A Guide to Internet Privacy for Businesses

Internet Privacy is Critical in Today's Business World

Private data is all over the internet. People shop online, bank online, and perform many other tasks that put individual privacy at risk. We also need to consider the impact of social media on privacy, where millions of people share personal information about themselves every day.

There’s a tangible and growing concern among consumers about their online privacy and how their data is being used. For a business, it’s important to protect the privacy of your employees and customers. Not only it is the right thing to do, but privacy issues that affect the employee and customer also affect the business.

Here we’ll break down what businesses need to know about internet privacy, why it's important, and some internet privacy examples.

What is internet privacy?

Internet privacy is a somewhat broad term, but at its core, it is about how much personal or financial data is kept private when individuals do anything online. While people often willingly provide certain personal information to complete a task—such as signing up for an account using their phone number—internet privacy is centered around how that data is used beyond the end user’s intent.

Why is protecting online privacy important to businesses?

A lack of internet privacy protection brings several risks, both to individual users and businesses. Not only is unethical handling of private information an issue, but having private information in many places online increases the risk of that data being stolen for hackers to use to compromise business systems. There is also the risk of falling victim to ransomware attacks when business credentials fall into the hands of cybercriminals.

Here are a few instances where internet privacy can have significant effects on businesses.

Data Breaches Harm Both Consumers and Businesses

No company is immune to data breaches. Cybersecurity threats are growing each day, and breaches will occur. According to a recent Verizon report, ransomware and phishing attacks are on the rise among organizations of all sizes. According to this report, the biggest trigger for security incidents is human error which leads to the mishandling of private information. These threats can be largely reduced with proper privacy protection and breach response.

When a customer’s private data is involved in a breach, it has potentially disastrous results. When account information is exposed, your customers are left open to the risk of identity theft. This is bad news both for customers and for the level of trust they have in your business.

Lackluster Internet Privacy Tarnishes a Business’s Reputation

A business can see its reputation take a massive hit after a data breach, as the level of public trust erodes. When private data is stolen in a breach, the way an organization handles the incident can help mitigate the negative impact. While there’s no guaranteed way to prevent data breaches, a tool such as IDX Pre-Breach Planning Solution can help ensure your company is ready for today’s threat-filled cyber landscape.

Mishandling of private information isn't limited to data breaches, though. Some common examples of internet privacy violations are:

• Unmonitored third-party data sharing
• Not providing consumers with an opt-out for data processing
• Processing personal data without consent
• Storing private information in unencrypted plain text

In most instances, these online privacy issues examples are unintended and are simply oversights. However, this just stresses the need for a more thorough understanding of online / internet privacy issues for a business and all of its employees.

Employee Wellbeing

As a business, it’s also important to protect the privacy of employees. When private information is compromised, your employees are at risk for identity theft. This is a grueling endeavor that can take many months to recover from. This negatively impacts the employee, and it also impacts your business as an employee dealing with identity theft is likely to be distracted and productivity will suffer.

Organizations can play a key role in protecting their employees with IDX Employee Protection solutions. This service will provide significant benefits to your employees. Just a few of the privacy-protecting features are:

• Total identity and privacy monitoring
• ForgetMe data removal
• Password manager
• Social media monitoring
• Dark Web scan

Regardless of how it is approached, employees appreciate working for a business that has their privacy in mind.

Internet Privacy Affects Businesses in Remote Working Environments

Many organizations have remote employees. This became an even larger trend during the COVID-19 pandemic, and many businesses still have a remote or hybrid workforce. Working from home has many advantages but also has the potential disadvantage of internet privacy concerns. According to Splunk's recent research, 78% of security and IT leaders say that remote workers are more challenging to secure. This should come as no surprise, as the nature of remote work leads to users having more freedom in their activities without direct oversight.

When your workforce is remote or hybrid, the line between personal and business can become blurred. Employees are often using the same internet connections and computer systems for work as they do for personal use. Employee privacy in this instance puts company information at risk. This is especially true of employees who have access to vital company information such as customer accounts.

Adopting Digital Privacy Protection Processes is a Must for Businesses

With cybersecurity threats looming, internet privacy has never been more important. Consumers need to have their private information protected against threats, both for their own well-being and the protection of the business’s reputation.

The IDX Strategic Partners solution can help your organization protect the privacy and identity of employees and customers. The program helps you offer your customers identity and privacy protection and a great way to build customer loyalty and trust.

IDX offers several business solutions centered on privacy protection. Contact the experts today to protect the interest of your organization, your employees, and your loyal customers.