Fuel Cycle

Cybersecurity Leads in Customer Experience

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2017 was marked by scandals surrounding major security infractions in businesses small and large. With the Equifax breach that began in May, which left 143 million customers vulnerable and now recent reports of Apple’s security lapse in their recent release of macOS, it’s no wonder that investing in and committing to cybersecurity is predicted to be a leading success factor in customer experience in 2018.

In one of our most recent surveys, we found that when it came to consumer’s concerns about digital giants—Facebook, Google, and Amazon—the overarching fear was less about cultural power and influence and more about personal data and privacy.

Cybersecurity has a lasting impact

The trust of your customer is your most invaluable currency, and market predictions for the coming years all point to cybersecurity as a way of forging CX leadership.

Recent data reported on by the Harvard Business Review indicates that consumers are willing to invest the time and energy to adopt new payment technology for the promise of greater security, and two-thirds of e-commerce shoppers would modify their online behavior if it led to safer shopping experiences.

Based on report findings by PSFK lab and MasterCard, an overwhelming majority of respondents conveyed that they fully expect the brands they interact with to have up-to-date security measures put in place, and with an increased push in digital transparency these measures should be taken seriously.

Gaining the customer’s trust has always been abstractly connected to CX, but with cybersecurity being such a hot topic in recent years, it poses a unique opportunity for marketers to prove their commitment by showcasing security enhancements. Amazon has done this by capitalizing on their 1-click transactions that have fraud rates that are a fraction of purchases that do not have 1-click purchases.

Organizational initiative

The surefire way of combating security threats is to have an across the board collaboration among C-suite executives. IBM conducted a recent study that probed 700 C-suite executives in 28 countries and found that 68% of executives view cybersecurity as a top concern but only 17% classified themselves as “cyber-secure.”

While there is an apparent genuine concern for keeping customer’s information safe, few businesses know how to truly create a holistic plan. The same report by IBM indicated that the most cyber-secure companies were those that made IT security a regular agenda item and ensured that CIO’s were working with other departments, such as marketing and HR, to create processes and plans.

Departments that hold the most data about customers—marketing and sales—should not have a rudimentary understanding of proper security measures, and the lack of systemic efforts indicates a flaw in priorities.  CMO’s must be prioritizing data security to the same degree of CIO’s.

How to create lasting impact?

We have found that our clients use R&D efforts to actively survey and question how comprehensively their customers understand their brand’s security guidelines.

The sustainability of cybersecurity is not protection but prevention. Keeping customers informed on security measures on website FAQ’s and using social outlets to inform and educate customers on their rights creates bilateral trust and ensures a seamless CX.

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