01.28.2025 Brittani Yeager
Estimated Reading Time: 5 Minutes
According to McKinsey, 80% of executives believe their product stands out against competitors, but only 8% of customers agree.
So, what can help further differentiate your business from the competition?
Your consumers may already trust you with their data. However, their concern about who has access to it continues to grow. You can address this concern and further differentiate your business by offering them robust and comprehensive data privacy tools.
Let’s discover why offering consumer data privacy and security tools can help you stay ahead of competitors and how Iris’ new digital solution can empower you to meet that goal.
Offering Consumer Data Privacy Protection Can Help Brands Boost Revenue
The Global Consumer Cybersecurity Software market is segmented into antivirus software, device security, identity theft protection, password management software, and more. The market size is expected to reach $18.3 billion by 2030, rising at a market growth of 11.7% CAGR during the forecasted period. What’s driving this growth? Unfortunately, it’s due to the ever-evolving and persistent nature of cyber threats. It’s also fueled by consumers' need for robust identity data and device protection solutions – not just for themselves but for their entire household.
Almost 6 in 10 (57%) of Americans say they would be more likely to do business with a retailer, consumer brand, bank, or credit card provider if they were offered identity protection. Further, 76% of American consumers say they’d feel more secure if a business offered a proactive solution to reduce their risk of falling for scams.
If you’re not already addressing this consumer need, you’re missing out on an opportunity to capture new business, increase your bottom line, and create a stickier customer experience to fortify customer loyalty.
Additional Business Benefits in Offering Consumers Privacy Tools
Here are a couple of other reasons why it makes business sense to offer your audience data privacy and security solutions:
- Customer Trust & Loyalty: Identity protection and data privacy go hand-in-hand. When your brand combines these offerings into a comprehensive data protection program for consumers, you illustrate your awareness of real consumer needs, helping to boost customer satisfaction and loyalty. Plus, empowering customers with tools like identity protection and device security for their entire family illustrates that you value their safety and well-being.
- Strengthen Brand Reputation: Data breaches can devastate a brand’s reputation. And it can take a brand years to recover fully. If a business is targeted in a cyberattack and doesn’t have the proper protection, customer information could become exposed, damaging consumer trust. Most Americans (83%) say they would think twice about doing business with a breached company. With consumer data privacy laws and regulations in place, the damage can extend even beyond its reputation. Don’t forget organizations' financial loss due to data breach-related fines, penalties, and settlements. Brands can mitigate their risk of compromise by implementing a data security plan across the organization, properly storing data, limiting access control, and encrypting sensitive data. Additionally, taking a proactive approach to providing consumers with data protection tools demonstrates your company’s commitment to security, fostering positive associations with your business.
Respect Consumers' Privacy by Offering Personal Web Defense from Iris®
In a time when cyber threats are becoming increasingly sophisticated and harder to discern – especially with the advancements in AI technology – businesses like yours have a growing responsibility to protect their customers’ identity data, devices, and families’ online experience. With Personal Web Defense from Iris® Powered by Generali, you can delight your customers with a trustworthy tool that meets modern digital needs.
Personal Web Defense from Iris combines security and privacy in a single app you can integrate with your existing offering. With it, your customers can install enhanced protection on their desktop or mobile device – Windows, Mac, iOS, or Android – delivering protection for all household members in a few simple steps.
Key Features of Personal Web Defense
Designed for brands looking to differentiate their business further and offer their audience robust online protection, Iris’ digital solution guards customers from various cyber threats, elevating your data protection program to a new level:
- VPN
- Password Vault
- Household Data Protection
- Antivirus Scanning and Firewall
- Secure Browsing
- Parental Controls
Iris offers a library of identity protection solutions that perfectly complement your new privacy tool. Choose from over a dozen complementary solutions like dark web monitoring, award-winning fraud resolution, scam analysis assistance, and others to deliver alongside your Personal Web Defense offering. With the Iris Platform, you choose what you want your identity and data privacy program to include and how you want to offer it to your customers.
Visit IrisIdentityProtection.com/PersonalWebDefense to learn more.
1. F-Secure, Global Connected Home Survey, 2023
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