Data almost sounds like a dirty word nowadays when spoken in the context of privacy and security. But let’s not forget the amazing things that data enables businesses to do:
Derive customer insights with pinpoint accuracy
Deliver personalised experiences that keep brands top of mind
Develop new products that align with market needs
Discontinue underperforming products for resource efficiency
Access to this much ‘power’ comes with its own set of liabilities. Across the world, over 1,130 organisations experience cyber attacks each week — a 28% YoY increase. Some of these organisations include essential facilities that are directly linked to the safety and livelihoods of their customers.
For example, a medical services provider recently suffered a breach that exposed two million patients and 53 separate partner medical facilities. Such attacks are only expected to grow in number and intensity, costing companies $10.5 trillion annually by 2025.
Protecting internal clouds and servers is not enough to fend off cyber attacks — especially when 92% of data breaches are caused by end-user mistakes, including:
Sending private information to the wrong person
Failing to include the right attachment
Not recognising and responding to a phishing email impersonating a company or staff member
Close communication between businesses and consumers is vital to preventing cyberattacks.
Thankfully, many consumers are becoming aware of the importance of good digital hygiene. 90% of customers are interested in the type of data that companies collect, with 60% of them saying that it’s worthwhile to give companies access to personal data if it leads to better customer experience.
