As more and more aspects of our daily lives go digital, it’s important for consumers to feel confident that their information is protected. Equally important is a business’ commitment to protect that sensitive data. That’s why the National Cybersecurity Alliance created Data Privacy Day, which is observed annually on January 28, after it was passed via Resolution 337 by the 113th U.S. Congress on January 27, 2014.
The goal of this day is to inform, educate and share actionable steps to ensure that your personal data is protected, and to teach companies how to respect and protect the information they collect from customers.
Consider this our PSA on the importance of data protection and our way of marking Data Privacy Day for our customers.
Destination Anywhere: Where Does Your Data Go?
Unfortunately, many consumers do not know where their data ends up after they have submitted it online, whether on an order or contact form. Since data can be rather abstract to envision, the National Security Alliance shares a helpful analogy to underscore its importance and value: your personal information is like money. You wouldn’t, for instance, just hand over your wallet to anyone on the street and let them rifle through it, right?
For that very reason it’s critical to keep in mind the following recommendation from the NCSA: “Personal information, such as your purchase history, IP address, or location, has tremendous value to businesses – just like money. Make informed decisions about whether or not to share your data with certain businesses by considering the amount of personal information they are asking for, and weighing it against the benefits you may receive in return.”
Part of protecting your personal information involves deleting apps from your phone that you no longer use, especially those that continue running in the background when you’re not using them. Phone apps collect critical information like your geographic location and even your contacts in order for you to use them. Once that data is shared, you can’t take it back; nor can you control how it’s used or by whom.
Taking the time to audit your phone apps and online activity is a smart step towards protecting your personal data. So is checking and updating your privacy settings. The NCSA provides a very thorough and helpful link to assist you in reviewing and managing all of your privacy settings, from email to e-commerce sites and even food delivery services.
Click here to get started!
A Priority for Businesses: Protect Your Customers’ Privacy
Businesses that want to establish a stronger relationship with their customers must prioritize data protection in order to demonstrate they value their customers’ privacy. Current statistics published by the Pew Research Center show that 59% of consumers do not understand how their data is being used, while 79% are very or at least somewhat concerned about how their data is collected.
Why should this matter so much to businesses?
These numbers represent more than half of the consumer base. If more than half are unclear how their personal information is being used and nearly 80% are concerned about companies collecting their data, trust is at stake. A business cannot compromise the trust factor with their customers.
At Franklin Savings Bank, we see the challenge of data protection and privacy as a unique opportunity to better connect with our customers and commit to transparent transactions along with the careful monitoring of sensitive personal information shared with us and our vendors.
If you would like to discuss how Franklin Savings Bank is prioritizing your personal data protection, or have questions about measures you can take to better protect your own sensitive information, contact us today!