VANCOUVER, British Columbia--(BUSINESS WIRE)--In a new era of privacy management, where 85% of consumers openly admit they won’t do business with a company if they have concerns about its data practices, Kirke Management Consulting emphasizes that maintaining customer trust is key. Businesses that internalize privacy management as part of their core values and develop a coherent risk framework can enhance their reputation among employees and customers alike.
Ale Brown, Founder and Principal Consultant at Kirke Management Consulting said, “We expect privacy concerns will soar to new heights this year with the renewed focus on privacy data protection. It’s an opportune time for businesses to differentiate by prioritizing the safeguarding of personal information. Businesses have the power to distinguish themselves by leveraging privacy management practices as a foundation for trust to deepen employee engagement and customer loyalty.”
According to this year’s Global State of Information Security Survey, only 45% of organizations report to owning a structured plan to ensure data compliance. This, coupled with current industry trends, mean it could be a tumultuous year ahead for businesses that do not invest, or begin to invest, in a privacy management framework. It could expose organizations to risks such as staggering financial fines, regulatory penalties and loss of customers.
Although most organizations maintain IT governance when it comes to data security, the privacy gap has yet to close. Continued growth in digital devices is driving risk management and with 2017 seeing a 2,502% increase to the ransomware market (the sale of ransomware on the dark web) it is clear privacy will remain a vital business issue.
In a global economy, new regulations such as the General Data Protection Regulation (GDPR) from the European Union will impact companies worldwide from May 25th, 2018 if they handle any data from EU citizens. In the event of non-compliance or data breaches, businesses face monetary fines up to 4% annual global turnover, increasing solvency risks for many organizations.
Currently, 72% of consumers believe businesses, not government, are best equipped to protect their data. Therefore, Kirke predicts business opportunities abound for companies that leverage their privacy strategy into a key brand differentiator among competitors in the marketplace.
Without the correct privacy frameworks, businesses are operating on the sands of time and leaving themselves exposed and vulnerable to breaches. Savvy organizations will not only take steps to put privacy processes in place but also stand to gain by deepening employee trust and customer loyalty through keeping personal details safe.
To spread awareness about Data Privacy Day, Kirke is releasing the first of its Privacy On-Demand Webinar Series titled Back to Basics Privacy 101: Best Practices and your Privacy Management Playbook. To access, view here: https://goo.gl/gTKuMU.
About Kirke Management Consulting
Kirke is a full-service strategy consulting firm that focuses on privacy and the compliant management of personal information. Kirke enables business growth and minimizes risk by providing a customized service to help organizations gain relevant data insights and build stronger relationships with customers, within a privacy management framework. Kirke (pronounced "Kur-keeh"), the Greek goddess of transformation, used her powers and knowledge to transform anything that posed a threat into something harmless. At Kirke Management Consulting we strive to empower our customers to make that transformation happen and revolutionize their businesses. For more information, visit www.kirke-consulting.com.