Consumer data privacy breaches are enough to make a digital consumer think twice about ordering anything online, joining any social media chats, or even signing up for more information about a product. Facebook. Senate hearings. Difficult questions and not-so-pleasant answers.
We’ve all seen the video of Mark Zuckerberg being grilled by American politicians as to what personal user information Facebook collects, who has access to it, and in whose hands it landed. Maybe you’ve even received one of those chilling emails from whichever social media or commercial enterprise you interact with online, saying “We regret to inform you of a possible breach of privacy concerning your personal data.” The confusion, bewilderment, and feelings of dread when you start to imagine what kind of spam is coming your way in the next weeks and months is horrible.
Those feelings of unease truly erode your confidence in the whole system (so be sure to read our tips to protect yourself from scams and data breaches).
Like It Or Not, The Web Swims Together or Sinks Together
The truth of the matter is that the breakdown of confidence in consumer data privacy in any online venture has the potential to affect every business, and not just the sloppy ones. The reliability of internet security forms the basis for every successful transaction and interaction on the web. Without it, loss of consumer trust and participation in the online economy would be devastating for individual companies and an alarming trend for the whole of eCommerce.
Facebook has also shown us that not even the giants of the online world are immune from a serious backlash for less-than-secure practices when it comes to the privacy of its clientele. This is why every company must have a secure and reliable set of protocols that ensure and enshrine the protection and sanctity of its client’s personal information as its first and foremost tenet of information collection. That is just good business practice.
Consumer Trust Equals Access To Important Data
Unless companies take their customer’s data privacy needs seriously, the door starts to crack open to governments stepping in to regulate eCommerce in ways previously left to the discretion of the industry. Considering that the data collected from every action and transaction made online holds monetary and marketing value, such outside involvement in regulation might not bode well for businesses that stand to lose revenue.
Data makes the internet go ’round—every online entity can agree upon that. It informs marketing decisions, product rollout, as well as industry evolutions and revolutions. Data is the golden egg that the internet lays. To protect it, at aha insurance we act like the giant in the old fairytale—except this time, we have to anticipate that Jack will be climbing up the beanstalk. We’ll make sure our firewalls are impenetrable and our data policies current and sound.