Page 211 - Cyber Defense eMagazine April 2023

to alleviate the fears of existing and potential connected device owners, they must appeal to two different
constituencies: the uninitiated prospective purchasers and the existing owners of smart devices. Depending on how
they go about designing, tailoring, and selling these bundles, such companies have the power to influence how all
consumers use their smart home devices in a way that achieves maximum value and satisfaction. Additionally, they
may also be able to fulfil the role of ‘trusted advisor’ in supporting consumers to choose their additional future smart
home devices in the future.

Building trust in the smart home

The on-going and largely unaddressed uncertainty surrounding the safety and privacy of connected devices and
their associated data has led to increased interest in add-on security services for smart devices. With only 37
percent of consumers trusting the companies that have access to their personal data, the technology companies
looking to offer security add-on services have a significant task on their hands to earn their confidence. But at least
they have a captive audience: as the white paper underlines, 67 percent of consumers report interest in a cyber
security add-on from the security provider that guarantees their equipment cannot be monitored or controlled by
unauthorised people. Smart home customers see the value of increased protection and privacy in their home, and
as a result may be ready to respond positively to a comprehensive bundle of value-added services.

Delivering peace-of-mind services to restore confidence in the smart home vision

Fundamentally, security providers and the manufacturers of smart home devices have the opportunity to add value
to their existing service offerings by transcending simple monitoring solutions and diversifying into additional service
elements that deliver peace-of-mind to customers. These include self-monitoring alerts, premium technical support
(‘White Glove service’), advanced data privacy solutions, video storage and warranties. Offering this type of ongoing
and reliable technical support beyond the onboarding process and instalment of smart home devices not only
incentivises consumers to build-out their smart home by purchasing new devices, it also strengthens the customer
relationship. At the same time, those companies whose ambition it is to deliver comprehensive security, both for
the home that the system is contained in, as well as the devices that comprise the security bundle, have the
opportunity to positively reset consumer expectations in relation to the management of their security and privacy
concerns.

Fortifying the secure smart home of the future, today

As smart home and security devices continue to grow in adoption and use, concerns around data security and
privacy amongst consumers will also persist. Owners of smart homes require security systems that deliver peace
of mind and the assurance that their smart devices will operate seamlessly and securely. In light of this, many
consumers may be drawn to the security providers that are demonstrably taking steps to improve data privacy and
minimize the risk of security breaches within the smart home. As a result, holistic privacy protection is a valuable
add-on service that can restore the confidence of both potential and existing users of smart security systems and
devices. Additionally, these add-on services will entice consumers to see new value in this next-generation premium
support, add stickiness and satisfaction through the services provided, and strengthen brand loyalty.

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