to avert security breaches that negatively impact businesses
The privacy rule is common for every global privacy principle! It is also a need for data privacy and protection pre-requisites, which helps to implement a robust security shield on personal and financial data. It helps in averting cybercrimes as well. Companies that execute similar controls can minimize the count of data breach and privacy theft issues. And when the number of violations is less, the business can retain its vital data. The fines don’t apply, and there are no civil suits and multi-year penalties.
To enhance the brand value
According to a Forbes Insights report, approximately 46% of the companies have sabotaged their brand value and reputation because of a data and privacy breach, at some point of time. Companies should explicitly make it clear that securing customer data and its privacy is a crucial goal the need to focus on. It will help them to follow transparent business practices and provide consistent data security. It will enhance the customer’s good-will and trust in the brand, which in turn will improve the brand value of an organization.
Helps in expanding business
According to the latest reports, today, companies need to teach their employees to manage data properly, while carrying out daily tasks. Companies want their employees to maintain a specific data type and also use it intelligently. Hence, when business houses invest in the correct data protection tools, it helps them to come up with data security controls that enable them to expand their business. And gradually, these companies can outshine their competitors who haven’t invested in proper data security tools.
Helps in maintaining customer, investor, and public trust
Based on a Ponemon study, approximately 65% of people whose personal information got sacrificed due to data security breach reported having lost all faith in the concerned organization. They gradually stop all transactions with the concerned organization. Some of the customers join hands with a competitor brand. Hence, the companies that fail to execute privacy tools, loose trust, and end up having lesser customers and reduced profits.
These are some ways how a company can enhance its brand value and name by investing in the correct data protection solutions. It helps them to decrease cybercrime and sudden data thefts.
