In today’s era, data protection is of paramount importance. Everyone is providing their personal information somewhere on the internet in the form of bank account numbers, name, telephone or address.
Added, technological innovation offers voice recognition command to its users, which made the
users more vulnerable towards data breach. There are scammers which are recording the customer’s
voice to steal their identity. According to the Identity Fraud Study, 2017 approximately 15.4 million users
are the victims of identity theft in 2016. There is no denial that technological-savvy world has provided
more opportunities to its users than ever before. However, that is also another bitter truth that this
technological innovation has exposed its users to multiple threats such as identity theft, security breach
and the list goes on.
Companies are using leading technological solutions & digital services to promote their products or
services to a large clientele. Online consumers when sign up online to buy their products, they provide
their personal details. The companies store the entire customer’s data in their databases. Further, uses
the data to market their upcoming products via sending them to sneak peek emails. A company failing
data security measures has a likely possibility of facing data breach which negatively affects their
businesses.
The digital era has given an opportunity for businesses to re-invent their business models, as well as,
transform customer interaction. Setting out a digital strategy for a business is a painstaking process. Also,
for the organizations, data protection landscape remains a complex feature. A study conducted by the
UN has revealed that up to 17% of the global online population is affected by the digital theft. Hence, a
business needs to focus on digital governance and data protection to save companies from a
cyber-breach.
Why Businesses Need Data Protection Now?
In the digital era, businesses are now more than ever exposed to multiple security threats. To protect
data from being compromised, now companies need data protection strategy.
1-Perceived Digital Weakness Renders Irreparable Damage
to Brand Reputation
Online consumers are aware of this reality that when they shop for any product or service online they
hand over their data to online companies. However, if a company fails to protect the data of its
customers, it surely loses its brand reputation.
2-The Growing Risk of Cyber Security Needs to be
Urgently Addressed
Businesses today know this bitter reality that at any point in time they can encounter a cyber-threat.
Therefore, to protect the sensitive data that resides under the umbrella of companies the growing risk of
cyber security needs to be urgently addressed.
3-New Regulatory Requirements Demand Action
In the digital world, governments are also catching up speed with the technological companies on
imposing new laws regarding privacy as well as data handling. There is an urgent need for the
implementation of the regulations in the greatest interest of consumers and companies.
How Does It Affect You?
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Digital marketing is pervasive. Usage of digital content tools to engage with customers as well asemployees has made an exponential growth in new market segments and in existing markets.Companies need to find ways for secure product development; rethink customer engagementand handle employee interaction. So that data protection can be made sure at the end of acompany.
- Governance is all about establishing rules and processes. However, in a digital economy,
decision-making approaches are changing and need to be done carefully. In addition to this, newprocesses need to be adjusted accordingly.
What Is The Fix?
Companies grappling with the issues need to consider the following points to ensure data protection and
digital governance matters.
- Build an Appropriate Operating Model The first and foremost challenge lies in organizing the business of a digital company, which means
designing an operating model which serves the purpose. It is advisable for the businesses to hire servicesof web and mobile application development personnel to finalize the business model which fulfills theneed.
- Seek to Change Rules, Processes, and Behaviors
Governance in the digital era is not majorly via rules. However, it is a combination of processes, rules,values, listening and monitoring services and values. Also, how digital marketing helps in creating valuefor the business.
Conclusion
Summarizing the above discussion, the digital world is offering unlimited opportunities to its users. But,
it also exposes new technological risks such as cyber security threat. As companies are competing for toe
to toe with each other in digital marketing, hence, data protection and digital governance are lagging
behind in maturity. Now legislators and regulators are introducing new rules and regulations to protect
the data under the banner of the digital domain. Businesses are in no position to ignore digital
governance. Therefore it is imperative for businesses to build a comprehensive digital governance and
data protection strategy. So that digital leaders can reap cost and efficiency gains as well as competitive
advantage over its rivals. Agile District is a customized software development and solution provider
company that provides digital and web development services to its valuable clients.
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