As consumers become more aware of the importance of data security, businesses are being advised to prioritise data protection. While the drop in customer confidence may seem concerning, data consultant Caroline Carruthers, contributing to an article in the Financial Times (£), explains that this increased engagement can lead to more informed decisions. Consumer-facing businesses now place more value on cybersecurity, recognising it as a potential competitive advantage or a risk if not properly addressed. Promoting transparency between consumers and companies is key to building digital trust, and there is value in disclosing data protection measures to consumers without using it as a tradeable commodity.
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