Utter the words ‘data breach’, and the news spreads just as fast as any 5G network. Over the past 10 years, there have been 300 data breaches involving the theft of 100,000 or more records according to Forbes. And per the World Economic Forum, as of 2019, cyber-attacks are considered among the top five risks to global stability. Sadly, this news isn’t new. But considering that most of the individuals affected by the T-Mobile breach weren’t even existing customers, the headline doesn’t evoke much confidence.
It was expected to die. Instead, it continues to grow.
Despite the rise of GDPR and other privacy regulations, marketing demand for third-party data has continued to drive billions of dollars of double-digit growth.
Life is a digital experience for most customers. Big as it already is, the importance of customer data continues to grow. We are told that “data is the new oil.” Some of the largest enterprises on Earth are founded on data such as Google, Amazon, Alibaba, Facebook, Netflix, Salesforce, Microsoft, and Oracle. Many of these big tech firms didn’t exist 25 years ago, making their success astonishing.
By no means all of the regulatory action under GDPR has been accomplished through fines on organizations. It is expected that the EU legal consensus regarding privacy will strongly influence their behavior. Since GDPR’s introduction, most regulators have taken a consultative stance, giving advice and looking for incremental improvements in behavior.
In this second instalment, we will discuss how to achieve a position of digital privacy leadership. Here’s how to exceed customer expectations about privacy and build stronger relationships with consumers based on trust and empowerment.
CCPA is California’s answer to the new European regulation known as GDPR. It aims to protect consumer digital privacy, in a balance with promoting competition and commerce. With a 1/1/2020 start date, CCPA compliance is becoming urgent.
