Confidence in the age of virtual economy development: customers' approach to data protection

The data has become a new exchangeable good. Users are more and more smart about the world created by the network and where their data is shared. At the same time, criminals are driving the rise of cybercrime, maliciously trying to use this data and earn from selling it on the black market. Apps are the gateway behind key information, so it's more important to look at user data than ever before. The approach to cybersecurity is changing and the reputation of the company is at stake. That is why many people have to ask themselves: do clients trust that you protect their data and will it continue to do so in the future?

Data is a new valuable asset

A single burglar of hackers can hit the company's reputation and cause a serious drop in its influence. Recently, large-scale attacks have affected companies of various sizes dealing in trade, banking, production, media and operating in many other industries. Companies can no longer rely on traditional IT infrastructure, because technology is moving forward, and hackers reveal system weaknesses using sophisticated techniques such as malware or encryption. Businesses need to rethink their security strategies and plan to keep their clients faithful in the long term.

Although innovative technologies such as the Internet of Things (IoT) are developing extremely fast, data leakages from improperly protected devices or networks can quickly undermine the trust of customers, and its recovery can be very costly. Recently, the Opinium center has conducted research on a group of six thousand users from the United Kingdom, Germany and France. The report shows that two out of five people in the UK would not buy smart technology for their homes because of fear of hackers. The survey examined the British who expressed their concern about the applications collecting data about them and the platforms that are currently being attacked by hackers. Almost half of them are most concerned about collecting data through the largest social networks. At the same time 58 percent. believes that hackers will use applications to get information about users.

The approach to cybersecurity is changing very quickly. The Opinium survey also showed that:

  • 74 percent The British checks their security when downloading the application,
  • 88 percent verifies the security of banking applications. 90 percent doing it with shopping apps, especially when you risk using your credit card number for theft,
  • over four-fifths (82 percent) of adult Germans say they are afraid of hackers stealing information about their finances,
  • over four-fifths (83 percent) of adult French people indicated that they are worried about the possibility of stealing information about finance, and half (52 percent) are afraid of the theft of their insurance number.

The reputation of the company will survive and will only be good if the consumers' behavior is understood and an appropriate security architecture is implemented that meets the requirements and protects the sensitive information. Understanding the dangers of accessing, storing, analyzing, protecting and properly deleting customer data is essential to show how important security is to us. Companies need to be able to adapt to changing trends, support new applications, gather a growing mobile community and increase productivity. Research shows that delays in the operation of the network or even a small breach of data protection rules can cause customers stress and dissatisfaction. Consumers will be aware of the value of their data and as responsible cyber-citizens will be more attentive when choosing services.

Getting smarter

In the future, data and identity protection will be the main factors when buying goods online, choosing banking investments, and even providing official documents to the authorities. The digital economy is increasingly based on in-app services and future-oriented companies are introducing integrated ecosystems responsible for security. All this to avoid cyber attacks and frauds. Lack of proper security architecture and proper protection of customer data will have disastrous consequences for the brand's reputation.

Now ask yourself another question related to the trends in the digital economy: does my company have appropriate security solutions for applications that will keep customers satisfied all the time? Remember, the way a company handles data will be for customers one of the aspects taken into account when making a purchase decision. Right now is the time to secure a sense of trust.

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