Every manager knows that a thriving business will acquire a large amount of information. Between sales numbers, staffing policies, and inventory records, there is plenty of data to keep track of. However, the most important type of information a business will acquire is customer records. Every successful business reaches and maintains its level of success thanks to the voluntary associations of patrons. The ability of an organization to be trustworthy with their customer information has a huge impact on future growth.

The Importance of Building Consumer Trust

Customers are naturally hesitant to share personal information with any organization. This type of trust is hard to earn and easy to lose. While customers look for low prices and great service, a trustworthy organization always has a good chance of becoming a regular choice for any shopper. Many businesses expend a large amount of time and resources to keep this information secure in compliance with privacy policies. In addition to legal regulations, there are many industry-standard practices and tools for keeping customer records private.

The Legal Aspect of Privacy Compliance

In an age where fraud has become a more common concern due to information sharing across the web, new legislation has been created to help protect customers and compensate them for damages if their privacy is compromised. There are many pieces of data a business may have on file regarding customers, including:

  • Financial and Banking Information
  • Credit Card and Social Security Numbers
  • Medical History

The harm done to customers when their information is viewed by unapproved parties can be catastrophic and irreversible. Thankfully, legal compliance is easy to accomplish based on the availability of information regarding consumer privacy laws. The Federal Trade Commission has compiled a list of resources that are extremely valuable for any business’s legal department. Displaying proof of compliance with these regulations on a website, business card, or advertisement is a great way to ease the minds of potential customers.

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Utilizing Software to Streamline Best Privacy Practices

Since privacy compliance is an important concern for any successful organization, industry-standard practices have developed based on their success at keeping customer record secure. These can be easily maintained in a small business, but larger and growing organizations may find it difficult to apply individual policies to each new piece of customer information they acquire. Approaching sensitive data manually can be very costly and time-consuming. However, many businesses now utilize software solutions to streamline standard privacy practices throughout all departments and branches of their organization in a quick, affordable, and consistent manner. Features to look for in these tools include:

  • Adaptability – The software should be able to scale with the growth of the organization, allowing for optimal security as the data pool increases.
  • Versatility – It is important to protect information across multiple platforms and devices to ensure the organization can communicate with customers securely through any medium they prefer.
  • Simplicity – Utilizing multiple tools for privacy compliance can complicate the process and lead to data breaches. An all-in-one solution such as Kaspersky Total Security for Business is a great choice.

Privacy Compliance is Best for Business

While some may view privacy compliance as a minor concern, a wise manager knows this is a core area that contributes heavily to a business’s reputation and chance of success in a competitive market. Proper handling of customer records not only protects organizations from costly liabilities, but also builds trust with customers.

While a good business makes enough sales each month, a great business builds long-lasting relationships with customers. In order to be profitable, an organization must position itself as a trustworthy choice. Given the legal resources and software tools available today, keeping customer records private has never been easier or more affordable.