Your business mindset best be ‘when’ not ‘if’ a privacy breach will occur!
Our working environments have become more digital, mobile and with higher risks that expose our daily business operations. Not all businesses conduct business online however they are all still at risk.
Small to Medium businesses are often a prime target for online hackers and scammers as they typically have lower budgets and less resources they can invest into their security.
Cyber-crime amongst a number of things can include deceptive conduct like theft of critical business information (including your clients’ details) or hacking a business to obtain a client’s details or access to a supplier’s network.
Statistics of small to medium-sized business and cyber-crime incidents in Australia reveal how vulnerable they are*:
- Cyber-crime cost to businesses in Australia is rising exponentially, costing an estimated $1 billion each year.
- Cyber-crime is rated by SMEs as the 5th biggest risk to their business however SMEs with a turnover of approximately two million or more, almost 60% stated they did not feel well-informed about the risks of cyber-crime to their business.
- 93% said they would like a tool. There is a need for risk-management tools for SME owner-operators to protect their businesses from cyber-crime.
- Only one in five SMEs purchased insurance to protect them from cyber-crime.
*NSW Small Business Commissioner in May 2017
Your client information is an asset worth protecting because it can make or break your business.
There are plenty of hackers out there working on new ways to access your business information, so take steps to protect what’s yours now. Your clients entrust their personal information with you in order to do business with you. Any event of personal information being jeopardised (hacked, unauthorised access or accidentally providing client details to the wrong recipient) can do irreparable damage to your business’ reputation and in some cases close it down permanently.
Whether or not your business must comply with Privacy Regulations, your clients expect you to protect their personal information. By treating their data with the utmost level of care you have a great opportunity to gain a competitive advantage and increase the level of trust in your brand.
Having a robust and sustainable Privacy Program will prepare your business and help:
- minimise the likelihood of a privacy breach, and
- minimise the damage of a privacy breach
- Instil trust in your potential clients so they want to do business with you
- Maintain loyalty of existing clients
Clients are becoming more reluctant to share information due to lack of trust in businesses protecting their data.
A survey conducted in 2018 of over 500 Australian SMEs confirms this trend:
- 46% of SMEs responded – their clients are increasingly opting-out of data collection and sharing information, and
- 49% of SMEs responded – client’s data is becoming increasingly critical for their day-to-day operations, and 60% to deliver more personalised services to ultimately grow their business.
You can narrow this gap by proactively maintaining your business’s diligence as a trusted custodian of your client’s information and minimise the risk of a breach.
If you would like to know more, Privacy Proactive is your ally in protecting your greatest asset – your clients’ information. Contact Us