Startup business owners often don’t know where to exactly start from, when it comes to the complex and delicate chapter of data security. It is no secret that these business entities need to be a lot more aware of the fraudulent scandals that severely impacts personal and business information. Cybercriminals are increasingly becoming cleverer to attack precious data.
The personal information of clients is the new oil of the digital world — today, everything runs on data. Despite the fact that businesses which process customer data have become powerful and valuable, recent unfolding of events revealed the world’s biggest brands are also vulnerable when they breach their customers’ trust.
For many firms, especially startups, data is something that people take for granted as being safe and sound, stored away on desktops, and difficult to access. However, if you work on customer’s data, keep sensitive information, or even just keep employee’s information on organizations’ cloud, then data protection should become one of your main priorities.
With the absence of proper checks and balances in place with the intention of protecting customer data, things can go south quite swiftly. This may result in forfeiting billions in form of market value, squandering brand reputation, being hauled in the face of industry regulators, and even the courts. Different crisis scenario is highly probable if your business isn’t performing the required due diligence.
Benefits of Safeguarding Data For Startup Businesses
Here are some of the top advantages of protecting data for startup firms
Boosts Customer’s Privacy
In the modern era, people have become extremely well connected and constantly share information online. They browse, research, purchase, and use online products and services. These people tend to share their experiences on the rampant medium of social media.
All of this customer data is collected and managed by device manufacturers, desktop, and mobile apps. Although, the presence of these electronic devices creates a great deal of ease, but on the other hand it is quite risky, as you have the responsibility to guard the confidential information.
Once a customer observes that their data is taken care of, they tend to stick with the firm for a long period of time. This is precisely the reason it becomes highly imperative for the new business owners to value the aspect of customer’s privacy.
Promotion of Brand’s Identity
Most e-commerce businesses today are inter-linked with other business partners in highly interdependent world of commerce. Firms may use a hosted web-store, a designated email marketing provider, or an entirely different website. All of them have different ways of dealing with the client’s information.
This ultra distribution of information exposure means businesses’ need to be careful when it comes to the protection of their valued consumer’s data. It is important to understand that privacy just doesn’t mean a few paragraphs that are written in the smallest possible font size in the section of terms and conditions. In fact, privacy is highly embedded in everyday interactions with customers.
Privacy is something that has a significant effect on the identity of a brand. Therefore, organizations should take the necessary measures when it comes to data.
As per the Harvard Business Review Study, 72% of Americans are quite reluctant to share their information with businesses because they want to maintain their privacy.
Helps in Promoting Safe Work Practices
Safe working ethics and practices are encouraged in all the aspects of businesses, from health, safety, to wellbeing of employees. This is exactly the same concept you should apply for data, and by enforcing and executing security when it comes to handling of bundles of vast data.
Data is indeed the backbone that makes up numerous customer-focused businesses, and should never be a second thought.
Customers are always looking to work with the firm that provides safety of their information, meet and exceed their level of expectation.
Sense of Security
Majority of the businesses of the modern era are subject to security threats and vandalism. The credibility of the firm depends upon honesty and dedication with which it carries out their routine assignments. The most important facet of this routine work is the security of its system and its clientele.
Technology can be effectively used to protect financial data, secret executive decisions, and other relevant information that can lead to competitive advantages. In simple words, technology plays a pivotal role in aiding the businesses keep their ideas away from the competition.
Customers feel relieved upon knowing that their information is in safe hands. All successful firms have been able to tap the customers on the basis of security. This is a great selling pitch for the startups.
Better Management of Business
It has been repeatedly observed that more secure the firm is the better management it has. A compliant business is the one that has efficient management and storage of information, this eventually leads to better business practices.
There is no doubt whatsoever that management of data and storage of information within the organization will be better handled with adequate knowledge of the law and the requirements placed on the business.
Scores Big On Compliance
The basic and the most essential function of any firm is to make policies that helps them in being strictly compliant. This is of utmost importance in the case of new startups, as it lays a great foundation for its future.
Data protection regulations and legislations pave the way for a robust firm that can be of great appeal to prospects. Broadcasting and effective marketing of this concept instills faith in the mind and heart of customers. They will know that any data from their end will be handled professionally- making them a lot more willing to share their information and this helps in bridging the gap between the firm and its customers.
The Bottom Line
Sharing data may tag along a lot of benefits, and it has often becomes unnecessary for us to carry over everyday tasks and engage with other people in today’s society. Your personal data reveals a lot about you, your thoughts, and your entire life. Data protection holds the key in the modern competitive world. Startups and Entrepreneurs are looking to build an atmosphere where the focus should be customer-centric. They are coming up with different ideas to make the flow of information as smooth and secure as possible.
Business opportunities will keep surfacing around privacy platforms and services for businesses and consumers.
Emma Megan is a passionate tech blogger at Mars Technology, a Virginia based Data Security and Cyber security Company. She is passionate about technology and loves to analyze the tech industry in her spare time and stay in touch with the latest happenings.