Recently, the UK’s Parliament and the Internet conference brought together leading figures from Government, Parliament, academia and the industry to discuss and debate the most pressing policy issues facing the Internet.
As expected, data privacy and security was top of the agenda for much of the day, with a number of discussions highlighting the extent to which consumer data is being exposed to security risks and the need for the right legislation and protection to keep it safe.
Information is the currency of today, so it’s no surprise to find that pressure is at an all-time high for businesses to ensure that customer data is adequately protected. Leaving it undefended is like hiding your life savings under your bed – it’s probably just a matter of time before the worst happens.
Today, organisations have to earn the trust of current and prospective customers, so they must keep evaluating the steps they are taking to prevent data breaches. Research we conducted with YouGov last year found that only 35 percent of UK adults trust businesses to use their personal data as directed by them, while a further 30 percent said they feel they have had their data exploited by companies in the past.
So, with consumer trust in need of serious work, organisations should look to the likes of data masking technology, which enables them to implement more sophisticated tools and parameters that protect against a breach taking place.
Maintaining accurate, consistent and comprehensive consumer data and communicating better with customers about what data is being stored where, and how it is being protected is key for forging stronger relationships with customers. It will help organisations address the lack of trust amongst consumers and ensure that they are up to scratch with their risk management and regulatory compliance requirements. Moreover, it will also enable them to monetise that data for themselves; innovating their business using the data gold that they have so carefully aggregated, analysed and secured.
Take a look at the report from Ponemon Institute entitled Safeguarding Data in Production & Development: A Survey of IT Practitioners in the United Kingdom.