How concerned are you about online privacy? If you operate your business online, you must also think about online privacy concerns for your customers. A recent consumer privacy study shows that many people all around the world are concerned about the trustworthiness of businesses online. From security solutions for remote workers to data transparency for customers, there are a lot of things that you can do as a small-to-medium-sized business (SMB) owner in the Greater Boston area. The time to start working on addressing these concerns is now, as the study revealed that consumer confidence is at an all-time low.
Four Key Areas to Consider
According to a consumer privacy study, which was conducted and released by Cisco, there are four specific areas of primary concern that should be addressed by companies in order to earn consumer confidence. Each of these areas reveals a growing concern by consumers about their privacy as individuals and how collected data could impact them now and in the future. Not just financially when a purchase is made, or a subscription is requested, but all personal data.
Transparency and Control – One of the things that consumers really want is a clear and transparent depiction of how businesses handle their data. Many stated that taking control over their data privacy would be a big step toward easing their online privacy concerns. Others said that if businesses would not make changes to transparency and control issues, that they would respond by not making a purchase, investing money to protect their data, or expecting to pay more for increased privacy.
Privacy Laws – Many of the consumers polled stated that they were in support of privacy laws but that they were not aware of the particular laws within their own country. Consumer awareness about privacy laws, data transparency for customers, and other online privacy concerns should be a top priority.
Pandemic Privacy Issues – More than half of the individuals in the study stated that they were not supportive of any suspension of privacy laws due to the COVID-19 pandemic. According to the consumer privacy study, security solutions for remote workers and other issues concerning the pandemic response should still maintain the same level of standards for privacy.
Data Handling Concerns – The fourth primary issue revealed by the study was regarding abuse of data handling by some organizations. Most consumers are suspicious of companies that use artificial intelligence (AI) programs to automate decisions with collected data. Certain data-driven decisions, including employee hiring interviews, price setting, and creditworthiness, were considered by a significant number of respondents to make them lose trust in an organization.
The New Trust Standard
As a result of the study – and anticipated concerns that prompted the consumer privacy study in the first place – Cisco has announced the release of its New Trust Standard, a benchmark for seeing how trustworthy businesses are in the digital world. This service is available to any organization that is looking to meet a higher standard of data protection. It utilizes five essential elements that businesses need to maintain and grow in order to remain secure and earn the public’s trust. Those elements include having a zero-trust architecture, supply chain visibility, adhering to data rights regulations, being transparent about data collection, use, and protection, and the earning of any certifications designed to meet regulatory requirements.
As a small-to-medium-sized business owner in the Greater Boston area, it is your responsibility to find new ways to earn consumer trust and ease their online privacy concerns in order to maintain a solid reputation as a product sales or service provider. Synivate can assist you by providing innovative technology solutions that you can use to help achieve your goals. We offer a wide range of security solutions for remote workers, 24/7 monitoring and management IT services, help desk support for staff, cloud computing opportunities, business continuity, and options that can assist you in delivering data transparency for customers. To learn more about the services that we provide or to get started with a complimentary professional consultation, give us a call at 617-848-1248. We can answer any questions you might have and help you choose the services that are right for your organization.