How Compliance Influences User’s Trust
Businesses worldwide are experiencing the effects of the COVID-19 pandemic. According to entrepreneurs, 73% of companies felt the crisis’s adverse effects by mid-March. Many business owners are forced to adapt to the changes in the corporate world.
To limit the spread of the COVID-19 virus, the government implemented strict lockdowns. This has forced employees from different sectors to work remotely to help reduce their exposure. This has led to a greater dependence on technology and a revolution in how people work.
Investments in technological innovation have risen dramatically. Companies have to make sure that employees can continue to work from home and are easily accessible online to keep them afloat. This has required the development of new software and digital systems and communication methods.
With that being said, companies have to ensure that they have strong authentication and a secure digital platform. The business owner should comply with the industry and regulatory requirements to address this matter.
Using standards like FIDO2 or eKYC can help service providers and merchants comply more easily with PSD2 regulations. Salesforce Research revealed that data protection is a top expectation of customers. 84% of respondents stated that they would be more inclined to work with a company that understands their goals.
Following industry standards can indicate a company’s commitment to protecting its data and interests. According to the Financier Worldwide survey, 40% of respondents expressed serious concerns about financial information.
Customers are reluctant to trust companies online, which is understandable. Identity Theft Resource Center’s (ITRC) research found that data breaches in 2021 were 17% more than the 1,108 cases last year. These attacks are more common in large companies that have extensive security systems. This is a reflection of how vulnerable those with weak protection are. However, authentication compliance and having identity verification in online transactions can be a sign that a company is committed to meeting the needs and concerns of customers.
Enforcing strong authentication lets you increase online trust and prevent fraud by having FIDO webauthn. You can read this infographic from LoginID to learn more about the other ways to comply with compliance regulations and gain trust from users, and secure, private authentication for the future.