Incorporating a consumer protection by design mindset
Why businesses should bake consumer protection into their services.
Businesses should do more to protect their customers and bake consumer security into their services.
The former deputy Chief Executive of CSA, Ng Hoo Ming suggested this when I spoke with him in March.
His suggestion is more relevant than ever, as Singapore agencies this week announced a shift to the protected sender ID of "gov.sg" for SMS.
Protection by design
As Hoo Ming observed, current practices don’t offer adequate protection to customers amid today's complex digital landscape.
Consider:
- Money we put in a bank is protected.
- Employee fraud, bank robberies don’t affect us.
- Yet bank accounts can be emptied via online scams.
Sure, the onus is on us to stay updated and vigilant.
Yet businesses employ robust cybersecurity measures to protect their employees; Why can’t they provide stronger safeguards for the customers they claim to care about?
Erosion of trust
There is a pressing need for a deeper discussion about how businesses can do more to protect consumers, says Hoo Ming.
A potential problem of doing nothing would be an erosion of trust in institutions and businesses - with potentially disastrous consequences.
It takes great effort to tackle cybercrime and build trust. Some suggestions:
- Countries must work together to tackle cybercrime.
- Governments to provide a secure digital environment.
- Have businesses add a "cyber" section to annual reports.
Consumer protection by design
Here's a quote that quipped my interest:
Today, it would be unthinkable to purchase a car without seat belts. Moreover, some car owners would even be prepared to pay more for a vehicle with additional airbags.
Perhaps a similar approach could be taken for cybersecurity. What do you think?
Read the full article on GovWare here.
