Why data privacy matters for businesses

In today’s world everything is connected. Cell phones talk to cars, Alexa has become a personal assistant listening in to every dinner conversation. It seems like everywhere you go there’s a new device or app designed to made to make your life “easier.” But with all that technology comes a whole lot of data.

What is data privacy?

How many times have you thoughtlessly checked that box that says, “I agree to this Privacy Policy” without reading it?

For most people, data privacy usually means private information like bank account numbers, social security numbers, passwords, emails, and phone numbers. People protect these numbers because they fear someone will steal their identity or gain access to private records. But for businesses, data privacy goes beyond your email address and phone number. It includes information that helps companies grow and operate. Whether it’s financial information or client records, the information is vital to successful operations.

Why is it important?

A data breach can put sensitive data in the hands of others who can use it to your disadvantage. That’s why businesses spend a lot of time and money each year protecting and encrypting their vital information. A breach at a retailer could put credit card numbers in the hands of criminals. A breach from a company could reveal client lists to competitors. Protecting this information is vital for any growing business.

So the question is, can you increase your company’s security and put all your data to good use at the same time?

How to protect your data

There are many ways to keep your data secure, but often the first line of defense is your own employees.

Training your team to look out for common phishing schemes and suspicious notifications can save you millions in the long-term. By making your employees aware of all the ways hackers can infiltrate their data, you help them recognize if there might be a breach and give them concrete steps to take in the event of an attempt. Another key step that Field Nation takes to protect our data is hiring outside experts to evaluate our vulnerabilities. This ensures that our company is getting an impartial view of our security. We also use secure billing encryption and store our data in an external, safe location in case of a crash. These are a few ways you can protect your company in the event of a hack or a server issue, but there are plenty of ways you can ensure your data is protected at all times.

How does data privacy affect a business?

Keeping your data private and well-managed can help your business stay secure, but there are plenty of other ways that safe data practices impact your company. It can improve trust between your partnering business as well as your end-users. It helps you stay on the right side of ethics. It also allows you to strengthen your brand by putting you at the top of consumer’s minds when it comes to safety and integrity.

Maintaining healthy data privacy practices in your company can be the difference between building a loyal user-base and falling prey to a costly and reputation-damaging data breach.