Not long back, just about a decade or so ago, investment in data security was regarded as a luxury by many businesses. But today, it’s a necessity. Every call center owner must do whatever it takes to protect customer data for the following reasons:
1. Increase in the Number of Data Breaches
Since the COVID-19 pandemic, the number of data breaches around the world has increased exponentially. Just to put things in perspective, let’s take a recent stat.
As per Statista, the number of data breaches in the U.S. has significantly increased, from a mere 447 in 2012 to more than 3,200 in 2023. In 2023, more than six billion malware attacks were reported around the world in 2023.
2. Maintain Customer Trust
Just imagine; out of two call centers that are similar in size, one is extremely particular about data security while the other is not. Which one do you think will be able to win customer trust? The former, obviously.
It pays a lot more attention to data security than the others. That means the other call center is more vulnerable to the loss of sensitive and personal customer information if there is a data breach. That would result in a loss of customers’ trust and loyalty.
3. Save Millions of Dollars in Ransom
How costly can a data breach be? In the present era, when hackers and cybercriminals are getting more sophisticated and ruthless than ever before, the cost of a successful data breach can cost a business arm and leg. As per a study by tech giant IBM, the average cost of data breaches reached an all-time high in 2023-24.
As per another stat the average cost of a data breach rose by 10 percent to USD 4.88 million, the highest increase since the pandemic! And experts opine that it’s only going to increase exponentially in the future. Call centers that fall prey not only have to pay hefty randoms but they also have to deal with exorbitant penalties, legal costs, and financial losses due to disruption of operations.
5. Operational Continuity
As discussed above, data breaches can halt operations. Be it the call center’s overall operations after a major breach or lack of access to data and information during the breach, the disruption can last for several hours to days. And that’s not all. The worst part is things would never be as before the data breach.
There won’t be ‘business as usual,’ so to speak, and operations won’t be as seamless as they used to be. A single instance of a data breach can undo years of efforts and resources invested into streamlining operations.
6. Competitive Advantage
In today’s time, the ability to secure sensitive and personal customer data from cyberattacks is a huge differentiator. Call centers that secure customers’ data from all potential threats have a massive edge over their competitors.
They get to charge a premium for their services to those people who take the privacy of their data extremely seriously and who are willing to pay an additional amount of money for superior security. Such call centers are not only able to attract discerning customers but retain them for a long time or for a lifetime.
7. Employee Morale
Robust data security is not just a boon for customers. It is also a blessing for employees. When a call center invests in data security, it fosters a secure environment where employees feel confident and motivated.
They know that they work in an organization that takes data protection seriously. A strong data protection record enhances a brand’s reputation, and every employee is sure to feel proud to be associated with such an organization.
8. Regulatory Compliance
Call centers must adhere to laws and regulations that prioritize the safety of personal and sensitive data. Some such laws are the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and Digital Personal Data Protection. If any call center fails to comply with one or more regulations, then it will result in massive penalties.
