Sales Directors:

Remote Working Has Caused a Data Privacy Meltdown Which Will Block New Deals!

by David Clarke

David is a highly experienced Chief Information Security Officer/Cyber Security and GDPR Management.

Consultant with a deep knowledge of Global project delivery and operational leadership. He operates across FTSE (Financial Times Stock Exchange) 100 index companies, SME and start-ups within Financial Services, FinTech, Telecoms, Technology and Utilities sectors developing strong coherent cyber security, GDPR data protection and privacy strategies. He is the founder of GDPR Technology Forum with over 19,000 members.

Dave created a Global Infrastructure for the World’s largest private trading network, Trading $3 trillion a day, and has managed Multiple Global Security Operations Centres.

There is a global consensus that data is the new currency.

Before a potential customer comes on board, they will probably expect you to be GDPR aligned and have your ducks in a row. If not, it could seriously delay the sign-off process, or even lose you the deal / customer.

There is a global consensus that data is the new currency.

Big customers (all customers) will ask for GDPR (Data Protection regulation) alignment as part of the tender process

You may have heard the adage, ‘failing to prepare is preparing to fail’. Customers need assurance that they can trust you.

As subject matter experts around data privacy, we know that when partnering with another organisation, or even purchasing from a supplier, many organisations will undertake a due diligence audit during the tender process - so when your organisation is tendering for a new project or client, you need to be prepared and aligned.

From government departments and global entities to start-ups, we have implemented practical GDPR alignments across the UK, the USA and beyond.

In our experience, the regulatory and commercial importance of data privacy and security has been increasing rapidly in parallel with the growth in the information economy. Data are the most critical assets of a company.

Ensuring that data remains uncompromised is not a once-off fix. It’s a continuing process that requires ongoing data asset management. Even if you are confident that your organisation has an effective data protection system in place, it may not be your organisation that puts you at risk.

Third-party supply chain risk

Research reveals that over 60% of IT security breaches occur via a third party. Therefore, it doesn’t matter how airtight you believe your company’s defences to be if the ever-increasing demand for working with third parties compromises your “impenetrable” defences.

Organisations need to understand what their relationship with their third-party data network is and what would be the impact on their business if that supplier breached. This is what will be concerning your new prospective customer.

Do you know which of your suppliers are aligned with regulations and have proper data security in place? Does it meet your own organisation’s standards? If you don’t know it may be your good name that is at stake.

Reputation issues

Word gets out. Not only could a scandal cost you future business and your high standing in the industry, but it could also result in the loss of existing clients who can no longer trust you to keep their information safe.

If you experience a data breach, or the data you are collecting is used for reasons outside those for which you collected it - you could lose consumer confidence and loyalty, and face costly penalties for violating data privacy regulations.

It remains a mystery why news concerning a ruined reputation is thought to travel faster than reports of a good one.

Most people want to work with ethical compliant companies - this is a positive GOOD

Once a brand has been compromised and its reputation trashed, nobody wants to be smeared in the same way by associating with it. Similarly, if a brand is in good standing with the market and is perceived to be ethical and trustworthy, then it is easy for it to make friends (more business).

It forms an essential part of protecting shareholder value and the reputation of any associated stakeholders to promote confidence in your organisation. It also provides a competitive advantage. What is the most important asset in a company?

All the information held relevant to those customers is amongst the most valuable data held by the company. If you value what they value, you become a valuable asset.

Stricter personal data consent, accuracy and privacy laws such as GDPR in Europe, are actually an enormous opportunity for organisations to improve their customer relationships and to distinguish themselves as trustworthy. You have something they want that your competitors may not.

Data risk questions you should ask your organisation / board of directors (not so relevant for the sales director)

Data assets permeate any business and many organisations leverage this data to become better businesses. However, what is often lacking is a holistic view of data, probably because once we start to think about it in this way the implications for the business can seem overwhelming. To make this easier to consider, here are a few questions you should be asking your oganisation to ensure that you can reassure your customers and prospects:

What data do we as an organisation hold?
Where is the data?
What is the quality/accuracy of the data?
Who has access to read the data?
Who can edit/change the data?
Is personal data secure from unauthorised access?