The Importance of Data Security for Franchise Owners

THE IMPORTANCE OF DATA SECURITY FOR FRANCHISE OWNERS Why Franchise Owners Need Data Protection G NA 1. Impact on Company 1 Losses and Revenue Financial losses breaches cause is staggering and rising every year . Consequences : In addition to the losses caused by the actual theft of lucrative data , a company may face fines if they fail to report to customers that a breach has occurred . 2 Legal Implications A data breach can involve a company in legal headaches on many fronts Consequences : Legal woes can be a considerable expense for any business . Failure to report a breach on time can cause a small fine to turn into a much larger one . 3 Employee Morale Low employee morale can create productivity problems and erode the faith they have in management . Employees may worry if their own data is safe . Some may be concerned about the future of their jobs or decide to leave . Consequences : It can be hard to keep and retain genuine talent in the workforce . 4 Impact on Customer Trust and Customer Turnover This will impact the way consumers feel about a company . Consequences : it is hard to calculate the amount of revenue that would have been available if customers stay with a company or if new customers had made their first purchase without the breach . 5. Company Brand and Reputation A company can do everything else right , but customers are likely to remember if sensitive information is intercepted . This adversely affects the brand and the reputation it took years to create . Stay Vigilant and Optimistic Although these are negative scenarios , many companies weather a problem like a data breach if they react right away . THE IMPORTANCE OF DATA SECURITY FOR FRANCHISE OWNERS Why Franchise Owners Need Data Protection G NA 1. Impact on Company 1 Losses and Revenue Financial losses breaches cause is staggering and rising every year . Consequences : In addition to the losses caused by the actual theft of lucrative data , a company may face fines if they fail to report to customers that a breach has occurred . 2 Legal Implications A data breach can involve a company in legal headaches on many fronts Consequences : Legal woes can be a considerable expense for any business . Failure to report a breach on time can cause a small fine to turn into a much larger one . 3 Employee Morale Low employee morale can create productivity problems and erode the faith they have in management . Employees may worry if their own data is safe . Some may be concerned about the future of their jobs or decide to leave . Consequences : It can be hard to keep and retain genuine talent in the workforce . 4 Impact on Customer Trust and Customer Turnover This will impact the way consumers feel about a company . Consequences : it is hard to calculate the amount of revenue that would have been available if customers stay with a company or if new customers had made their first purchase without the breach . 5. Company Brand and Reputation A company can do everything else right , but customers are likely to remember if sensitive information is intercepted . This adversely affects the brand and the reputation it took years to create . Stay Vigilant and Optimistic Although these are negative scenarios , many companies weather a problem like a data breach if they react right away .