Do you protect your customers’ privacy? Because they expect it – privacy protection | Media Pyro

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Legislators regularly introduce and pass laws designed to protect the personal information people provide to companies and to regulate how companies can use that personal information. But how does a consumer feel about a business’s responsibility to protect their personal information?

GetApp1 in the summer of 2022 conducted a survey on consumer privacy on the Internet. Surveyed over 1,000 adult Canadian consumers who shopped online at least once a month. The results are clear: consumers expect companies to protect their personal information, and their decision to do business with a company is influenced by its data protection practices.

Interesting and informative findings from the GetApp survey that businesses should take note of include:

  • 33% of respondents said they are more concerned about the data privacy practices of online companies compared to last year.

  • 41% of respondents said that companies are responsible for online privacy (while 35% believe that the federal government is responsible).

  • 79% of respondents noted that consumers consider a company’s data privacy practices when deciding whether to do business with it. 19% of consumers “always” research a company’s reputation for data privacy before doing business with it.

  • In the context of interacting with a company for the first time, 67% agreed to share their personal information with a company if it would lead to better and more efficient services or products. Willingness to share personal information was influenced by the type of information disclosed.

  • More than half of respondents – 56% – said they would rather pay for a service than share personal information.

  • A slight majority of surveyed consumers – 56% – indicated that they are confident that their personal information provided to an online company is safe. However, 33% partially disagree, and 10% strongly disagree. Only 7% said they were very confident in the security of their information.

Clearly, compliance with the law is an important reason for a privacy management program and data security safeguards. However, more compelling for a company is that failure to do so can cost you sales and lose customer trust in your company.

The following are the components of the privacy management program:

  • A privacy officer who is responsible for the development and implementation of the organization’s privacy controls and their ongoing monitoring.

  • Inventory of personal information.

  • Policies, including collection, use and disclosure of personal information, consent requirements, and retention and deletion of personal information.

  • Control of administrative, physical and technological security.

  • Risk assessment tools.

  • Training and education requirements for employees and contractors.

  • Breach and Incident Response Procedures.

  • Service provider management, including data protection agreements.

Long gone are the days when companies could ignore data management and security practices. This means unnecessarily exposing your organization to significant risks – both monetary and reputational.

Footnote

1 GetApp is an online resource for companies exploring Software as a Service (SaaS) products.

The content of this article is intended to provide a general guide to the subject. You should seek specialist advice regarding your specific circumstances.

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Media Pyro is a site giving interesting facts about acer brand products. We also Provide information about your online Privacy Laws.