Why Trust and Data Breaches Don’t Get Along

If you want to retain the trust of your customers, you better make sure that you don’t have any data breaches. As this infographic, developed by Gemalto, shows, data breaches have a significant impact on consumer trust, loyalty and the perception of how seriously companies take the security of customers’ personal and financial data.

According to the survey “nearly two-thirds (64%) of consumers surveyed worldwide say they are unlikely to shop or do business again with a company that had experienced a breach where financial information was stolen n, and almost half (49%) had the same opinion when it came to data breaches where personal information was stolen.”

A loss of trust can be very expensive for any organisation, especially if it is due to a data breach. Therefore, organisations should do what it takes to prevent a data breach from happening. By taking the correct technical security measures as well as cultural / process measures, a lot of data breaches can be prevented as quite often a data breach occurs due to human errors.

Unfortunately, data breaches will not go away very soon, and it is likely that if you are a large organisation, it is just a matter of time before you will be hacked and your data will be breached. Therefore, not only focus on prevention, but also develop an emergency plan in the case a data breach occurs.

Image: Den Rise/Shutterstock

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Dr Mark van Rijmenam

Dr Mark van Rijmenam is Founder of Datafloq. He is a highly sought-after international public speaker, a Big Data and Blockchain strategist and author of the best-selling book Think Bigger - Developing a Successful Big Data Strategy for Your Business. He is the co-author of the book Blockchain: Transforming Your Business and Our World, which details how blockchain can be used for social good. His third book, The Organisation of Tomorrow, will be published in Q1 2019. He is named a global top 10 Big Data influencer and one of the most influential Blockchain people. He holds PhD in management from the University of Technology Sydney on how organizations should deal with Big Data, Blockchain and (Responsible) AI and he is a faculty member of the Blockchain Research Institute in Canada. He is a strategic advisor to several blockchain startups and publisher of the ‘f(x) = ex‘ newsletter read by thousands of executives.

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