Balancing Cyber Security with Frictionless Customer Experience

Cyber thieves are stealing more from businesses than “just” data and money. 

They’re stealing customer trust.

Research shows that customers are increasingly worried about how well companies are protecting their data.  And those worries are hurting companies’ bottom lines.

Fears Realised

Nearly 2 in 5 customers have been the victim of two or more data breaches, according to S&P Global Market Intelligence.  A third of the victims of identity theft have experienced it within the past three years.

Stuart Vaeth, SVP of strategic business development at Trua, said cyber theft incidents weaken customer trust and brand reputation.

 “The result can be lost business. It absolutely impacts the reputation of the service provider,” he said. “Obviously, it erodes trust. People may not come back to your site if your data has been breached.”

Research by S&P Global Market Intelligence shows that more than three-quarters of customers are concerned about the risk of trying digital experiences or products that require sharing personal data online.  This is a serious challenge for businesses who recognise that customer data is essential to providing personalised purchasing experiences.

Cyber Security Integral to Customer Experience

The safety of customer data is as much a customer experience issue as it is a cyber security one.

Sheryl Kingstone, research director of customer experience and commerce at S&P Global Market Intelligence, said that a mistake many businesses make is to look at their customer data “in a silo”.

“When we do take a look at things like what CISOs want or what privacy experts want versus what marketing and customer experience teams want, it becomes very complicated, because we need to mind the gaps,” Kingstone said. “There are trade-offs between compliance and the customer experience.”

“Security compliance teams look at ensuring risk and compliance. CX leaders want to reduce customer friction points,” she said. 

Businesses need to balance customer experience with risk and compliance.

Vaeth said that, while CX leaders generally aim for zero friction to prevent drop off, some friction can be beneficial.  Collecting customer data directly or asking customers for verification can provide reassurance and need not impact drop off rates.

Earning Customer Trust

One way to earn customer trust and assure customers you take data protection seriously is to show them your credentials. For example, you can display them on your website and in marketing materials. 

Another way to demonstrate your “cybertrustworthiness” is to let your customers know when you’re investing in new technologies, improving processes and gaining certifications. It demonstrates you’re on a path of continual improvement that can differentiate you from your competitors.

Protecting Customer Data

Stepping up to the needs of customer data guardianship requires both technology solutions and sound business practices.

Layered defences, with integrated solutions that address encryption, threat protection, and data loss prevention, enable safe collaboration without risking malware, mishandled data, breaches and non-compliance.

Given most breaches involve a human element, technology solutions need to be automated and easy for employees to use. Software needs to be able to manage:

• How access to data is granted;

• How access is authenticated;

• How access is tracked and controlled; and

• How access can be speedily revoked, when needed.

  
  

Layered Protection

A standalone managed file transfer (MFT) solution – such as GoAnywhere MFT - is a great first layer of defence.  It provides security for files at rest and in-transit. 

However, integrating Threat Protection as an additional layer enables you to take appropriate action when there’s customer data moving in and out of your organisation.

Based on rules you predefine, Generic Systems Australia’s Advanced Threat Protection Bundle can mask, remove, or permit customer data to be moved within your organisation and beyond, via a Secure ICAP Gateway.

On Hand to Help

At Generic Systems Australia we’re the Asia-Pacific region’s experts in deploying Managed File Transfer and Advanced Threat Protection. We’ve assisted dozens of organisations to protect their customer data and secure their file transfers, while keeping their businesses running smoothly.

If you’d like to discuss how we can help you, please feel welcome to contact me.  I’m always happy to have an obligation-free chat and explain how simply we can help you maintain your customers’ trust.

Attribution: This article includes quotes from an interview originally published on cybersecuritydive.com.