Data is the lifeblood of modern businesses and a key asset that fuels operations. But when cybercriminals get their hands on this critical information, the repercussions are widespread and profound. From lost revenue to diminished trust among clients and stakeholders, the damage can be long-lasting. This is why it’s crucial for organizations to champion data privacy as an integral part of their corporate responsibility.
Amid rising concerns about data privacy, consumers are shifting to a new digital standard of transparency that ensures they’re informed about what companies are collecting from them and how this information is used. In fact, 76% of respondents said they would stop doing business with a company that doesn’t show them its data collection policy in clear language.
Data privacy issues revolve around a person’s right to control the information they reveal about themselves online. This data can range from sensitive personal details, like a person’s name, birthdate, or Social Security number, to browsing habits, which may include the sites they visit and products they buy.
Aside from legal compliance with laws such as GDPR and California’s Consumer Choice and Protection Act (CCPA), data privacy is a matter of ethics. Customers expect to be treated fairly when it comes to how their information is used and abused, and the lack of transparency can hurt brand reputation. This is why it’s important for companies to build a transparency-led data strategy and establish best practices for protecting data.