Building a solid customer base is no small feat, at a time when brands are faced with a competitive market where brands simultaneously vie for visibility and customer attention. This is why it’s important to know how to keep your customers engaged and secure once you have built your network.
With malicious cyber attacks and cyber security breaches becoming more aggressive and creative, MSMEs are faced with the challenge of keeping their devices and confidential customer information safe and secure.
In a study by Deloitte, organizations that do not prioritize customer needs risk worsening cyber breaches一especially as the breach goes public. Aside from the technical ramifications and risks that customers are exposed to breaches, the paper also notes the damages that a cybersecurity breach can have on a company’s reputation and credibility.
Businesses should also have not just an effective response when a breach occurs, but also preventive and post-breach measures. These include pre-breach planning, which would require timely notifications for customers about a potential breach and the possible privacy risks that could occur. Speed and quality of the response are critical in curbing risks even after the breach occurs.
As the pandemic has forced most companies to adopt a work-from-home setup, more people became more aware of their online privacy. In Secure List’s advanced threat predictions (ATP) for 2022, it was foreseen that hackers will continue to exploit the pandemic even as businesses start to re-open and people are returning to the office. This includes the use of social engineering to obtain credentials and brute-force attacks on corporate services, in the hope of finding poorly protected servers. Customers’ data can be used against institutions and the customers themselves, when hackers find weak points that they can use as opportunities (i.e., common password patterns and weak cybersecurity measures).
Mobile devices are ideal targets as they contain plenty of details about users who travel and transact everywhere with their phones. In the Philippines, the pandemic-induced increase in online connectivity has exposed users further to the dangers of hacking. According to Business World, the Philippines ranked fourth in Kaspersky’s 2021 global ranking of countries most targeted by web threats.
With more consumers becoming aware of or having personally experienced cyber attacks, consumers are increasingly becoming more selective about the businesses they transact with. A study by Salesforce showed that only 48% of customers say they generally trust companies, 27% of consumers completely understand how companies use their personal information, and 86% want more transparency. The same study revealed that 61% of consumers feel like they’ve lost control over how their personal information is used, which is a significant increase from the 46% response recorded in 2019.
While businesses are confronted with the fact that they will experience a breach at some point, there are ways to prevent cyber risks. MSMEs in particular can keep their existing customers’ information safe and secure, and at the same time, acquire new customers who also value the safety and security of their personal information.
While the penalties of data breaches can be quite taxing, not to mention costly to companies, not all business owners and employees are aware of the grave consequences it entails. According to the Data Privacy Act of 2012, this includes imprisonment for a minimum of one year and six months, and a fine of not less than P500,000, depending on the type of breach.
With Globe Business Automated Data Privacy Management Solution or ADPRIMAS, businesses will be better prepared to prevent data breaches by equipping their employees with data privacy knowledge. ADPRIMAS, a knowledge-based web app or tool, provides assessments, online training courses, and severity reports. It was specifically designed to guide and assist companies in defining and establishing Data Privacy Practitioners’ compliance with the Data Privacy Law. When employees are aware of the data privacy regulations, which include taking care of confidential company information (both employee and customer data) through proper collecting, processing, management, quality, integrity, availability, and safekeeping of data, then they will be more alert and aware of how to refrain from divulging customer information entrusted to the company.
Globe Business’ holistic suite of Cybersecurity Solutions and services helps MSMEs identify, protect, detect, respond, and recover from cyber threats. Here are some ways to secure your network:
Data Security and Endpoint Security
Network and Cloud Security
With Endpoint, Network, and Cloud protection, you can be assured that your company is safe from cyberattacks. Customers are more likely to transact with your business, knowing that their information is also kept safe.
Globe Business, being a trusted partner of MSMEs, offers personalized assistance, a dedicated team to assist with after-sales support, easy payment methods, and access to financial support with TechLoan in partnership with BPI. It’s an MSME’s one-stop shop for telco, cloud, and other needs with bundled solutions that suit your business needs.
To help partners better prepare and seamlessly adapt to Globe Business ICT solutions, Globe Business also offers training-as-a-service (TRaaS). This provides access to Globe Business Academy and all the insights, tips, and resources found within, and grants exclusive rewards and benefits through the loyalty program Upstart. Globe Business goes the extra mile for its partners by providing full support and assistance through innovative solutions.
Protect, future-proof, and enhance your business operations. Get the right support with Globe Business.
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