Ready for the Onslaught of New Data Privacy Laws?
In a not-so-shocking twist, consumers are realizing that companies have a great deal of insight into their personal lives and want to control the privacy level of their information.
Way back in early 2018, multinational corporations were rocked by the need to suddenly double-down on data privacy to conform to the restrictive new GDPR standards in Europe. Fast-forward only a year later, and the California Consumer Privacy Act has been passed and other states are looking hard at privacy as well. While only a few years ago it seemed as though companies were free to wheel and deal in consumer data at their leisure, these same organizations are now facing massive fines if they don't quickly get their data privacy and security processes in order. Pulling together complex data sets and ensuring that they meet the ever-changing state-by-state data regulations isn't a job for the faint of heart, either. With each state in the US able to enact varying -- and unique -- privacy laws, companies are facing a data crisis of epic proportions.
67% of US Consumers Are Concerned About Data Privacy
According to Todd Wright, Global Lead for GDPR Solutions at SAS, notes: “It’s clear that in this age of increased data privacy concerns, even without a more stringent data privacy law in the US, organizations that treat their customers’ data with care will be rewarded, and those that don’t risk the loss of reputation and customers.” Companies are actively looking for ways to pull together diverse data sets to present a cohesive view of their consumers, hoping to use that information to more effectively target their messaging in a way that it can be heard in the increasingly crowded marketplace. With the massive consumer concerns around data privacy, businesses are still struggling to find ways to consolidate their disparate data sets that are often stored in various business units or scattered throughout the organization.
Microsoft is Taking Action to Protect User Data
While other major organizations are still waiting around to see what happens in terms of state adoption of privacy laws, Microsoft has determined the time for consideration is past -- they are taking action to protect user data. Microsoft has decided to enact what is expected to be the most stringent of the data standards currently being proposed, that of California's Consumer Privacy Act. Microsoft's chief privacy officer recently praised the 'robust control' that users would have over their data, and encouraged other organizations to take measures to become compliant with the newly-introduced standards.
While the national debate over consumer privacy is far from over, it's important to note that companies are going to be struggling with this issue for quite some time. With the introduction of California's laws, there are still several other states that have privacy laws under consideration or even signed into law such as in Nevada and Maine. If your business isn't already looking for ways to address these privacy initiatives, it may be time to expand the conversation within your leadership and technology teams to determine how your company can move towards compliance in the near future.
Have questions or concerns about your data privacy? Contact your New Jersey IT support company, Two River Technology Group today.