Why We're Thankful for Data Privacy
What are you thankful for? Thanksgiving calls us to share our gratitude and express our thanks. Some people, places, and things quickly come to mind. It's common to be grateful for a family member, vacation destination, or a cherished heirloom.
While you should focus primarily on the people closest to you first, we should also be grateful for the smaller things that often go unnoticed. As a data privacy company, we never take data privacy for granted. We know the nightmare stories and what can happen if data falls into the wrong hands.
We cherish our families, happy places, and heirlooms. However, a big piece of us is also grateful for data privacy. Here are some of the reasons we are thankful for data privacy.
Data Privacy Keeps Companies Safe
Data is essential for providing customers with what they want. However, a customer's data isn't the only data at risk. Not only do businesses protect customer data, but businesses also protect other businesses' data.
Businesses input their data into various systems and software. Businesses make these investments to serve their customers better. If a bad actor gains access to that data, a company could go out of business.
Most companies can't withstand a data breach. We often hear about Facebook and other platforms suffering data breaches and other concerns. However, the National Cyber Security Alliance concluded that 60% of small and mid-sized companies go out of business within six months of a cyber attack.
We are thankful for the millions of businesses around the world. Data privacy is a critical layer of security protecting businesses from hackers. If you are thankful for any business or business owner, keep data privacy in mind during this thankful season.
Data Privacy Builds Trust
People want to know their data is safe. People have become less trusting as companies like Facebook and Google profit from their data. Companies that emphasize data privacy gain a customer's trust. People become more confident in providing their name, email, and other information.
Providing people with some hope will give them more confidence to provide your company with their data. This data helps companies stay in touch with customers, send personalized recommendations, and further assist each customer on an individual level. Data privacy boosts the likelihood of a mutually strong relationship.
Data Privacy Minimizes Risks and Unnecessary Expenses
Cyber attacks are expensive. IBM and the Ponemon Institute's 2020 "Cost of a Data Breach" report pegged the average total cost at $8,640,000. Cyber attacks can harm a company's finances, reputation, and operations.
Damages to a company's finances and operations represent immediate impacts. Damages to a company's reputation don't always reveal themselves at the moment. However, they do get felt over time as fewer customers return for seconds. Companies will also need to hire an expert to plug the loose ends and help avoid cyber attacks in the future.
Data privacy decreases the likelihood of these attacks. Many cyber attacks rely on deceiving victims into providing sensitive information. A single username and password combination can give a hacker access to a treasure trove of data.
Data privacy functions similarly to an insurance policy for businesses. You protect your company from the worst. Some businesses never get hacked, but the ones that do can lose millions of dollars. Data privacy takes that risk off the table so you can focus on the turkey.
Data Privacy Lets Businesses Focus on Serving Their Customers
Business owners start their companies to solve a problem. This purpose is the spirit of entrepreneurship. These same individuals don't go into a business excited to confront cyber attackers.
Data privacy policies lower the risk. This reduced risk enables business owners to focus on serving their customers instead of losing gravy to a hacker. Businesses are at the top of their game when they can divert more resources to their customers, knowing their data is secure.
Not only does data privacy help business owners, but it also helps employees. Employees can spend more time addressing customer questions and working on projects. A cybersecurity team takes stress off everyone's shoulders so they can focus on doing their jobs.
Data Privacy Cyber Training Keeps Everyone Safe
Data-conscious companies install safety measures to reduce the likelihood of becoming phishing victims. Some create a reporting process where employees can forward suspicious emails to a cybersecurity team. Other companies incorporate cybersecurity training to keep all of their employees informed.
Company-wide cybersecurity awareness training empowers employees to discern threats and not fall into traps. Proper training on a company level makes it easier for customers to trust businesses with their data.
Data Privacy Gives Power to the Consumer
Consumers have power over their data. Businesses can't obtain data without your permission. We can also decide to remove our data from company databases. Empowered consumers can make responsible decisions while exploring the digital ecosystem.
Initiatives such as Cybersecurity Awareness Month give people a more significant understanding of their responsibility towards their data. These initiatives help consumers avoid risks and keep them safe. Consumers have used social media to call out companies with poor data privacy standards.
Consumers rarely use social media to thank companies for enforcing strong data privacy standards. That's because most companies take data privacy seriously. It would take too long to thank each company for protecting our data. Companies recognize the power of consumers. They respect their consumers in various ways, including data protection.
Two-Factor Authentication Adds Extra Protection
We are also thankful for two-factor authentication. This safety feature adds an extra step to the login process. While it's easy to hate on two-factor authentication because of that extra step, it keeps the bad guys away from your accounts.
Two-factor authentication takes place when you try to log into an account. Instead of logging into your account, you will receive a second prompt. Someone must fulfill this prompt to log into your account. The most popular prompts are text messages or voice verification. A hacker would need access to your phone or a voice recording where you say your name.
Two-factor authentication adds a lock to your door. Thanksgiving guests can't swing the door open and walk into your house. They have to wait for you to unlock the door first. If an uninvited guest shows up, you don't have to let them into your house. This analogy is similar to how two-factor authentication works at a digital level.
We Are Thankful for You
Thanksgiving is one of the best holidays of the year. It inquires us to remember people, places, and things that make us happy. Gratitude is a vital practice for anyone on Thanksgiving and beyond. We've shared some of the reasons why we are grateful for data privacy. It keeps us safe and allows us to focus on other areas of our personal and professional lives.
Most importantly, we are thankful for you. Thank you for reading our blog post. We hope you learned a lot. Happy Thanksgiving!