With reports of UK companies losing millions of pieces of information and costing more than £1.3 billion, it is no surprise that customers are squeamish revealing any information - afraid of how it will be used. A recent survey from Edelman found eight out of 10 consumers complained they would leave banks that accessed their personal information without their permission. Another 70 percent said they would also leave health care providers who did the same. What is shocking is that same UK companies do not necessarily hold the sentiment that privacy is not a problem. However, their customers may not hold the same thoughts on the matter.
Sixty percent of 6,400 executives surveyed felt that privacy was not a concern at their companies. More than half said a breach would not have an effect on their companies reputations. However, if customers started leaving companies because their personal information was shared without their consent, would this change Directors’ minds?
Why companies aren’t meeting customers’ Needs
There is somewhat of disconnect between what customers want and what companies offer, some experts say. What is the solution? Employees from Edelman found some countries surveyed did not have the means to protect such sensitive data or have Internet security measures in place. It was too easy for hackers to gain access to sensitive information. Another 61 percent of respondents were unhappy with slow customer service. Company representatives were not responding quickly enough to customers’ complaints.
Do large and small companies need more transparency and also to have professionals teach employees how to best respond to customer needs? Are the new UK data privacy laws clear enough for marketers? The law does not prohibit collecting information. But, marketers cannot specifically target individual people for marketing purposes. Then, the information must be used as quickly as possible for the intended marketing survey and deleted. Negligence is not an acceptable reason why a data breach is made these days. This is why companies may want to listen to their customers more and take note when a customer complains. New protection measures and also company policies on handling social media may need to be enacted so that hackers do not gain access to social security numbers, bank cards and pins, and more.
What is the answer for companies to build up their ranks of customers and also make them feel secure? Would enforcing social media rules help safeguard sensitive data and help with data privacy? It may help companies who have been blinded by disconnect, relate to customers again.
Sixty percent of 6,400 executives surveyed felt that privacy was not a concern at their companies. More than half said a breach would not have an effect on their companies reputations. However, if customers started leaving companies because their personal information was shared without their consent, would this change Directors’ minds?
Why companies aren’t meeting customers’ Needs
There is somewhat of disconnect between what customers want and what companies offer, some experts say. What is the solution? Employees from Edelman found some countries surveyed did not have the means to protect such sensitive data or have Internet security measures in place. It was too easy for hackers to gain access to sensitive information. Another 61 percent of respondents were unhappy with slow customer service. Company representatives were not responding quickly enough to customers’ complaints.
Do large and small companies need more transparency and also to have professionals teach employees how to best respond to customer needs? Are the new UK data privacy laws clear enough for marketers? The law does not prohibit collecting information. But, marketers cannot specifically target individual people for marketing purposes. Then, the information must be used as quickly as possible for the intended marketing survey and deleted. Negligence is not an acceptable reason why a data breach is made these days. This is why companies may want to listen to their customers more and take note when a customer complains. New protection measures and also company policies on handling social media may need to be enacted so that hackers do not gain access to social security numbers, bank cards and pins, and more.
What is the answer for companies to build up their ranks of customers and also make them feel secure? Would enforcing social media rules help safeguard sensitive data and help with data privacy? It may help companies who have been blinded by disconnect, relate to customers again.
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