Part two of our top ten list of marketing trends is all about data! Big data started gaining traction as a concept last year, and in 2014,we’re finally starting to figure out what it actually means. Simply put, “big data” isan all-encompassing term for any large collection of data too big and complex for traditional processing applications. With Big Data awareness on the rise, let’s take a look at two data-related trends of 2014.
8. Data Breaches
2014 saw a number ofhigh profile companies experience significant data breaches. In most countries, data breaches are most often caused by either insiders in the company leaking information, or a criminal attack. According toa recent report by the Ponemon Institute, 43 per cent of companies have experienced a data breach in the last year, up 10 per cent from the year before. This number is only expected to rise.
Data breaches damage a company’s long-term reputation and can significantly decrease customer loyalty. According to the report,the average cost to a company that experienced such a breach was $3.5 million – 15 per cent more than the previous year!This money must be spent regaining the company’s brand image, retaining old customers and acquiring new ones.Recovering from a data breach is never easy.
7. Data security
Given the devastating nature of a data breach,the best way to deal with a potential breach is to prevent it from happening in the first place.Companies need to have acomprehensive, multi-layered security strategy, including solid encryption practices, digital certification anduser education and awareness. Your company should also consider investing incyber liability insurance, if you haven’t already.
