Securus Partner Solutions Blog

Yes, Consumer Privacy Threats Can Impact Your Business. Here's How

Written by Securus Partner Solutions | Apr 8, 2022 8:32:59 PM

Consumers increasingly consider data privacy to be a critical factor in their decision to buy products and services, and they are becoming more and more concerned about the way the companies they do business with collect, manage, and protect their sensitive data.

 

In truth, consumer privacy threats don’t only affect the consumer — they can also have a debilitating effect on your business. If consumer data ends up in the wrong hands, it can lead to identity theft or fraud for the consumer…and lost business for you.

 

Consumers Lose Trust When Privacy Threats Loom

If you store customers’ sensitive personal information in your files (names, social security numbers, credit card information, or other personal identification or financial data), keeping that data safe is not only your responsibility — it’s also in your best interest. 

 

A recent survey found that 86% of consumers see data privacy as a growing concern, and 40% don’t trust companies to use their data ethically. In addition, Pew Research Center found that 80% of consumers feel like they have very little control over the data that organizations collect about them. This lack of trust and sense of helplessness is making consumers increasingly wary of trusting businesses with their data.

 

If consumers don’t trust that you will sufficiently protect the data you collect from them, you are at risk of losing their business.

 

Data Privacy and Security — or a Lack Thereof — Affect Consumer Purchasing Decisions

Consumer privacy and data security are increasingly becoming an expectation among consumers. 

 

More than half of Americans have chosen not to use a product or service due to concerns about data privacy, according to a recent survey by the Pew Research Center. And 84% of consumers are more loyal to brands that have strong data security controls.

 

Even consumers who aren’t directly affected by data breaches pay attention when they happen…and change their buying habits accordingly. Think about it: when you hear about a data breach on the news, do you think twice about doing business with that company in the future? Chances are, you do. And so do the majority of consumers: According to a recent McKinsey survey, 87% of consumers “would not do business with a company if they had concerns about its security practices.”

 

It’s more important than ever to be transparent with your customers regarding the data you collect, what you do with it, and who you share it with, as well as how you are working to protect their sensitive information.

 

Robust Data Privacy Protection Can Be a Selling Point for Your Business

Data privacy protection is not only good for the consumer, but also good for your business. Taking deliberate measures to protect the privacy of the consumer data you collect will differentiate your company from the competition and give you a competitive advantage. 

 

Creating robust privacy policies and practices and effectively communicating them to your customers is a vital part of earning their trust. Your data privacy policies should be clear, concise, and easy for the average consumer to understand.

 

And don’t forget to make a plan for how your business will respond if the worst happens and a data breach occurs. Consumers tend to blame the company — rather than the hacker — for a data breach, and many don’t trust companies to inform them properly if their data is compromised. On the other hand, consumers are more trusting of companies that react quickly to data breaches and disclose those incidents to the public.

 

Investing in and communicating strong privacy practices can build trust with consumers, boost sales, and improve operational efficiency.

 

Prevent Consumer Privacy Threats With Identity & Credit Solutions From Securus

If you want to grow your business and strengthen consumer trust, now is the time to invest in data privacy protection. Securus offers the identity and credit solutions you need to help you protect your customers and your business from consumer privacy threats.

 

If your organization has an existing consumer base, every one of those consumers is at risk of having their personal and credential information exposed. We give you the tools to help your consumers know when they are exposed and reduce the risk of account takeover and online fraud.

 

One of the most successful strategies emerging in the market today is one that enables your organization to embed identity protection into its core products or services. This approach removes the consumer consideration cycle by embedding basic protection for the credentials that the consumer already shares with your organization. These credentials typically include personal data the consumer values highly, such as email address, credit or debit card, banking information, phone number, and Social Security number. At Securus, we offer flexible embedded protection options, including Experian’s proprietary CyberAgent® solution and our fully-managed recovery solution. 

 

Securus provides the most comprehensive set of identity protection services available, enabling your consumers to upgrade their level of protection at unmatched price points and with seamless activation — all within a single platform. This kind of embedded offering can help strengthen relationships, increase retention and revenue, and reduce overall risk.

 

To learn more about these and additional solutions to protect your consumers and your business from fraud and identity theft, browse our website or contact us