Why your SaaS needs a Trust Center?

Saas Trust Center Data Protection

To comprehend the importance of a SaaS Trust Center, first, we need to understand why data protection is essential for the tech industry. 

What is Data Protection?

Data protection is about the fair and proper use of personal information. It is considered a specific regulated field of privacy in its broader sense. Data protection laws deal with the way businesses use information about individuals. It refers to the methods a business uses to process personal information (sharing, usage, storage, etc). 

Some Key Data Protection Terms You Need to Understand

Before we go any further, it will be useful to understand these key data protection definitions you need to know for compliance.

Personal information: Any piece of information that relates to an identifiable person. 

Data Subject:  A natural person about whom a controller holds personal data and who can be identified, directly or indirectly, by reference to that personal data.

Processing: The collection and manipulation of items of data to produce meaningful information

Controller: A natural person, legal entity, organization, company, agency, or any other institution that alone or jointly with other controllers define the purpose and means of personal data processing. 

Processor: The legal or natural person, organization, agency, authority, or institution which processes personal data on behalf of the controller. Usually, the data processor is a third-party company.

If you want to know more about the key terms commonly used when talking about data protection, check article 4 of the EU GDPR here.

Data Protection Laws in a Global Context 

Although there is not a universal data protection regulation, all countries have some common information security standards, with some countries having their own local regulation and regulatory bodies. These authorities usually follow global practices, and even though some of them have differences, complying with the GDPR for instance, it’s a great starting point.

The major regulations are the EU GDPR, the CCPA, The Brazilian law LDPG, China’s new PIPL, The Privacy Act from Canada, and the Data Protection Act UK to name a few. 

So Why is Data Protection Important For SaaS?

Considering the technological context we live in nowadays, with most of our daily activities happening online at some level, hardware and software need more and more information to ensure functionality. That’s where technology comes together with politics, and legal issues.  

As we can see in both the surveys performed by IBM and KPMG, there’s a significant gap between data protection and consumer trust, with a full 86% of the US respondents saying they feel a growing concern about data protection. Additionally, this impacts not only B2C companies as it impacts the B2B segment as well, with 76% of the B2B technology buyers claiming they engage in extra product research due to concerns about data security.

Here you can find more details on how data protection affects the B2B tech industry. 

3 Reasons to invest in a SaaS Trust Center

Why Your Saas Needs A Trust Center

  1. For SaaS companies, the data collected from clients and partners is vital for product functionality. But consumers naturally see data collection with different eyes, they can see it as a threat to their privacy, and the best way for a SaaS company to turn this situation around and increase client and partners trust and loyalty is to invest in a Trust Center.
  2. A Trust Center is a space on your company’s website designated to show clients all the data protection and security measures the company has in place. Therefore, by investing in a Trust Center, you are investing in transparency. You can gather all the detailed information your clients and partners need to know to feel safe while sharing their data with your company.
  3. As Alison Sainsbury from Sitecore said, “Trust is earned over time through a number of trust-building moments.”, and building your SaaS Trust Center is the best way to build clear and concise communication with users and partners. It is also a great way to grant clients more control over their data, and most importantly, to show them how your company keeps their client data safe. 

In Apex Privacy, we not only help you create and implement your data protection program, but we help your company build its own Trust Center so you can use your compliance investments as a brand and sales advantage.

We have more information on how you can use data protection for business growth here.

Need help building your Trust Center? Contact us for a free consultation today!ddi

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