Data is the fuel that powers today’s online ecosystem. It fuels personalized experiences, advances scientific research and unlocks new opportunities to create value. But data collection and use is a highly complex topic that’s changing quickly. With GDPR, CCPA and the yearly (if not monthly) appearance of new privacy laws impacting our online environment, it’s important to understand what data privacy is and how it applies to your business.
Data Privacy Ensures Individual Autonomy
While some consumers take steps to manage their data privacy, such as using ad blockers or VPNs, the vast majority are overwhelmed navigating all the options, skeptical these solutions will make a difference and have trouble finding a trustworthy place to share their information. This is why there’s bipartisan support for more regulation of what companies can do with their personal information, with 72% of Americans supporting more protection compared to just 7% who oppose it.
The key principles of data privacy include authority – only handling personal information with explicit, informed consent. Data minimization – only collecting data that is necessary for the specified purpose and only using it in ways outlined in the privacy notice. Access and amendment – allowing individuals to have access to their personal information, the ability to correct it as needed and an easy way to withdraw their consent.
Data privacy also provides benefits for businesses. It helps them maintain compliance, reduce the risk of fines and other legal repercussions and safeguards their reputation in the eyes of customers. It can also improve the bottom line through reduced costs associated with the occurrence of a breach, including incident response expenses, lost revenue from interrupted business operations and costly regulatory fines.