Betraying User Trust Is Killing

ThoughtLeadership 3 min read

I recently read a post from Satya Nadella, the CEO of Microsoft warning governments on not betraying user trust.

🔑 Earning your customers' trust, irrelevant to what type of business you're in, is key to the growth and success of your business. It might take you years to gain that trust, but it could only take you seconds to lose it and 💣destroy your business. Having a great product, having the best route to market, fabulous support teams, ... it can all vaporize by having one serious incident, where your customers' privacy-sensitive data get lost or stolen.

So what do you do to build trust?

So you use even more technology, adding a few more layers of defense. And you bring in the best consultants, to ensure all that technology is installed in the best possible way. And you add a few more people to your compliance, security and operational teams (who still keep working in their own silo) and maybe you even get them some additional training. And all of this is costing you a fortune but is not necessarily adding to what you are trying to gain, the customer trust.

😞 And still, the trust isn't there!

At ComplianceBoard we believe that although many companies are probably doing a lot of good things to avoid disaster, most are missing out on an extremely valuable step in the process. Because they are keeping all the initiatives indoors, hidden far away from their customers.

Nadella says "he sees privacy as a human right, pure and simple, and it’s up to vendors to ensure that privacy or lose the trust of their customers".

With most companies, everything they do, even when they are doing the right things and they are doing things right, is threated like being "top secret". As if there cannot be pride in doing things right, as if it's a flaw to be open and transparent. No, No, No ! 🤐Everything should be kept secret and handled only on a strict "need-to-know" basis. Otherwise "the bad guys" could get insight in their defenses, just making it easier for them to break those defenses.

🤔 Now does that really help to build trust?

Now don't get me wrong, I am not saying that you should share every detail with the whole world. There are plenty of things you should keep indoors, for your eyes only. There is a lot of detail that only a few people should know to keep things as tight as possible.

Transparency is key to Customer Trust
Building trust is all about being transparent, pro-active and open.

Yet, on the other hand, there are that many things that you could safely share with your customers and prospects. 🏆Things that will help you build and strengthen trust and create transparency. By demonstrating that you have nothing to hide, that you are willing to be open and transparent, you give trust a major boost. Showing to your audience that you'll gladly give insight into how you handle their sensitive data.

Giving insight into Compliance to boost trust

Insight into each and every topic that has to do with :

  • compliance,
  • your privacy policy,
  • cookies policy,
  • security policies,
  • the sub-processors you are using,
  • data breaches that occurred and how you handled them,
  • your security certificates,
  • your bug and bounty programs,
  • your security and privacy staff details

These insights are making your customers' and your life easier when it comes to Privacy and Compliance. And helping to differentiate from your competitors.

Microsoft's CEO says "If you have trust, you will have exponential benefit. If you erode trust it will exponentially decay”

💪With ComplianceBoard you can bring together all of this extremely relevant information and share it with the right people to earn and take pride in that trust. Some of it, by simply making things available for customers to come and look at. Other, more urgent and/or delicate things, by pro-actively informing your customer on relevant changes.

All of this building trust in an open, transparent yet no-hustle, fully automated manner.

You can find the full article at https://techcrunch.com/2019/10/08/nadella-warns-government-conference-not-to-betray-user-trust/

Privacy Trust Compliance Dashboard transparency