Lastly, organisations need to focus on proving that they handle data securely as simply being secure is no longer enough. Trust is not a given, so many organisations need to work hard to regain trust lost throughout the last decade, by showcasing that they hold their consumer’s data in the highest regard.
In this digital age, positivity towards data security has declined as awareness has steadily grown. The report revealed that 70% of consumers would ‘seriously’ consider switching banks if there was a security breach, highlighting that consumers are now savvy and switched on, ready to act if organisations fail them and their data needs. It is now not only about how it is used, but also how data is managed, and because of this, organisation’s need to act and show that they are able to offer the highest standards of data protection and privacy. If they do this, they will be more likely to reap in the rewards from consumer data.
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