Cybercrime can impact businesses of all sizes, and no business is too big or small to be targeted by cybercriminals. This means it is essential that every company should safeguard its systems to protect against the threat of a cyberattack.
The impact of a cyberattack can have consequences throughout your business, but your client’s perception of your business is likely to suffer the most. Here are some of the reasons why client trust and data protection go hand in hand:
Cybercrime is on the Increase
Cyberattacks have been increasing in recent years, and many organizations have fallen victim to data breaches. The FBI Internet Crime Complaint Center’s Internet Crime Report 2020 received a record number of complaints during 2020, equating to a 69% increase in complaints from the previous year. This significant increase in cybercrime reinforces the need for businesses to safeguard their systems to protect them from the threat posed by cybercriminals.
As data breaches become increasingly common, clients are all too aware their data is potentially vulnerable to a breach. Research shows that 90% of consumers are concerned about data privacy. So, knowing that the businesses they trust with their information are making the best effort to protect their data increases trust in the business-client relationship.
Data Security Protects Business’s Reputations
A data breach can cause irreparable damage to your business’s reputation. Suppose clients discover a data breach has occurred at your organization. Your clients will become nervous that their information has been exposed and less likely to view your company as a trustworthy business. In contrast, knowing their data is being protected ensures your clients view your business in a positive way. Holding a positive view of your business makes your loyal customers more likely to recommend your services to family and friends, as well as leave positive reviews.
Data Protection Encourages Customer Loyalty
The goal of every business is to build and maintain its client base. But, attracting new clients and improving customer retention can be directly impacted by a data breach. Once a cyberattack has occurred, it is challenging to retain clients who have lost trust in your company following their data being exposed. This makes it vital to reassure clients you have robust systems in place to protect their data and that they can trust your business to provide the best service while also safeguarding their information.
The connection between data protection and client trust has never been more critical than it is right now. While cyberattacks are increasing, it is essential to do all you can to retain your client’s trust in your business and reassure them that their data is safe. A trusty MSP can provide the support that your business needs to keep your data protected and retain your client’s trust in your services. With the best level of data protection support, you can be assured that your client’s data is secure and your business is in safe hands.