For Data Privacy Day last year, we discussed best practices for executives and businesses to adopt to ensure they had a privacy-led approach to business success. We also did a survey on how data privacy and accuracy can impact business decisions. But in the short span of a year, the privacy landscape has changed significantly. The theme for this year could be summed up with one word – transparency.
Having a privacy-led approach is not a choice anymore as awareness of privacy concerns increases among consumers. Big stories in the media like the whopping fines Sephora and Amazon have had to pay due to data privacy violations have only increased scrutiny and conversations around privacy.
For businesses and executives, compliance with the ever-evolving privacy laws across different countries will not suffice. Your approach to privacy could also inform your customer’s opinions and trust in you. Cisco’s consumer privacy survey in 2022 revealed that 81% of respondents believed that the way a company treats their personal data is indicative of the way it views them as a customer. So customer trust, which is essential for business success could also depend on your approach to privacy.
Here are 5 trends around data privacy to be aware of for 2023:
The stakes for protecting consumer privacy have never been higher. To make sure your company is responding appropriately, you need to both prioritize it with your own processes, and in how you select the vendors and partners you choose to work with.
As a company with global data on millions of consumers across the world, Near has always taken stringent and proactive measures to ensure our partners’ and consumers’ data is protected. Interested to know more? Get a demo or check out our resources page.