Building and nurturing customer trust takes time and effort, and once that trust is lost, it can take years and lots of company resources to rebuild…if ever. And one of the biggest culprits to losing customer trust? A breach, resulting in personal information being stolen.
Without question, data privacy is a growing concern for U.S. citizens. To help protect consumer data privacy, federal legislation similar to the European Union’s General Data Protection Requirement (GDPR), which establishes uniform requirements around consumer data privacy, may be in the works, but it’s not certain when standardized government regulation will come. Until then, companies must comply with different laws in each of the 50 states, which poses a tremendous corporate governance challenge – not to mention the industry-specific regulations such as HIPAA and the Financial Privacy Act that they must also adhere to.
One way for security leaders to address these compliance challenges and demonstrate a clear commitment to data privacy protection is to move beyond assumptions and validate that their security controls are working as they should. As companies work to meet these challenges, and as government moves to develop stricter, more centralized regulation, I believe that in 2020 and beyond, several key trends will take shape:
- Governments will complement their continued focus on data privacy through stronger regulation with a requirement to baseline and demonstrate evidence of compliance.
- Protection of customer data will play a greater role in an organization’s overall cybersecurity initiatives and corporate governance.
- From CMOs to CFOs, those in the C-Suite not traditionally focused on cybersecurity will gain greater influence over the company’s approach to cybersecurity.
- How a company protects customer data and demonstrates good ‘cyber citizenship’ will become an increasingly important factor for consumers when deciding which brands to support.
- To remove the assumptions, companies will need the right tools to validate their security effectiveness through evidence-based data.
The time is now for companies to focus more on protecting customer data and ensuring that enterprise systems have the appropriate controls in place to demonstrate corporate governance and strengthen customer trust.
Want to know more about top trends that will shape the cybersecurity industry? Click here for our 2020 trends press release.