cbybe

Respond ….100 min…..

Building consumer trust in companies is a hard task; especially with all the data breaches that have occurred in the past 10 years. The breaches that concern the American public the most is when major organizations such as Google or Target have a major data breach. Of these major organizations can’t protect our data, then neither can smaller organizations. So, what can these companies do to help re-build trust and confidence?

One of the simplest steps to rebuilding trust is to keep customers informed. Educate your customers on the “whys” and “whats.” Why should they keep their bank account details secret? Why is their data at risk to start with? What should they look out for in terms of suspicious data sharing? What is okay to share and not okay to share.

Creating a document that customers can easily access via the bank’s website offering insights, advice and best practices in data security can help mitigate future risk. Security features like two-step logins can seem like a hassle to customers, but educating customers on why it is necessary and how it helps mitigate risks will not only help protect your customers, but it will strengthen their trust in your brand and your ability to protect their information. This is important for the United States as well. The government needs to educate the public on best security practices and ensure that as much data is available for Americans to educate themselves.

 

Reference:

Milano, F. (2014). Protecting personal data in the consumer product industry. Retrieved from https://www2.deloitte.com/insights/us/en/topics/risk-management/consumer-data-privacy-strategies.html