As more and more businesses go online, customer personal data becomes even more valuable to hackers, who then exploit it on the dark web. With Black Friday, Cyber Monday, and all the holidays coming up, as a business owner, you can expect increased website traffic, and with it, a higher risk of data breach.
Protecting customer data during these peak shopping seasons is critical to your business in terms of brand trust and reputation, customer loyalty and protection, regulatory compliance, and cyber attack prevention.
Rising cybersecurity threats
Customer data breaches have unfortunately become one of the biggest security threats of our time. According to Statista, as of 2023, the average global cost per data breach is $4.45 million, with the average cost varying by industry. The highest average cost is in the healthcare industry, where each breach costs the affected party $10.1 million.
According to Statista data, the most common Estonia Email Database cause of cyber attacks in 2022 was email phishing. Some other common threats faced by retailers and consumers include website malware and ransomware, data breaches, identity theft, and more.
The Implications of Data Breaches All the above mentioned cyber attacks can have a huge negative impact on your business. Let’s look at some reasons why data security is so important.
Impact on customer trust and brand reputation
Dealing with customer information means that they have entrusted you with their personal data. If you suffer a data breach, even if it is not your fault, your customers will lose trust in your business. And that will lead to a loss of customers and profits . Damage to your brand reputation and negative publicity are other long-term damages.
Legal and regulatory consequences
A data breach will cost your company not only Buy Email Database List customers, profits, and reputation, but also large financial losses. On the one hand, you can be held liable for non-compliance with privacy regulations, which in turn can result in a lawsuit with financial consequences, namely regulatory penalties.
For example, if you collect personal information from EU residents, the General Data Protection Regulation (GDPR) will apply to your business. If you collect data from consumers in California, USA, you will be subject to the California Consumer Privacy Act (CCPA), and so on. These regulations and laws will apply if your customers are located in these countries, even if your business is not located there.
Fundamental measures for the protection of customer data:
Data security systems To avoid a data breach, implement Bulk Database these essential measures to protect your data systems: Keep systems up to date
One of the most common reasons why data systems get hacked is because there are vulnerabilities in software security that cybercriminals exploit. It is important to monitor patch releases for the software you use and implement them in due time. These will not only update your software but also keep your data safe.
