Does Customer Data Privacy Actually Matter? IT WILL.

Big tech has lost the confidence of consumers but is apparently awakening from what a problem that’s.

It’s only April and 2019 has already been shaping up to be always a banner year for having less data privacy. Not really a day goes on where our mortgage information, our passwords, and even our old Hotmail emails aren’t wrapped up in a few type of security failure that flouts our digital privacy.

The cynic indicate here is the new normal–that we’ve made a Faustian bargain with big tech to select convenience over security and privacy. But while news reports highlights companies behaving badly, change could be coming, both with regards to companies’ attitudes towards customer privacy and in the regulatory compliance landscape. While fines and additional legal ramifications ought to be enough to operate a vehicle businesses to take customer privacy seriously, customers have a seat at the table and may also push change.

NOBODY Is Safe From the info Breach Epidemic (Infographic)

Everyone on the web has heard about General Data Protection Regulation or GDPR, which may be the European Union’s (EU) relatively recent privacy regulation. The GDPR arose as a holistic way to update existing, inconsistent and conflicting regulations over the EU to fortify the protection of individuals’ personal data. GDPR serves as the building blocks for European consumers to take more control of their privacy and it’s just the to begin many laws along the way.

The California Consumer Privacy Act (CCPA) came on the heels of the GDPR and will be offering similar protections for California consumers. The CCPA switches into influence on January 1, 2020. The regulation puts guidelines on private information collection and usage by businesses, giving Californians significant visibility and usage of what data is gathered, how it really is shared and control over its deletion. Other states like Washington, Maryland, Massachusetts, Hawaii, New Mexico, and Rhode Island also have introduced legislation around privacy, opening the entranceway for more potential statewide privacy compliance challenges for businesses.

These regulatory shifts on the international and state-wide level may prod action at the federal level, in which a number of competing bills have already been help with, but progress has been limited.

As the private sector waits for potential federal legislative movement on privacy, it’s worth asking how businesses consider user privacy, and if there are any practical cues to take. Okta published its Digital Enterprise Report in early April — a survey of just one 1,050 technology decision makers at organizations with $1 billion in revenue or greater — and sought to comprehend more about how exactly these organizations were considering privacy regulation and practices.

With such a rapidly-changing regulatory landscape, compliance is and can continue to be a considerable challenge for businesses of most sizes, so it’s no shock that over half of survey respondents said a federal privacy law would make compliance easier. The choice? Organizations reckoning with the byzantine nuances of differing state laws.

The Equifax Data Breach Shows the Limitations of How Our Data is Stored

The result of regulation and the varying interpretations could have an impact on what organizations act in regards to to privacy, but it’s not the one thing impacting actions. After a year filled up with privacy breaches and scandals over the technology landscape, companies are recognizing the necessity to make privacy more of a focus and potentially a strategic differentiator. While nearly half of Digital Enterprise respondents said they provide customers only limited control over what data they tell their organization, nearly half again said they be prepared to provide more control over data privacy in the year ahead.

Perhaps surprisingly, topping the list will be the industries who’ve historically collected customer data to market goods and services: technology, retail, manufacturing and automotive. Regarding technology, these repeated breaches — both accidental and purposeful — have destroyed trust, created legalities and hurt their bottom lines. Based on the Edelman Trust Barometer — a worldwide survey of consumer trust done annually — only 55 percent of respondents think technology is performing well on protecting consumer data.

Personalization and Privacy in a GDPR World

All this is to claim that privacy is now a front and center issue for businesses and governments alike. But could it be a strategic advantage? According to TrustArc, 92 percent folks consumers worry about their privacy online, and moreover, 89 percent say they avoid companies that usually do not protect their privacy. Handling privacy proactively and transparently offers significant upside to businesses of most sizes. This means finding out how to practically consider protecting customers’ data, and there are a few broad, simple rules that produce data privacy and transparency significantly easier for business builders:

Don’t collect unnecessary data. In the event that you don’t collect it, you can’t leak it. It’s a prudent, responsible decision that reduces risk for companies, teams, and individual employees.

Don’t share unnecessary data. Periodically you must collect the info but that doesn’t need you to also share it. Data sharing should be scoped to a particular use case and dynamically shifted when necessary.

Recognize the necessity for continuous monitoring. Way too many apps are designed, launched, and neglected without another thought directed at what information those apps hold. Creating a baseline of “normal” and investigating anything beyond it really is key to limiting unwanted exploitations of privacy and data.

Be transparent. Beyond taking proper steps to safeguard and limit sharing data, entrepreneurs should do something to proactively build relationships their customers around data privacy, creating privacy policies and statements on digital properties with clear language.

As is always the case, the devil is in the facts. But proactively considering data privacy offers a business builder an opportunity to showcase commitment and transparency to customers in a day and time of waning trust, furthermore to preventing the regulatory headaches of an extremely complex com

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