From the webinar, our experts have pulled together some key takeaways that tie in with how cyber and data protection can enable transformation in the new normal. These can be found below.
“The key premise raised in the webinar was that Cyber and Data Protection can enable transformation in the new normal. From a cyber perspective, we explored how cyber is now a business enabler, and effective use of cyber security facilitates business agility, innovation and growth. In order to harness this potential, the cyber function needs to align with the businesses strategy and objectives. The tactical cyber initiatives can be linked to these overarching objectives using management tools including a balanced scorecard. In this way, cyber initiatives can build from the bottom-up addressing personnel and training, operational processes and agility, innovation in customer engagement and ultimately financial performance and growth.”
“Across a spectrum of industries, digital transformation has shown that there are many different commercial models that can be used – from standard charging, to subscription models, to offering free services. To be successful, each relies on a thorough understanding of your customer, which in turn relies on the high quality data that you hold about them. Trust is key. Customers are becoming more aware of how much their data is used and sometimes traded. Robust cyber security and data privacy controls are no longer optional, but a key enabler for your business to operate successfully. Those organisations that can demonstrate the best most secure and ethical use of data, will be those that thrive.”
“Data protection is not solely a compliance duty. It is a powerful tool in your digital transformation journey. The data minimisation principle, for instance, helps organisations to understand the real value of personal data they collect and maximise its utility to know their customers. Reducing the volume of personal data also reduces the exposure to a data breach. Data security will be a key driver in this regard. Implementing lawful marketing communications and digital advertising practices can also turn into an important market differentiator. A lack of compliance in marketing practices is logically very visible for customers. Not only proper practices will reduce scrutiny from customers (and potentially data protection authorities), but will help building a solid reputation for an organisation. All the above will drive your organisation towards one main goal: build trust with your customers. Robust security practices, respectful marketing communications and transparency will position an organisation as trustworthy, were less compliant competitors will inevitably struggle with increased scrutiny or even data breaches harmful for their reputation at some point.”
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