Market Research Information Security
Data breaches of market research firms can be costly – both financially and in terms of damage to their reputation.
When people provide personal information to any organization, whether they offer it up via a survey or in the process of doing business with a company, they put trust in that organization to keep their private information safe. In fact, according to a 2015 report by Deloitte, 85% of consumers expect companies that collect or process personal details to keep that data secure from criminals.
The Financial Cost
When a market research firm suffers a data breach, it’s more than an embarrassment or an inconvenience; it can be financially devastating. In addition to mounting legal fees, the firm must assume the cost of notifying all of those affected (a requirement in many states). They may also be required to cover identity theft services for a year or more. Even a small breach can cost hundreds of thousands to address.
Recently, more and more companies are requiring that their vendors go through an assessment to ensure they have the proper people, programs, and technologies to secure and protect the privacy of their data. These risk assessments are not just Yes or No questions, but lengthy processes requiring explanations of processes and documentation to support you have a healthy security program. If companies are unable to pass these assessments they either lose the existing contractor or they are not able to win new business with the client.
Additionally, by May 25, 2018, organizations not in regulation with the General Data Protection Regulation (GDPR), or have a data breach while not in compliance will be fined up to 20,000,000 EUR or 4% of the total worldwide annual turnover of the preceding year whichever one is higher.
Damage to the Brand
Another impact that occurs after a data breach comes in terms of the trust factor. Market research firms collect a large amount of information – much of it private data. When addresses, phone numbers, family income, and other confidential data is stolen or made public, such an incident does untold damage to the reputation of the firm that was breached. Even after the initial financial blow has been dealt, the public relations nightmare can have lasting consequences. Hiring a public relations firm is often necessary to repair damage to the organization’s brand.
Customized Information Security Solutions
At CISOSHARE, we understand the kinds of threats specific to the market research industry. Whether your firm is large or small, we customize our approach to ensure that threats can be detected in advance, investigated, and mitigated in the shortest amount of time possible. This includes analyzing the way information is collected, as well as looking at how data is stored and transmitted both inside the organization and to third parties. From the legal requirements that govern market research organizations to industry standards, we help your firm operate using best practices to protect your firm’s reputation, as well as its bottom line.
Market Research Information Security Services
- A high-level review of the organization’s security practices
- Identifying areas requiring immediate attention and prioritization of projects to improve the organization’s security posture within weeks
- Implementation of new and revised policies aligned to the organization’s benchmark and industry's best practice frameworks
- Virtually embedding our team of information security experts with your organization and assist in solving security-related initiatives
- Implementing the new and/or revised policies and processes to become standardized within the organization and relieving pressure associated with daily security operations
- Security awareness training to ensure employees follow new processes and are abiding by them