Consumers Don’t Trust Your Business – But They’d Like To

Trust in the digital age is a dubious proposition. With so much information and access out there, how does someone know who to believe or rely on for keeping their personal information safe? Building trust with consumers is a necessity for every business, and it always will be. Without it, an organization will struggle to grow toward lasting levels of success. But as any old-timer will tell you, trust isn’t given – it’s earned. And with all the scams, breaches, and cyber threats plaguing the modern business world, it can be challenging at best to earn trust from the public.

Last week was National Consumer Protection Week, and this marks a good opportunity to touch on trust-building practices that can keep customers happy and your business thriving. The truth is that many consumers don’t trust your business with their personal information, but most would certainly like to. By your adopting effective cybersecurity strategies and adapting to an evolving threat landscape, you can keep your organization, and its loyal customers, out of harm’s way relating to data fraud.

Identity Fraud and the Informed Consumer

Instances of identity fraud are steadily on the rise. This comes as no surprise to most businesses and individuals who pay even a little attention on the state of cybercrime. What is not as well known is that the average consumer is much more informed of the many digital dangers that can affect them. And with this increase in awareness comes caution, skepticism, and general distrust.

In a survey done last year, nearly 90% of people believe that data privacy is a growing concern, and 40% don’t trust that companies can keep their data secure. Another survey shows that only 21% of customers trust that large, well-known global companies can keep their data secure. This is despite 83% of consumers being comfortable with the same organizations collecting and storing personal data. These numbers show an evident lack of trust and a desire to trust simultaneously. The result is a somewhat complicated and convoluted situation that has yet to be fully addressed.

Data Protection is Paramount for Building Trust

Consumers desire to trust organizations with their data while they also remain skeptical that this information will remain safe, which makes data protection paramount for building trust. People want to know that the businesses they interact with are doing everything possible to keep data protection efforts at the forefront. Companies understand that reputation is critical to attracting customers in the first place. A look at some major data breaches reveals how quickly customer trust and company reputation can be eroded simultaneously.

Cybersecurity is essential for building customer confidence. No one wants to openly conduct business with an organization that has known security issues. No business wants to deal with unhappy customers or potential lawsuits resulting from a data breach. Even a minor breach can have lasting consequences regarding company reputation and consumer data safety. The best solution with that in mind is to have adequate data breach planning and response services in place.

Data Breach Planning is Essential

Data breach planning is essential for all businesses on multiple fronts. No organization is immune from a breach, and even the largest corporations in the world cannot outright prevent a data breach or other cybersecurity incident from occurring. That means preparation measures to deal with a breach when it happens are critical. Having this plan in place allows your business to quickly address the situation while also providing expert assistance to limit the scope of the damage.

Data breach defense services not only help your business deal with an incident, but they also help reduce the risk of identity fraud to your customers. These services provide blanket identity theft restoration coverage to your customers, taking the worry and work off their plate if and when personal information is compromised. The informed consumer understands that a data breach is always a possibility. When they know that your business has safeguards in place through data breach defense services, an increase in trust is inherent. It’s a win-win situation that helps your organization and its customers better navigate cybersecurity issues.

Other Trust-Building Tactics

There are other trust-building tactics that a business can adopt and put into action. The more attention that is given with this in mind, the better customers will feel about providing sensitive information or purchasing products through your portal. There is no guaranteed way to improve overall trust, but each of these tips can help right the ship and build a solid reputation.

  • Remain transparent with all security efforts. Customers want to know what your business is doing to keep their information safe. Always be transparent with what steps that your organization is taking to provide added security to customer data. A landing page or email with this information is an effective trust-building tool.
  • Be cautious of third-party partners. Just because your business has adequate security measures in place doesn’t mean that the third parties with which you work do the same. These players are a leading cause of data breaches, so they need to be accounted for. Vet any third party involved with your organization to ensure their cybersecurity practices meet or exceed your standards.
  • Audit and update regularly. Security audits will give you a thorough understanding of the assets which your organization holds that need to be protected. This can help identify vulnerabilities that need to be addressed and define security protocols. Keeping this audit information updated regularly enables constant adaption to evolving threats. Cybersecurity professionals might need to be used here if a dedicated IT team is not on staff.

Final Thoughts

The customer is still king for most organizations, and to keep your business reputation in good standing, garnering consumer trust is critical. Modernizing cybersecurity efforts while keeping customers aware of how their data is protected are essential steps toward this end. It only takes a single data breach for that trust to disappear, which is why planning and response services are such a vital piece of the puzzle.

LibertyID is the leader in identity theft restoration, having restored the identities of tens of thousands of individuals without fail. If you retain personal information on your customers, now is the time to get data breach planning and a response program in place with our LibertyID Business Solutions data breach preparation program. With LibertyID Enterprise you can now add value to existing products, services, or relationships by covering your customers, employees, or members with LibertyID’s fully managed identity theft restoration service – at a fraction of our retail price – with no enrollment and no file sharing. We have no direct communication with your group members – until they need us.

Call us now for a no obligation proposal at 844-44-LIBERTY (844) 445-4237