More businesses and individuals are operating online than ever before. From websites to e-commerce to social media, the web presence is all around. With so many people interacting online, it’s essential that they feel safe operating in your system. Here are reasons why customer trust in your security system matters.
Personal Data Protection
No individual wants to get an alert that their identity security may be under threat because of a data breach at a company they had an account with. Unfortunately, these emails have become more commonplace. The reality is personal data is lingering in company files and databases all around. When your company handles someone else’s data, you must take the steps to secure it so you don’t put their identity at risk. If customers feel their data may be at risk, they will be less likely to deal with you. The ideal way to start is with digital identity assurance.
Your Reputation
As a company, your reputation matters. It matters in terms of how you interact with both clients and customers. Therefore, if your company gains a reputation for not protecting customer or client information, it can affect your bottom line. Regardless of how great your products and services are, people won’t want to use them if the information they give away when they create a customer account may one day fall into the hands of hackers. Other clients whom you work directly with may be hesitant to sign contracts as their financial reputation can also be at risk. If your reputation doesn’t improve, it may result in downsizing or closing your company.
Compliance and Liability
There are data protection rules and regulations that any company must follow. Among those regulations is protecting company data. If you fail to meet the restrictions on online safety, it can result in fines. Your compliance obligations can depend on the type of industry that you’re in. For example, if you’re a financial, tech company, or medical facility, you’ll be under extra scrutiny when it comes to protecting consumer information.
If you’re the target of a data breach, you could have liability concerns. After all, several other companies have been the subject of class action lawsuits because of these extreme data breaches. These class action lawsuits can cost your company a great deal of money. Depending on your revenue, a liability payout may cause your company to go bankrupt. Once again, if you’re the subject of these liability issues and have a reputation for compliance violations, it will affect how colleagues view you.
Customer Loyalty and Word of Mouth
As a company, you want to maintain customer loyalty. After all, the more loyal customers you have, the easier it is to generate revenue. When customers believe in your product or service, they easily return for more. They’ll also recommend your products and services to people in their circle. Matter of fact, they’ll go beyond their immediate circle to talk highly about your company on their social media sites, which can often reach thousands or millions of other subscribers. Don’t ruin that opportunity by having a poor security network. You won’t get this type of feedback if people don’t feel safe using you.
Revenue
Customers will start leaving your services because they don’t feel secure using them. That’s going to affect your revenue. After all, when customers aren’t signing up for services or buying products, you won’t make a profit.
As you can see, maintaining digital identity protection is essential for many levels of your company. You build customer trust, and when customers trust you, they use and promote your services regularly. If your existing security systems aren’t at the highest level, now is the time to change that.
