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The digital revolution has created vast amounts of data. Statista estimates we will reach 120 zettabytes (ZB) of data this year*. And in two years, IDC predicts the world’s data will grow to 175 ZB*!
Unless you’re familiar with data storage, these amounts are hard to conceptualize. Suffice it to say that this is an incredible amount of data. And the pandemic only amplified the volume of data being generated, with personal app and mobile traffic increasing by 97%. Put another way, in 2020, the first year of pandemic-related lockdowns, more than 1.79 billion people made at least one purchase online.*
All this data from customers has been a boon to marketers, providing opportunities for internet-first businesses to propel business growth and increase revenue and market capitalization.
But this wealth of data also creates a responsibility for businesses that use and store it to ensure that this data is kept safe and secure. There is no question that businesses must do everything they can to safeguard the data they have and they must comply with any and all mandates around data protection and security.
In fact, of the various levers for business growth, brand trust has grown to be an important one over the past few years. And this trust is largely based on how confident consumers are in how well their data is being kept safe and used only in the ways for which they’ve given their explicit permission.
For example, surveys report that 57% of consumers are prepared to pay more if it means purchasing from a trusted brand.* Another 59% of consumers state that a single data breach would negatively impact their likelihood of buying brands from a consumer products company.* As for AI-powered recommendations, 44% of consumers say they’re open to them but it “depends on the company.”
These statistics directly link a company’s reputation for data transparency to the trust consumers place in the brand and their willingness at each opportunity to share personal data.*
The statistics and survey results above prove that ensuring that customer data is secure and safe is incredibly important for a company’s growth. Regulations such as GDPR, CCPA, PDPA, and many other country-specific regulations require (or at the very least, recommend) the need for systems and processes that ensure data privacy and security.
When systems and processes are in place to ensure data security, growth teams can concentrate on actual growth initiatives rather than spending their valuable time on security concerns.
CleverTap’s commitment to data privacy and security is embedded in every part of our business and the same is exemplified through our Trust Portal. CleverTap’s Trust Portal is designed to give businesses the assurance that any data we have is safe and secure, and that CleverTap meets or exceeds any and all mandates for data security.
Many businesses are also looking to build customer trust by acquiring various security and privacy certifications, and this happens through a rigorous process of internal and third-party audits. The portal provides easy access to all the reports, scorecards, policies, and controls that CleverTap has in place along with our compliance certificates and related audit details.
To learn more, visit our new Trust Portal, unlock access to our security documents, review our compliance documentation, and review the details supporting numerous aspects of our security measures and processes. And of course, as always, do contact us with any questions or comments you may have.
