Data privacy is paramount for businesses that run a website or have any digital platform. This is because the company must be responsible to take the necessary measures to protect its customers’ data and information and comply with online privacy laws and regulations in the country. In a related study, Australians were asked about their confidence in companies working to protect their data. The study revealed that only 11.3 per cent of them are most confident. While approximately 30.8 per cent are somewhat confident, about 57.9 per cent are not satisfied at all.
The result is quite alarming, indeed, which is why Australian businesses must take data privacy seriously. In this article, we’ll share four valuable benefits of having data privacy protection for your business:
1. Trust and confidence among stakeholders
When individuals’ personal data and information are breached, they’ll eventually lose their trust and confidence in a business. Of course, they don’t want to be a victim of fraud, identity theft, and other fraudulent activities, which are actually quite rampant now. Whether it is your employees, suppliers, third-party vendors, or customers, you must ensure that their private details are kept confidential. At the end of the day, their trust and confidence will keep them doing business with you.
2. Customer support and loyalty
Trust and confidence among customers are tantamount to customer support and loyalty. If these consumers see that you are taking good care of their private data and information, they will value your business even more. As a result, they will continue to do business with you knowing that their personal data and financial information are all secured, translating into customer support and loyalty!
3. Business protection and reduced risks
When it comes to data protection, you may think about protecting the information of your suppliers, customers, and other key stakeholders involved. However, did you know that this is primarily meant to protect your business? The last thing you will ever want to happen is for your private business data and information leaked to competitors, which will give them an advantage over your business in the industry. On top of that, what’s worse is if vital data and information reach the hands of online hackers and scammers who can take advantage of them and cause mayhem.
4. A competitive advantage
In this digital era, consumers are now highly critical in dealing with a particular business. Whether they plan to purchase products or hire services, they want to ensure that their data and information are protected and secured. If they see that other customers have had positive experiences with your business, this will likely give your business a competitive advantage over other companies in your industry!
At this point, you now know why data privacy protection is essential for your business. As outlined above, a robust privacy measure provides your business with trust and confidence among stakeholders, customer support and loyalty, business protection and reduced risks, and competitive advantage. With all these valuable benefits, you must take your data privacy protection up a notch for the good of your business!
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