Facebook just witnessed the biggest single-day plunge in shares in the history of the United States. Simply put, the company lost more than $150 billion within hours, and the losses may continue if the social media company doesn’t convince users that their private information is safe. Businesses in Ireland can learn a lot from the social media giant’s woes: you either protect your customer’s privacy or prepare for losses. There are many benefits to protecting customer’s privacy, thanks to Facebook.
Fact: Companies Have Critical Information About Their Clients
Facebook has personal information about its users, including their names, where they live and work, who their friends are, and interests and hobbies. The same applies to businesses in Ireland with most of them asking their clients for personal details. Clients honestly offer their personal information with hopes that the organizations have privacy controls in place. Following the Facebook debacle, everyone will want to be careful with who they sign up with, and the information they give out.
Reasons Why User Privacy is Important
A large proportion of people in Ireland like to share photos, locations and opinions, but they are certainly more careful when it comes to sharing information about their family aspects, health and wealth. This implies that customers put their privacy first before associating themselves with any organization. In the interdependent world of e-commerce, businesses are connected to other companies and are in constant exchange of information through referrals and other interactions. A technical hitch may lead to the loss of data, and this may upset customers and draw them away from the business.
Businesses in Ireland should not fall into the same trap as Facebook by ensuring that customers’ privacy is upheld. A company that is reckless with its personal information is likely to lose customers, experience unprecedented losses, and even go out of business. So, all organizations should now strive to protect their customers’ personal information.