What does data privacy have to do with my reputation?

O*NO! Sometimes having to deal with privacy concerns may seem like an extra burden and expenditure that adds nothing of value in return. Even so, you are probably aware of the risks to your credibility if you fall short of what's expected. But aside from the risk management perspective - if you consider privacy as part of your branding, there are also opportunities to build up your business reputation. Read on to find out how.

Differentiate

Last month’s Community Attitudes to Privacy Survey published by the OAIC shows that privacy protection significantly contributes to the level of trust in a business.

As technology in business is rapidly evolving, so is the importance of privacy and security in your business operations. As an agency your business is all about trust and reputation - so you will need to consider these factors and work them as a competitive advantage in order for you to have relevance in the current market.

Increasingly, your agency’s data transparency will be a key factor when consumers are comparing products or services and deciding whether to trust you with their personal information.  When it comes to choosing a digital service, data privacy is already the number one factor people consider ahead of reliability, convenience and price, according to the OAIC Survey.

Also consider that by taking a positive stance on privacy you can position your agency as relevant in the business world, as others you work with can be more confident to rely on the integrity of your data.

Communicate

People are more comfortable providing their data when they understand why it is being collected. When asked for personal information that seems irrelevant, most people consider this to be a misuse of their data.

Making it easier for consumers to have control over what information they give you and to understand what purposes it serves should help to build trust in the process of data collection. Your privacy statements and collection notices are a chance to engage on privacy.

Yet it is all too common for businesses to provide generic privacy statements that are totally inappropriate for the way their business operates – it’s hard to trust this kind of mixed messaging and it can look really unprofessional.

Innovate

Rather than viewing privacy as a limitation, future thinking agents who understand the market will think creatively and ask what can be done in their industry without compromising privacy and the integrity of their data.

By pushing for change in their industry as well as within their own organisations, there are opportunities for agents to build authority as industry leaders by contributing to innovative discussions. Agents can raise their profile by offering resources and solutions which guide those they do business with to make better use of data, and which empower consumers to make informed choices and to hold the market to account.

Take the lead

Whether or not you or your organisation has strict legal obligations - in the eyes of the public, all businesses should pull their heads out and prioritise privacy. Many Australians believe that privacy laws don’t go far enough to protect them in our digitally connected world. In fact, the OAIC reports that 71% think small businesses should be strictly regulated under the Privacy Act. And 54% think that small businesses are already covered by the Act, which means they expect their data should be treated the same way no matter who they share it with.

Clearly industry will need to take the lead in response to privacy concerns as technology continues to outpace privacy regulation. Yet businesses are generally slow to adopt privacy measures and many barely understand their obligations. This is why in the current environment a proactive approach to protecting personal information represents an opportunity to differentiate your brand and enhance your reputation.

Takeaway

It’s clear that through being upfront about how you handle data helps to establish your reputation as trustworthy. You have a real chance to make your professional services stand out in this space by taking the lead within your industry or organisation and coordinating with other teams you do business with. Be proactive on privacy and differentiate yourself in the market.

Your next steps

Book your free 10 minute call with our team of legal experts to get started on making your privacy framework unbreakable.