EU regulation changes do not mean companies have to worry data is Lost

While EU data protection regulations may be changing how IT companies may use customer data, it doesn’t mean a company cannot gain from data that is collected and used in a new way. Though the EU regulations allow customers to ask their data not be used, it also allows for businesses to use information in a B2B capacity.

The data protection regulation may require companies to change their protection for their data, as well. It may also require companies to put into place security measures so that there are no security breaches and company data is not lost.

Why companies must protect data from security Breaches?

Data loss doesn’t just mean companies suffer from hackers using their data for ill gain. It also means companies may have to pay stiff penalties for lost data. How can companies protect themselves and their employees from high fines? Did you know that USB flash drives for individual employees may protect data? Should USB flash drives use an in-house authentication?

Security breaches can also cost a company sometimes millions, or at least five percent of customer profits. By making sure employees understand security breaches that can cost the company and how better to guard against them, it can help a company focus on their strategy to create a better environment to protect sensitive data. Many times, companies may be unable to accurately estimate how much business was lost through missed sales, an internal investigation, and costs lost through monies spent on potential lawsuits. Did you know that when asked in an investigation, 25 percent of business heads did not know how to predict their business losses?

Why businesses fall victim to Breaches

Many business breaches are never reported in a timely manner? This is why some businesses cannot adequately protect company secrets or data. However, it is more than unreported data that causes businesses to be at risk. However, if a business uses a third-party supplier, it could put them at risk to security breaches.

How can a business best protect their sensitive data? They may have all the data security measures in place to protect company and customer data. However, a company’s best way to protect itself is to be aware and act quickly when data breaches do occur. By having security measures in place, a company can be prepared for EU data protection regulations.

Why UK marketers should care more about data Privacy

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.