Data breaches hit an all-time high in 2019, with an estimated 8.5 billion records exposed in more than 5,000 reported breaches. It may not get any better in 2020 as organizations encounter increasingly sophisticated threats while dealing with chronically short-staffed IT security teams.
Sharing a positive or negative experience has never been easier, thanks to social media. Switching brands due to a negative experience has never been easier, thanks to a saturated marketplace and instant access to information about other options.
Customers have never felt as empowered as they do today.
Most security breaches can be traced back to human error. Hackers know it’s far more difficult to defeat advanced security defenses than it is to trick a human into opening the doors and letting them in. If the doors aren’t completely opened, the keys are essentially handed to hackers when organizations fail to require complex passwords, turn on security features or respond to security alerts.
Right product, right place, right time, right price – that’s the new customer expectation. Issues must be resolved without delay on the channel of the customer’s choosing. The problem facing businesses is that every customer has different preferences.
