5 Reasons organizations need to prioritize privacy

Let’s talk privacy. Living in a SaaS-driven world, data is flying around like never before. Personal data, business data – it’s all out there, and if it gets breached, we’re all in for a world of hurt. Reputational damage? Check. Financial penalties? Double check. 

So here are 5 reasons why prioritizing privacy in your SaaS environment is non-negotiable.

1. ROI: Privacy isn’t a cost, it’s an investment

Remember when privacy was just a footnote in the terms of service? Yeah, those days are long gone. Now, it’s front-page news. And guess what? It pays off. Cisco says for every dollar spent on privacy, you can see $2.70 back in benefits. Think about it:

• Investor appeal: Investors are looking for responsible companies.
• Customer loyalty: Trust builds long-term relationships.
• Breach mitigation: Avoiding a data disaster saves big bucks.
• Sales velocity: No delays due to privacy concerns.

Boards and senior leaders are recognising that investment in privacy creates business value. As data privacy fills more of the news agenda, the public will be more enticed to learn more about the topic. People generally understand their basic data protection rights and will hold companies accountable. 

Basically, showing you care about privacy makes you look good, and good looking means good business.

2. Financial penalties: The GDPR hammer (and others)

Regulators aren’t playing around. GDPR, CCPA, and similar laws are designed to hit you where it hurts—your wallet. We’re talking fines in the millions. 

Google, Facebook, even smaller companies have felt the sting. And with SaaS, where data often crosses borders, those regulations are even more important to understand.

Don’t think you’re too small to get noticed. Those fines apply to everyone. So, get your ducks in a row.

3. Your brand is on the line

Your reputation is everything. Years to build, seconds to destroy. One major data breach, and poof! Customer trust evaporates. Just ask Facebook after the Cambridge Analytica scandal. In the SaaS world, where trust is paramount, this is especially true.

We must constantly monitor our security and privacy posture, and participate in the privacy conversation. This is where solid SaaS governance comes into play. You need to establish and maintain clear policies regarding data handling, access controls, and compliance. This helps to prevent mistakes that could damage your reputation.

4. Consumer confidence

The popularity and availability of review sites means that anyone can be an influencer. Customers, and in particular millennials and Gen Z’ers, are more likely to share experiences online. These experiences can amplify positive or negative messages and reach a host of potential customers.

According to Salesforce, 92% of customers say that trust in a company makes them more likely to buy more products or services and 86% more likely to share experiences.

Millennials and Gen Z tend to have a better understanding of how their personal data is used and as time goes on, businesses will be dealing with more tech savvy customers who expect more in return for their data.

Transparency is crucial in customer relationships. People are more willing to hand over their personal data when they have control over what’s being collected. Sites with strong privacy policies will be in a better position to gain the trust of the consumer and generate more sales.

5. It’s the right thing to do

People own their data, not you.

Consumers are the true owners of their personal data, but once the data is shared, data controllers are responsible for protecting it.

Businesses with a large, loyal customer base have a moral and legal responsibility to look after their customers’ data. Whenever people trust a company with their personal data, it is often with some reservation.

And rightly so.

Numerous companies have made headlines over the years for data breaches and with the GDPR and other state and national laws being introduced, data protection will continue to be at the front of consumers’ minds.

With some exceptions, the bottomline is that people have the final say about their personal data, not the company that stores it.

Prioritize privacy across your SaaS ecosystem with BetterCloud

Ensuring all your security standards are met across your tech stack can be an impossible challenge without the right SaaS management platform.

BetterCloud is the only unified SaaS lifecycle management platform offering complete visibility into your entire tech stack, intelligent automation, and cross-functional collaboration capabilities.

Thousands of IT professionals use BetterCloud to prevent breaches before they happen and effectively set and enforce their organization’s security policies.

To see how BetterCloud can help discover, manage, and secure your SaaS environment, request a demo.