cxo voice
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion
No Result
View All Result
Leaders Talk and Latest Tech News | CXO VOICE
No Result
View All Result
Home News Cyber Security

Building trust and protecting customer data is important to do business: Report

Noor Alam by Noor Alam
January 25, 2023
Reading Time: 4 mins read
customer trust and data
Share on FacebookShare on Twitter

Building trust is important when it comes to using customer data with AI because customers may be worried about the company’s data protection and privacy policy. If customers do not trust a company with their data, they may be less likely to engage or use their products or services or to do business with that company. Customers are concerned about what the company will do with their data using AI. A Cisco survey data reveals 92% of organizations say they need to do better to comfort customers about how their data is used in AI. 

“When it comes to earning and building trust, compliance is not enough. Transparency was the top priority for consumers (39 percent) to trust companies, whilst organizations surveyed felt compliance was the number one priority for building customer trust (30 percent)”, said Harvey Jang, Cisco Vice President, and Chief Privacy Officer. 

According to Cisco’s 2023 Data Privacy Benchmark Study, 90 percent of organizations say that global providers can better protect their data than local providers. 

When customers trust the company with their data, they are more likely to provide and use its products and services. This, in turn, allows the company to improve its products and services and create more customer value.

The survey reveals 94 percent of organizations say their customers won’t buy from them if data is not adequately protected. 

When customers trust a company with their data, they will positively interact with and may use its products or services. They may be more willing to share data and feedback, which can help the company to improve its products and services with the help of AI. This can lead to more personalized and accurate recommendations, improved search results, and more efficient customer service.

Cisco survey further says 95 percent of organizations think that employees need to know how to protect data privacy.

ADVERTISEMENT

Data privacy is essential for companies, whether it is data security, legal obedience, trust, or reputation, to maintain and retain customer trust in the long run. Data privacy and transparency give customers control over their data and how it’s used. This lets customers decide what data to share and how it’s used.

Build customer trust in their data use with AI

Companies should build trust with customers when it comes to using customer data with AI. For example, companies should be transparent about their data collection and usage practices and provide customers with clear explanations of their privacy policies. In addition, customers should be informed about what data is being collected and how it will be used.

Companies should obtain customer clear consent when collecting and using their data. This can be done through opt-in or opt-out mechanisms, and customers should be able to understand and control their data preferences easily.

Protecting data is very important, companies should invest in robust cyber security measures to protect customer data from breaches or unauthorized access. This includes encryption, firewalls, and regular security updates.

Companies should be aware of the regulations and laws related to data privacy and protection and ensure that their use of AI complies with them.

Companies should use customer data to improve their products and services and to provide value to their customers. For example, they could use customer data to improve product recommendations or personalize their services.

Organizations should do more to build customer’s trust and protect data

To maintain customer trust and protect customer data, companies should implement strong security measures such as encryption, secure servers, and regular software updates. They should also have clear and transparent privacy policies in place and obtain explicit consent before collecting or using customer data. Companies should also regularly monitor their systems for any potential breaches or vulnerabilities and promptly notify customers if any issues are discovered. Additionally, it’s important to train employees on data protection and security best practices and to have the plan to respond to data breaches.

In conclusion, building customer trust is essential when using customer data with AI. Companies that take appropriate steps to protect customer data and to be transparent about their data collection and usage practices can build trust with customers and create more value for them.

Also Read: Credentials database theft, reused passwords dangerous entryway

Noor Alam

Noor Alam

Related Posts

Apple signs multibillion-dollar deal with Broadcom to develop 5G components
Business

Apple with Broadcom to develop 5G components

May 24, 2023
Digital India Act to curb high-risk AI, enable startup innovation: Centre
News

Digital India Act to curb high-risk AI, enable startup innovation: Centre

May 23, 2023
IBM security cloud
Business

IBM confirms acquisition of Polar Security reportedly for $60 mn

May 17, 2023
cloud market
Technology

AWS, Microsoft, and Google dominate the cloud market with 64% market share globally

May 15, 2023
Cisco to set up new manufacturing unit in India: aims $1bn from domestic production and exports
Business

Cisco to set up new manufacturing unit in India: aims $1bn from domestic production and exports

May 10, 2023
Tech Firms have a moral, legal responsibility to develop ethical AI: Kamala Harris
News

Tech Firms have a moral, legal responsibility to develop ethical AI: Kamala Harris

May 5, 2023
Infosys Digital Radar 2019
News

97% of CIOs in India plan to accelerate their data innovation journey: Report

May 3, 2023
Apple and Google lead initiatives to combat the misuse of unwanted tracking
News

Apple and Google lead initiative to combat the misuse of unwanted tracking

May 3, 2023
Load More
ADVERTISEMENT

Expert Views

How Travel and Expense can pave the way for responsible spend culture
Opinion

How Travel and Expense can pave the way for responsible spend culture

May 24, 2023
Data at Rest
Cyber Security

Data at Rest – How Data Encryption and Data Security Beneficial to IT Teams?

May 8, 2023
SaaS Rising: India is Ready for its Next IT Moment
Opinion

SaaS Rising: India is Ready for its Next IT Moment

January 31, 2023
Technology remains the main driver for insurance companies to scale and grow in 2023
News

Technology remains the main driver for insurance companies to scale and grow in 2023

January 10, 2023
Supply Chain Attacks – The Open Source Effect
Cyber Security

Supply Chain Attacks – The Open Source Effect

January 3, 2023

Latest Updates

ARM

Arm launches new chips to boost smartphone performance

by IANS
7 hours ago

Yubi acquires digital credit analytics firm FinFort Infotech

by IANS
4 days ago

digital transformation journey and cybersecurity of digital business

Worldwide Government IT Spending to Grow 8% in 2023: Gartner

by News Desk
5 days ago

LG Electonics TV

LG announced OLED TV line-up in India, including 97-inch TV

by IANS
5 days ago

Capgemini launches 6G research lab in India

Capgemini launches 6G research lab in India

by IANS
5 days ago

How Travel and Expense can pave the way for responsible spend culture

How Travel and Expense can pave the way for responsible spend culture

by Srivatsan Santhanam
5 days ago

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

Interview with Prasanna Arikala, CTO, Kore.ai on AI chatbots
AI

Can AI chatbots enhance customer experience and reduce the cost of serving customers?

-
Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain
Cyber Security

Rising cyber attacks pose a serious threat to Indian SMBs, says Zakir Hussain

-
Axis Bank's Cloud-driven digital banking solutions
Banking

Axis Bank doubles down on cloud based digital banking solutions

-
digital-first strategy
Banking

Jana Small Finance Bank’s digital-first strategy enhances customer experience

-

Entrepreneur

Samsung Electronics appoints its first female president

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

We bring business leaders' opinions and unique ideas on what’s happening in the market and its impact. Also, get the daily news, analysis, and insights.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

contact@cxovoice.com
  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2023 CXO VOICE

No Result
View All Result
  • Home
  • News
  • Leaders Talk
  • Expert Opinion

© 2023 CXO VOICE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/