Every day, we’re inundated with chilling news of data breaches, as well as damning allegations of our favorite companies basically spying on us. While customer data is giving companies unprecedented insight into how to better serve their clientele, it also opens the door to serious breaches of public security, privacy, and trust.
In this environment, where all three are increasingly hard come by, consumers are getting serious about what they share, and regulators are stepping up laws and fines for companies that don’t respect and secure their clients’ data. States like California have passed laws to protect their citizens’ private data, and Congress looks closer and closer to setting up a unified national standard, with heavy penalties for those who don’t play by the rules.
Most importantly for companies, it only takes one data breach or privacy blunder to permanently lose customers’ trust.
Data: Use Responsibly
Data is driving tomorrow’s economy. Companies are unlocking growth they haven’t seen in years, as well as major efficiency gains across their business, from inventory management to marketing campaigns, by learning how to better listen to their customers.
On the flipside of this growing obsession with data, the public is getting more sensitive to how their information is collected, stored, and used. In a recent survey, more than half of respondents felt that personalized ads were “creepy”. Who hasn’t been put off by an eerily specific ad that could only be informed by our browsing history, or even a private conversation which our phones or Alexa were able to catch a snippet of?
Your customers want a better product and service, and collecting data, particularly transaction data, can help to provide it. COCARD makes sure that better connection and quality of service does not come at the expense of privacy. We always meet or exceed legal privacy requirements and are closely watching pending legislation like the Consumer Data and Privacy and Security Act, to make sure our POS solutions play by the rules and respect the end user.
Security: Taming the New Frontier
Have you ever been hacked? If the answer is a resounding “Yes!”, then you’re in good company. While surveys of Americans tend to suggest that about a third have had their personal or financial data exposed, experts put that number a bit closer to 100%.
Cybersecurity is notorious for being underinvested in and overpaid for. While the trend is changing, companies don’t often prioritize data security until a breach occurs, at which point it becomes a major headache and drain on their resources. According to IBM’s Data Breach Report, the average cost of a data breach was over $4 million in 2021. That’s up more than 10% from last year. As you may expect, financial services and transaction data are among the most frequent targets for a breach.
How We Lead
COCARD came onto the payments scene at the start of the new millennium, just as the Digital Revolution was taking off. We have always strived to provide a seamless experience for our merchants, members, and the customers we serve together. This focus has provided a best-in-class payments and POS experience, both online and in person, and a member-owned network that empowers our partners to reach new heights professionally.
However, we always knew one thing: the superior service is worthless if we can’t provide a safe, secure transaction for our clients. Our groundbreaking Revonu line offers industry-leading security across our digital and in-store POS offerings.
The result is a POS system that not only offers superior technology to defend against threats, but a team that merchants can count on to keep them up to date against the latest tactics and threats in the fast-changing cybersecurity landscape.
COCARD: Standing Guard
The use of Consumer data is changing the world we live in. Smart companies can leverage it to deliver better experiences to their customers, as well as a healthier bottom line. However, customers expect the relationship to be mutually beneficial. Companies that disrespect their customers’ privacy by over-collecting, or who do not diligently protect their sensitive data, will quickly lose their trust.
At COCARD, we are proud of the superior POS and payments experience and the actionable, consolidated data we provide our merchants. However, our greatest asset, and what has made us a leader in POS and payment solutions over the past twenty years, is our ironclad commitment to protecting customer data. Privacy and security will always be our top priorities.
Get in touch today to see how COCARD lets customers shop safely with secure transactions, while providing merchants the data they need to make better decisions.