17 October 2018

  |  CBI Press Team

Update

Almost 9 out of 10 people say that businesses that protect their data will win their custom

84% of consumers say good data security and a record of protecting personal information is the most important characteristic when deciding which firms to buy from

Almost 9 out of 10 people say that businesses that protect their data will win their custom

Business leaders will hear how to safeguard their organisations at the CBI’s Cyber Security Conference in Birmingham. Keynote speakers include CBI Director of Innovation and Digital, Felicity Burch.

Recent CBI research shows that almost 9 out of 10 people say data security and the protection of personal information is the characteristic they look for when deciding where to spend their money. The CBI argues that a commitment to data privacy is a fundamental part of a business’s licence to operate.

As the pace of digital change accelerates, the evidence shows that there remains much for the business community to do in winning the trust of customers.

Speaking at the conference, Felicity Burch, CBI Director of Innovation and Digital, will say:

“As businesses move from the physical to the digital, cyber security has become central to a company’s existence. Cyber-attacks are a very real threat to business - just ask anyone who has picked up a newspaper.

“But a lesser understood trend is how cybersecurity has a direct effect on consumer trust. Almost 90% of consumers see data security as the most important factor they look when thinking about where to spend their pay-cheque.

“Responsible data-use is the number one reason a customer will stay loyal to a business. And irresponsible data use is the main motive for looking elsewhere. Having a good cyber security strategy will make your business more competitive.

“Businesses must also go beyond legal minimums, such as having a privacy policy. They must give customers a clear roadmap of how their data is collected, used, shared, or erased.

“This seems like a lot. But, transparency tops the list of factors that make customers comfortable sharing their data.

“Your customers care. People need confidence in the way technology is getting smarter and solving problems.”