22 Mar The Latest Insights for the Business Services Industry
Tony Calvacca, CBI – The NYBB Group
Opportunity: Study Finds Gaps in Security at Major American Companies
According to the Quarter 4 Industry Update from First Research by Dun & Bradstreet and M&A Source, business service providers are likely to invest in upgrades to IT security to prevent further breaches and protect client information.
The industry update states that a recent study from Seer Interactive found that “major American companies are leaking personal user information and other data online as a result of poor website security practices.” This can be very damaging to business reputations as well as customer relationships, and is therefore likely to be of high priority for any business depending upon the use of technology to store, collect or transfer sensitive information.
Technology advancements have already been shown to produce business challenges for the business services industry such as increased competition and consistent evolution that can be difficult to keep up with. Given the age of e-commerce, however, customer information is more digital than ever and clients are depending on their providers to keep it safe. Customer trust is on the line as more and more instances of breaches surface to the media. For example, one study revealed that “as many as one in five e-commerce sites in the US are still leaving their customers exposed.”
Many traditional providers have had to adapt to the new environment if they wanted to survive. For example, staffing agencies that previously provided administrative employees have had to bring their platforms to the internet since many office administrative services can be performed remotely. Security services are no different. As fast as businesses can embrace technology it seems as though thieves can find a way through their protection. Earlier this year Panera Bread announced that they were able to fix an error on their website that, if unresolved, could have left up to 7 million customers vulnerable to internet scammers.
The gap in information security is apparent. However, for the business services industry this gap is a huge opportunity. Eager to protect their reputations, remain in good standing with their client base and provide the best customer service possible, any company who does business online is going to be searching for a proper solution. Therefore, a privy business services company could benefit by increasing their in-house focuses on providing security for their customers who can then keep their customers safe as well.
If you would like to discuss this article or schedule a private and complementary consultation, please contact Tony at Tony@nybbinc.com or 631-390-9650.