Consumers deserve both security and privacy

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The time for privacy-by-design client engagement is now! It’s 2022, and from here, your clients expect you to meet both their security and privacy needs.

While many businesses across Australia await the outcome of the Consumer Data Rights regulation for their sector or are blissfully unaware of their existence, the consumer is already playing the privacy tune, and the expectation for their data rights to be met has arrived.

Service providers who ignore the signs will ultimately pay the price, either in cyber security incidents (data breaches) or being on the back foot for compliance changes. However, it’s the consumer’s expectations that may be underestimated, and the risk to service providers is valuable clients taking their business elsewhere.

A global test of this theory was the data privacy choice provided by Apple’s App Tracking Transparency feature that launched in 2021, allowing users to choose whether or not they wish to be tracked by third-party applications. Opt-in rates are a mere 25%, showing that 750 million of Apple’s one billion active global users value their data privacy and personal choice above convenience.

Consumer data privacy & data security need to go hand in hand for the future of business-to-consumer relationships to thrive. 

Receipt of consumer information via email, unsecured websites, or worse, sending personal letters of advice, invoices and other personal information to clients via email is simply no longer an acceptable practice for small, medium or large service providers. Yet, in 2022, email remains the primary means of transacting clients’ personal information.

Unlike most business-to-business-to-consumer companies, My Life Capsule built its client-facing product first, ensuring the consumer’s data was secured by state-of-the-art digital security and privacy infrastructure. The result for our partners in the financial services and legal sectors is a unique client engagement portal that is a fit for purpose, client-led and is a privacy and compliance-by-design solution.

My Life Capsule’s founders, Pam Moorhouse & Ryan Henderson, are forging the ultimate secure connection and sharing platform where service providers not only have a vaulted client management system but can seek explicit client consent to share their data with third parties and provide their clients with a convenient life admin tool where approved recipients have 24/7 secure access to valuable shared data and files.

Get in touch to learn more about My Life Capsule’s mission to disrupt client engagement; for better business and better lives.

#cdr #privacy #cybersecurity #clientengagement #privacybydesign #fintech #legaltech

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