It is beginning to feel like every time you check the news, another company is reporting a devastating cyberattack. From major corporations like American Express and AT&T to entertainment giants like Ticketmaster, businesses are constantly dealing with the aftermath and resulting fallout of data breaches. These incidents damage a company financially by affecting its bottom line, and also leave a lasting blemish on the company’s reputation, as customers will now associate these brands with massive security failures – especially if these customers were impacted by the hack.
Now, more than ever, it is clear that preventing a cyberattack is crucial to building and maintaining lasting customer trust. After all, it is not a crazy assumption that customers are much more inclined to engage with businesses that did not leak their sensitive data to the dark web. With all that being said, here are a few reasons why robust cybersecurity measures help fortify customer trust and ensure the reputation of your business.
Fostering Customer Trust Through Cybersecurity
It is no surprise that data privacy is becoming a growing concern for consumers, highlighting the fact that cybersecurity cannot be ignored when planning for your business. According to one study, more than three-quarters of consumers are worried about the privacy of their personal information – with 60% of customers saying that they would avoid doing business with a company that has experienced a cyberattack within the past year. These statistics clearly indicate that proper cybersecurity and the ability to prevent a breach play a huge role in determining whether customers will continue to do business with you in the future.
For companies, this means that investing in strong cyber defenses isn’t just about protecting data—it’s about protecting customer relationships and, by extension, the future of the business.
Why are Security Measures So Important?
Security measures are the strategies and techniques set in place to protect your network from cyber threats. These defenses can range from tools, such as multifactor authentication (MFA), to more strategic approaches like adopting a prevention-focused mindset. They can also take many forms, but all share a common goal, safeguarding sensitive data and protecting businesses from cyber hazards.
Effective security measures include:
- Firewalls, encryption, and password managers to safeguard sensitive data
- Security awareness training and MFA to help companies fend off common cyber hazards
- Penetration testing and vulnerability assessments to predict and address potential cyber threats before they happen
- Reliable cybersecurity protocols to instill confidence in customers that their data is safe
When companies invest in these measures, they are creating an environment of reliability, trust, and expertise which shows customers that they know how to combat modern threats.
Do Not Fall Behind
With the growing frequency of cyberattacks, more executive teams and industry leaders are recognizing the importance of cybersecurity as a way to retain customer loyalty. In fact, 20% of C-suite executives listed data protection as their top priority when it comes to earning and maintaining customer trust. Failing to prioritize cybersecurity means risking falling behind the competition, who are proactive in safeguarding their network and data. This statistic is furth emphasized when considering that cybercrime costs worldwide are expected to reach $10.5 trillion annually by 2025, a clear sign that businesses expect hackers and digital threats to continue to grow as we move further into the future.
If businesses fail to stay ahead of the curve, they are opening the door to cyber risks and putting their reputations—and customer trust—on the line.
Work with the Cybersecurity Experts
At SWK Technologies, we have decades of combined experience navigating the ever-evolving cybersecurity landscape. Our award-winning team is dedicated to protecting your business, so you can focus on what matters most—running it. By partnering with SWK, you’ll gain access to tailored cybersecurity solutions that safeguard your business and foster lasting customer trust. Avoid leaving your business vulnerable to the next cyberattack. Contact SWK today to begin your journey toward a more secure future and work with a team that understands just how crucial cybersecurity is to your success.