Privacy protection efforts are considered necessary for legal compliance but are not often thought of as business enhancements. However, investing in the maturity of your privacy program can lead to unexpected dividends that support long-term success.
Nowadays, businesses need a competitive edge, an insight that can maximize their return on investment (ROI) and drive long-term success. Privacy engineers offer that critical edge, by reducing current and future risks, improving an organization’s operational efficiency, and ensuring the proper handling and protection of sensitive customer data. They play a pivotal role in helping businesses achieve a successful ROI and increase their customer retention, through these practical organizational improvements.
Let’s explore how privacy engineers are becoming key players in driving business success and maximizing your organization’s return on investment in the dynamic data economy.
1) Privacy Engineers Enhance Profitability by Reducing the Risk of Data Breaches
Privacy specialists help organizations reduce the risk of data breaches by integrating robust privacy operations and leveraging new technologies and techniques.
For example,
- penetration testing helps to identify security weaknesses and swiftly pinpoint risks, while
- regular auditing provides a roadmap for gap remediation to align with compliance standards and security policies.
These practices help reduce the vulnerabilities within your organization’s systems and through these comprehensive security assessments, the danger of data breaches is reduced.
This ultimately leads to financial savings as businesses avoid losing valuable data, paying costly fines or legal fees associated with breaches, and averting hacker exploitation.
Impact on your ROI:
- A privacy engineer is a cost-effective solution for long-term readiness and success.
- Proactive planning, assessing, and the identification of security vulnerabilities, before, during, and after potential threats provides measurable ROI for your privacy engineering efforts.
- With a detailed audit trail of tests conducted, your organization demonstrates a commitment to upholding a high standard of security preparedness and compliance, which can attract consumers toward your brand’s integrity.
2) Privacy Engineers Improve Operational Efficiency through Data Management
Privacy engineers work behind the scenes to increase operational efficiency within your privacy program’s mechanics. With robust organizational improvements, your organization will have an easier time identifying where data stores and data flows, as well as gaining intelligent business insights, including a clearer understanding of your customers.
Their objective is to fully integrate privacy measures within your business operations, creating a seamless and efficient workflow. This can include management and improvement of data retention requirements, access controls, training, and visibility on how to overcome security breaches, among other areas.
Privacy engineers enhance data governance by implementing precise data retention schedules. This not only ensures legal compliance but also minimizes the chance of data loss. They can implement automated flagging systems that monitor data lifecycles, alerting the team when data reaches its expiry. This triggers automatic deletion or encryption procedures as required.
Impact on your ROI:
- Privacy engineers assist with translating policies into actionable procedures to ensure your business is meeting compliance requirements and is competent in removing personal and sensitive data when required by law.
- By speeding up day-to-day data processing tasks, privacy engineers free up team members’ time allowing those resources to be used for direct business growing activities.
- These professionals train and guide you in delivering positive results, allowing your organization to reach its full potential, boosting profitability and providing the bandwidth to thrive in a competitive environment.
3) Privacy Specialists Design Personalized User Experiences Increasing Customer Retention
To cultivate customer loyalty and positive recommendations, privacy engineers build systems that empower users with granular control over their personal data, encompassing privacy settings, profile deletion, and transparent consent practices.
By giving customers greater control over their personal information through features like customizable privacy settings, profile deletion, and clear consent management, as designed by privacy engineers, strengthens retention and fosters positive customer experiences.
For example, the following pop-up banner below from the Myna website, illustrates how users are given the choice to manage their settings and control their preferences.
When privacy is respected and data is used responsibly, consumers are more likely to be loyal to your organization and services, leading to higher customer retention and growth of reputation.
According to a 2020 survey done by McKinsey, 87% of users stated they would engage with a company if they had concerns about their security practices, and 71% said they would stop doing business with a company if it gave away sensitive data without their permission. These statistics highlight the importance of maintaining user trust, especially as consumers become increasingly cautious of businesses mishandling data, which can lead to breaches and unauthorized third-party access.
Impact on your ROI:
- Privacy specialists provide adherence to industry standards for user experience, ensuring your organization remains compliant with in-scope regulations.
- Having a privacy engineer on your team makes it easier to attract and retain a loyal customer base. By implementing ethical data practices, privacy specialists protect your organization’s brand while enhancing a user’s experience and making privacy settings more accessible.
Key Overall Takeaways:
- Through improved risk management, operational efficiency, and an increase in customer loyalty, privacy engineers help businesses stay compliant and safeguard user data.
- These efforts not only reduce financial risks but also cultivate trust and positive word-of-mouth surrounding your brand’s image, which ultimately boosts your organization’s ROI.
- Investing in privacy engineering is a long-term growth strategy and provides a competitive edge in today’s data-driven environment.
Need more guidance? Take the next step in leveraging privacy engineering expertise!
Your organization’s data privacy can’t wait. At Myna, we offer:
- Customized Privacy Engineering Solutions
- Compliance-ready Frameworks
- Expert Implementation Support
- Ongoing Technical Guidance
For further expertise and/or additional insights on Privacy Engineering benefits, please explore our Solutions page. Our team of experts are ready to assist you in navigating the complexities of data privacy and in building secure, protected systems designed to your organization’s specific needs for optimal performance.
Ready to secure your data? Book a consultation with our privacy engineering experts today!
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References
Image 1: Google Images.
Image 2: Google Images.
Image 3: Myna Partners Home
Image 4: Google Images.
Statistics: Consumer data protection and privacy | McKinsey
