Nurturing any customer needs an adequate amount of time and effort as the relationship is built on trust. Once lost, it might take years to rebuild. So, what can be the primary trigger to losing the trust of the customer?
Data breach, which results in personal information being stolen by hackers.
In recent years, the data breach has become a major concern for US citizens, with hackers using the latest tactics to steal their confidential information. The flaws in the web application have become the main reason for these breaches. This scenario is pushing to enhance the privacy of the consumer data, federal legislation that is similar to GDPR (General Data Protection Requirement), establishing the requirements around consumer data privacy.
As companies gear up to meet these challenges, with the government also moving to develop strict and centralized regulation, one will witness many cybersecurity trends to take shape in the year 2020:
- The senior-level executives, which include CMOs, CFOs, CEOs, COOs who were earlier not focused on cybersecurity, will now have a significant influence on the cybersecurity approach followed by the companies.
- Companies will focus on acquiring the right tools for validating security effectiveness via the evidence-based data. This will help in removing the assumptions.
- Consumer data protection will be the priority for the organizations, in their initiatives to execute cybersecurity.
- The way a company protects the consumer data will soon become a factor for the consumers to trust a brand.
- Governments will continue their focus on the privacy of the data with stronger regulation and by demonstrating the evidence of compliance.
When one looks ahead to 2020, the time is right for the companies to focus more on consumer data protection and checking whether the system has the right control for strengthening customer trust and demonstrating corporate governance.
They can ensure cybersecurity through some of the following methods:
- They will be looking to cloud-based security solutions for protecting digital assets.
- Companies will turn more to the managed security services to block the hackers.
- IoT and mobile devices will lead to an enhanced application layer security.