One of the fastest ways to lose clients in droves is to have a data breach that exposes their sensitive information and puts them at risk for identity theft or unauthorized credit card charges.
The average cost to US organizations due to lost business after a data breach is $4.2 million. As many business owners know, it can take years to build customer trust and loyalty and just one event to lose it.
Factors that contribute to the lost business costs of poor data security include:
- Abnormally high customer turnover
- Increased client acquisition activities
- Reputation losses
- Diminished goodwill
Due to all the high-profile data breaches that have happened in just the last few years (Target, Best Buy, Marriott, etc.) consumers are hyper-aware of how easily the data they share with a company they’re doing business with can end up in the hands of hackers. For this reason, they expect more from the companies they do business with then it comes to protecting their data and will be loyal to those companies who are using proper cybersecurity protections.
How to Ensure Your Client Data Stays Secure
The best way to protect your network, data, and clients’ data is to use a multi-layered approach. One that puts safeguards in place to ensure all entry points of a breach are monitored and safeguarded, and that you’re incorporating both systems and personnel into your plan.
Here are some of the top strategies to use for customer data protection to ensure long-term, loyal clients.
Use Safe File Sharing Methods with Your Clients
Emailing sensitive data, like accounting files or credit card information, puts those files at risk of being intercepted or accidentally emailed to the wrong address. It’s a much better practice to use a secure cloud-based file sharing application to move files between you and your clients.
Not only with this mean better security of their data, it will also show your clients that your company has best practices in place to ensure security when transferring their data.
Audit and Update Your Data Security Policy Regularly
Does your office team know what safeguards to take when a client gives them a credit card number over the phone? What about when they’re transporting their service records? If you have old information that’s no longer relevant in your Data Security Policy, then your team will end up “winging it” because they don’t know what else to do.
Ensure you have a clear data security and data handling policy in place and that it’s reviewed and updated regularly for any changes in workflows or software that may have been made that impact how you handle client data.
Train Employees on Cybersecurity Practices Regularly
84% of data breach causes are unintentional in nature, meaning employee errors come into play. Well-trained employees mean a stronger defense against cyberattacks.
You need to go beyond just a one-time-training that can easily be forgotten and institute regular employee cybersecurity training that will keep your team on their toes when it comes to data breach threats and ensure everyone, even newer team members, are properly up to date on your data security policies.
Remember Physical Security
Sensitive information can be stolen from a file folder left in an unattended briefcase just as it can from a breached database. Don’t forget that physical security is a part of data security as well.
Physical data security can include:
- Locks on doors and filing cabinets
- Security systems
- Cable locks on computers to prevent removal from the office
- Securing information that may have been written down
- Protocols in place for any data files leaving the office
Credential / Password Protections
Hacked or stolen passwords is one of the main ways that cyber criminals get into a network. Often, it’s done by a phishing attack that downloads spyware on a computer, reading keystrokes.
Password security is vital to any office, but often overlooked. Instituting strong password policies and multi-factor authentication can significantly improve your data security and keep your client files safe from being breached.
Share Data Security Best Practices with Clients
A great way to both promote your top-notch data security practices and help your clients keep their own data safe is to put together a Cybersecurity Best Practices pamphlet. This will foster better data security practices and encourage your clients to take an active role in their own protection against data breaches.
It’s a win-win that can garner even more client loyalty because they’ll see you as a partner that’s looking out for their best interests.
Have You Heard About Our Cyber Breach Guarantee?
We feel so strongly that we can keep your company safe from a data breach that Genuine Technology Group provides an up to $100,000 cyber breach guarantee for all clients who use our standard security stack.
Would you like to learn more? Contact us today at 971-288-0880 or through our website.