Data breaches impact trust in 31% of brands
Safeguarding brand trust: A guide to Data Privacy Day
As we approach Data Privacy Day on January 28th, the importance of securing customer data has never been more critical for marketers.
A recent survey conducted by Exclaimer sheds light on the aftermath of data breaches in 2023, revealing the direct impact on marketing departments. This highlights the collaboration needed between marketing and IT leadership to ensure customer data safety and to uphold brand reputation.
The risk of data breaches
Data breaches continue to be the most significant concern for IT leaders in 2024 with 35% of respondents identifying it as their primary risk. Email spoofing and phishing attacks have 29% and 28% of respondents worried, respectively
Data privacy is a critical issue that businesses can’t afford to take lightly. In fact, 40% of IT leaders admit to their organizations experiencing at least two security breaches in the past year. With new hacking tactics emerging every day, it isn’t a surprise that 44% indicate that their organization’s biggest priority for 2024 is improving security. Particularly as IT leaders are all too aware of the damage security threats can do to their organizations' reputation and assets.
To avoid the almost inevitable attempted breaches, IT leaders are increasing their budgets to add new security resources (62%), implement new tools (54%), and update current platforms and systems (46%).
Data breaches have a direct impact on brand
We're living in a world where data has become the lifeblood of businesses. It's an asset that fuels growth, drives decision-making, and strengthens customer relationships. But there's a flip side. Our survey showed us that organizations who’ve fallen foul of data breaches faced stark repercussions. Some were forced to tighten their belts with cost-cutting measures (44%), while others grappled with the tangible loss of data (41%). For some, it pruned back their new business pipeline (31%).
But the most worrying fallout for marketers was a dent in customer trust (31%). This is a reminder of the intricate web that ties IT and marketing functions together. A single misstep in data security can have a huge impact on customer trust, shaking the foundation of brand loyalty. The lesson here is clear – safeguarding data isn't just about preventing financial loss or operational disruption. It's about preserving our customers’ trust.
The IT and marketing relationship
The relationship between marketing and IT plays a crucial role in securing data privacy and upholding brand trust. As businesses increasingly rely on technology to collect, analyze, and leverage customer data, the collaboration between these two departments becomes essential to navigate data privacy and maintain the trust of their customer base.
Trust is a critical factor in the success of any brand. Marketing teams need to be transparent about how customer data is collected, stored, and used. Collaborative efforts help in building a unified message about data privacy, demonstrating the company's commitment to protecting customer information.
Both marketing and IT teams need to collaborate in educating internal and external stakeholders about the importance of data privacy and the measures in place to protect it. This transparency will create trust and confidence in a brand.
The role of brand in securing trust
So, you’re sure that you've done all you can to keep your customers’ data secure. But how do you communicate that trust to your customers? This is where the importance of branding comes in.
Getting your branding right matters. A great brand identity means increased brand recognition and reputation, which ultimately leads to greater loyalty and a higher customer lifetime value (CLV). And once you’ve established a successful company brand, you work hard to protect it by circulating detailed brand guidelines, applying for trademarks, and offering levels of customer service that reflect the brand identity you’ve built.
And your email signatures are no exception. An earlier survey indicated that over half of consumers (58%) believe a professional, branded email signature instills trust in communications from a business or brand.
This isn’t a coincidence. The first point of any good security training will be to highlight the red flags in your inbox. Dodgy branding, spelling mistakes and pixelated images in an email? All major security red flags.
But with the right email signature management system, organizations can ensure everyone’s signatures across the company are compliant as well as consistent.
As we approach Data Privacy Day, both IT and marketing must recognize their pivotal role in safeguarding customer data and upholding brand trust. The Exclaimer survey underscores the repercussions of data breaches on marketing departments, emphasizing the need for a unified approach with IT. Here’s how to protect your brand over corporate email.
At Exclaimer, security and trust are at the core of what we do. Our goal is to provide our customers with the most secure email signature management solution possible, so they can have complete confidence in our service.
For more details on our comprehensive security accreditations, visit our trust portal. With over 20 documents available, you can find answers to more than 300 questions and automatically track any changes or updates.