Meeting your Privacy obligations is the law. This is non-negotiable.
In addition to being compliant, it is a great opportunity for your business to grab hold of a vital competitive advantage. It could be just enough to get ahead of your competitors in a very tough business environment.
As a business, one of your
most competitive and valuable assets
is customer data.
However, customers are becoming more reluctant to share information due to lack of confidence and trust in SMBs to protect their data. As a result, this can lead to a widening gap of customer’s personal information being provided, which can ultimately affect business success.
A survey conducted in 2018 of over 500 Australian SMBs (1) confirms this trend.
- 46% of SMBs responded their customers are increasingly opting out of data collection and sharing information, and
- 49% of SMBs responded customer data is becoming increasingly critical for their day-to-day operations, and 60% to deliver more personalised services to ultimately grow their business.
Building trust with your customers is key to narrowing this gap.
SMBs must be more diligent in maintaining their role as trusted custodians of their customers information.
Implementing a robust and sustainable Privacy program will go a long way in building customers trust and confidence. It will enable you to better manage and protect your Privacy risks.
[Source : (1) HP Australia IT Security Study conducted August to September 2018]