Although this is no surprise to me, it is validation of what I have been saying on my web site for some time. It is not only good business practice to protect your clients’ personal information, it actually give you a competitive edge over your opposition.
The report goes on to say “Forrester will publish a survey this week in which 62 percent of respondents say they would be “not at all likely” to repeat a purchase from a company that shared their personal information with a data broker, and that 37 percent of them have bailed on an online transaction due to something they read in a company’s terms of service.”
The article expresses both skepticism and optimism over the situation. You be the judge, but to me it make pretty good common sense that if you can assure your clients that their personal information will not be abused, but protected they would be more inclined to want to continue to do business with you.
There is a difference between people choosing to put their person information on social websites, no matter how unwise that is, and finding out that the information they provided to a company for their own business purposes has been sold or given to other parties in order to target them with unwanted promotions or used to defraud them or steel their identities.
The answer to be able to protect personal information does not need to be an expensive one. It starts with an evaluation, or audit, of the business processes to ensure the collection, storage, security, used, disclosure and disposal of it is safe and complies with any applicable laws. Then it is a matter of taking steps to address any shortfalls. These are not necessarily introducing costly software etc. There are many simple steps that can protect the data without expending large amounts of money.
Once this is achieved, you can then go about re-assuring your clients and promoting the fact that you protect clients’ personal information better than your competition. Given the changes in attitude to Privacy this has the possibility of attracting additional customers.