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It‘s Not Just a Legal Concept – Build Trust With Data Privacy

Antonia

23 July 2023

Gear & Magic is a fashion magazine for men and women — or, in their words, “a high-end alternative to It’s Nice That and Style.” Since its launch in 2000, Gear & Magic

It‘s Not Just a Legal Concept – Build Trust With Data Privacy 

Data privacy is not only a legal requirement, it can also help to build trust with your consumers. In our latest blog post, we explore three different benefits: customer trust, better reputation, and increased brand value. 

With the increasing concern over data privacy, companies are under more pressure than ever to protect their customers’ personal information. Not only is it a legal requirement, but it also helps to build trust with consumers. In this blog post, we'll explore how improving data privacy can help companies comply with laws and regulations, as well as enhance their reputation with customers.  

Improving data privacy helps companies to comply with regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). These laws dictate how companies can collect, use, store, and share personal data, and companies must comply with these regulations to avoid costly fines and legal penalties. We all know this by now – but how does the customer feel about data privacy? 

By taking steps to improve data privacy, companies can demonstrate their commitment to following the law and protecting their customers' personal information. According to a 2017 survey conducted in the UK, 89% of consumers are worried about their online privacy and the security of their personal information. This fear is not unfounded, as data breaches have become all too common in recent years. In 2021, there were over 1,200 reported data breaches in the United States alone. 

The logo is somewhat on the cheesy side with the cross bars of the “H” tight to the “V”. It’s fine but mostly because I’m a sucker for anything that makes a gesture more friendly.

The logo is somewhat on the cheesy side with the cross bars of the “H” tight to the “V”. It’s fine but mostly because I’m a sucker for anything that makes a gesture more friendly.

The dark and mystic colors reflect the unknown quality of our technology and the metaphysical qualities of our prophecies.

Beyond the potential legal implications of a lacking privacy system, there are many reasons why companies should prioritize improving data privacy. Here are a few key benefits: 

  1. Customer trust: When companies prioritize their customers’ data privacy, they demonstrate that they value and respect their customers’ personal information. This in turn helps to build trust and loyalty with customers. Companies that prioritize data privacy can differentiate themselves from those that do not and can show customers that their personal information is being handled responsibly. According to a survey by PwC, 85% of consumers said that they would not do business with a company if they are worried about its data practices. 
     
  1. Better reputation: Companies that have a good reputation for protecting their customers’ personal information are more likely to be seen as trustworthy and reliable. This can help to attract new customers and retain existing ones. Conversely, companies that experience a data breach or fail to properly protect their customers' personal information can suffer from a loss of trust and reputation. In fact, a study by Gemalto found that 70% of consumers would stop doing business with a company if their personal information was compromised in a data breach, and such breaches are not without their own costs – a survey by IBM found that the average cost of a data breach for a company is $3.86 million. 
     
  1. Increased brand value: Companies with a strong reputation for privacy are more likely to have a higher brand value and customer loyalty, which can drive growth and revenue. A study by Cisco found that 97% of companies have seen at least one benefit, such as competitive advantage or investor appeal, from investing in privacy. The numbers are clear: investing in privacy pays off. 

In conclusion, improving data privacy is not only legally required for companies but also helps them gain trust with their customers. By complying with data privacy laws, companies can avoid costly fines and legal penalties, and by demonstrating their commitment to protecting personal information, they can build trust and enhance their reputation with customers. 

Take Your Data Privacy Operations to the Next Level 

Are you ready to level up your privacy operations through automation, or do you want to know more about Kertos’ solution? Contact our team of experts via hello@kertos.io and we’ll see what we can do for you! 


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