Trust Trumps Price in Business Decision Making, with Information Security Crucial to Building Trust
Latest study from Iron Mountain shows trust is a business deal maker or breaker
5th April, 2017 – Trust is so important in the corporate world that it can make or break business deals. This is one of the findings of a recent study from Iron Mountain® (NYSE: IRM), the leading storage and information management services company. The study found that the majority of business leaders see customer trust (91%) or partner trust (88%) in their organisation as valuable and 95% agree that trust is important when making a major business decision, ranking more important than price in the final decision. The findings also suggest that organisations with good information management policies and practices are more likely to be trusted than businesses without these in place.
The research, which questioned around 3,000 business leaders, highlighted several important factors that can erode trust. A high number (77%) said they would lose trust in an organisation that had experienced a data breach, placing secure information management at the heart of maintaining trust between organisations and their customers and suppliers.
Once lost, trust and reputation can be hard to restore. The research shows that most (78%) business professionals believe trust can rarely or only sometimes be repaired once it has been broken, with a small number (2%) holding a view that broken trust can never be repaired.
Reputational considerations were important for many. The majority, for example, saw high value in positive media attention (86%), the strength of their organisation’s brand (88%) and how senior leaders are perceived (89%). Most placed high value on protecting business-critical information such as customer records (87%) and intellectual property (92%), emphasising the importance of managing critical information securely to minimise the risks of breaches, mitigate the risk of reputational damage and maintain good relationships with suppliers and customers.
Commenting on the findings Elizabeth Bramwell, UK Commercial Director at Iron Mountain said, “Secure information management has become a business differentiator. It is important to building and maintaining trust between businesses and stakeholders. With our study showing the important role that trust plays in business decision making, we urge organisations to put robust information management policy, process and practice in place. Policy and process, however, are nothing without the support of employees. Businesses need to measure how effectively they are managing information, address any shortcomings and make sure that employees understand and follow policy. Fail to keep information secure and your business risks serious damage to its reputation and its relationships with customers, suppliers and employees. All of which will ultimately hit the bottom line.”
For more on the information challenges facing businesses in Europe today, download the full guide on how to prepare for
the General Data Protection Regulation from Iron Mountain.
About Iron Mountain:
Iron Mountain Incorporated® (NYSE: IRM) is the global leader in storage and information management services. Trusted by more than 220,000 organisations around the world, Iron Mountain’s real estate network comprises more than 85 million square feet across more than 1,400 facilities in 45 countries dedicated to protecting and preserving what matters most for its customers. Iron Mountain’s solutions portfolio includes records management, data management, document management, data centres, art storage and logistics, and secure shredding, helping organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information. Founded in 1951, Iron Mountain stores and protects billions of information assets, including critical business documents, electronic information, medical data and cultural and historical artefacts. Visit
http://www.ironmountain.co.uk/ for more information.
About the research:
The research was undertaken for Iron Mountain by Arlington Research, the research division of Berkeley Global, which surveyed 2,993 business professionals, across the UK, France, Germany, the Netherlands, Belgium, Spain and the US. Those surveyed included c-suite/ board-level executives, IT management, legal management, procurement management and supply chain management. A range of industry sectors were surveyed and respondents worked for a spread of businesses from under 100 employees to over 2,500 employees.
For further information, contact:
Marketing Manager UKI
Christian T. Potts
Director, Corporate Communications
+1 (617) 535-8721