Customer trust is not a nebulous or abstract idea, but a real driver of business success, especially in today’s digital-first world. In a study on data privacy, 94% of surveyed organizations reported their customers would not buy from them if they did not protect data properly. Customer trust and cybersecurity are inseparable, and businesses must implement measures and strategies that help build customer trust and restore it should a breach occur.
However, customer trust encompasses more than data security. Pew Research Center reports that 81% of U.S. adults believe companies will use their information in ways that make them uncomfortable. Such sentiment reflects the fear among consumers that companies collect their data without their permission. Security, privacy, transparency and collaboration are the bedrock of customer trust; these four elements are essential for increasing retention and revenue.
Cybersecurity Measures That Build Trust
Cybersecurity measures that build customer trust involve the key areas of technology, processes and people. Starting with technology, companies must ensure they are not using the same security solutions year-over-year. Cybercriminals are constantly adapting, re-engineering and refining their schemes—businesses should have the same mindset if they want to maintain customer trust.
Analytical solutions built on the latest technologies like artificial intelligence (AI) and machine learning (ML), for example, enable businesses to stay agile, helping them adapt to emerging threats quickly to ensure customer data remains protected. Brands can constantly enhance these AI- and ML-powered systems to combat new cyberattacks and identify emerging threats by inputting new data points.
Processes should also be secure, which will require regular threat assessments. These checks allow companies to find vulnerabilities within their everyday processes and procedures, followed by targeted security measures. Routine threat assessments also reveal if an enterprise complies with the latest industry regulations. Adherence to data protection regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) is crucial to mitigating financial and reputational risks while bolstering customer trust.
Last (but certainly not least) on the security checklist is people—specifically, employee training. As it stands, general employee security “training” involves watching awareness videos and completing quizzes. Businesses should use the same training methods to prepare general employees as they do cybersecurity teams—namely, role-relevant simulations and mockups. These methods will also help assess a workforce’s security fitness, enabling targeted training that adequately prepares the entire company and increases collaboration to improve security together.
The Importance of Transparency
Unfortunately, customers can’t see the behind-the-scenes work businesses put into protecting their data and minimizing data breaches. Companies should never assume customers know their data is safe—they must inform their customers and other stakeholders directly.
While enterprises can’t give away all their secrets (that would jeopardize security), greater transparency—when carefully managed properly and in close collaboration with partners—can boost customer confidence and build brand goodwill in the future. In the B2B space, this transparency should be bi-directional, meaning companies can learn from working with customers and their incident response exercises.
Businesses can boost customer awareness of data protection measures through campaigns and advertisements. Companies can also build customer trust by routinely publishing announcements or newsletters about their security credentials validated by accredited organizations. Likewise, posting on social media channels and other customer touchpoints about the latest company-wide security training or best practices for data security and fraud prevention will go a long way.
Businesses must remember to articulate how these measures not only minimize data breaches but also demonstrate a promise to consumer protection and privacy. Highlighting one’s commitment to regulatory compliance regarding the GDPR and CCPA, for example, will strengthen brand reputation.
Persevering Trust Amid Breaches
When a data breach inevitably occurs, it is paramount that companies prioritize transparency with consumers by using communication channels to deliver important updates and advice throughout an incident. Proactive, open and honest dialogue with customers will help keep them in the know, reducing panic during the event while preventing trust from eroding in the immediate aftermath. Moreover, organizations can further bolster trust by sharing how they plan to minimize future breaches based on the most recent incident.
Despite companies’ best efforts, the reality is that a cybersecurity breach is not a matter of if but when. Risk will always exist, and it’s up to organizations to manage it accordingly, rather than hopelessly struggling to eliminate it completely. Educating customers on this reality will soften negative backlash toward organizations—especially if they successfully minimize the blast radius.
Companies can reduce the blast radius of a cybersecurity breach through methods like segmentation and isolation, which limit the lateral movement of bad actors once inside a system. Other practices, such as real-time and automated alerts, will help increase the time security teams have to react to a breach, enabling them to remediate it quickly. Businesses should likewise develop an incident response plan that outlines guidelines and responsibilities for if and when a breach occurs.
The Power of Strategic Partnerships
Cybersecurity is ultimately not a solo endeavor. As mentioned above, brands in the B2B space can increase their security posture by engaging in dialogues with their customers and their security teams. Portals that allow people to report suspicious emails and other fraudulent activity are great for those in the B2C space. Moreover, organizations should partner with trusted cybersecurity providers, ultimately transforming customer trust into tangible business gains through specialized expertise, advanced technologies and industry best practices.
About the Author
Sam Rehman is Chief Information Security Officer (CISO) and Head of Cybersecurity at EPAM Systems, where he is responsible for many aspects of information security. Mr. Rehman has more than 30 years of experience in software product engineering and security. Prior to becoming EPAM’s CISO, Mr. Rehman held a number of leadership roles in the industry, including Cognizant’s Head of Digital Engineering Business, CTO of Arxan, and several engineering executive roles at Oracle’s Server Technology Group. His first tenure at EPAM was as Chief Technology Officer and Co-Head of Global Delivery.
Mr. Rehman is a serial entrepreneur, technology expert and evangelist with patented inventions in software security, cloud computing, storage systems and distributed computing. He has served as a strategic advisor to multiple security and cloud companies and is a regular contributor in a number of security industry publications.
Sam can be reached online at https://www.linkedin.com/in/samrehman/
