Nearly two megabytes of data enter the digital sphere every second, making data privacy a critical issue for businesses in today’s data economy. Consumers expect privacy as a human right, and are less likely to trust brands that don’t prioritize their personal data protection. In addition to regulatory compliance, managing third-party risk, and data minimization, privacy should be embedded into business strategies such as product development, customer experience, and digital transformations to reduce exposure and maintain consumer trust.
Data privacy is the ability for people to decide for themselves when, how and to what extent their personal information is collected by or communicated to others — such as name, location, contact details, or online or real-world behaviour. It also includes data protection — the ability to limit access to sensitive data to authorized individuals, such as passwords or biometric authentication.
Despite the widespread adoption of internet services, many consumers are not aware that their activities online are tracked and monitored. Even if users are alerted to cookie usage, they may not know that the data is shared beyond websites they visit. Some consumers are not satisfied with how their personal data is used and would like to be able to delete or control their data.
For many consumers, the answer to these concerns is not only more government regulation, but a greater sense of transparency around what they are sharing, and more effective tools to allow them to exercise their rights. This is why automated notifications and workflows that help them verify and follow-through on requests are becoming increasingly important for businesses, as well as ensuring that their systems are compatible with privacy laws.