Data privacy has become a high-profile topic in today’s data-driven world. According to a Cisco Consumer Privacy Survey, 84 percent claimed that they care about their data and its privacy. They want more control over how, why and who uses their data.
To meet buyers’ expectations and maintain trust, B2B companies are investing in privacy programs and closely watching these three data privacy trends.
Are These Data Privacy Trends on Your Radar?
Trend 1 – Continued Adoption of Regulations
According to Gartner, by 2023, 65 percent of the world’s population will have its personal information covered under data privacy regulations, up from 10 percent today. Credit goes to the ongoing introduction of data privacy regulations, particularly GDPR and CCPA.
Since the General Data Protection Regulation (GDPR) in 2018, over 60 jurisdictions (including Brazil, Japan, Thailand and various states around the US) have passed or proposed privacy or data protection laws. This has encouraged governments to revisit regulations regarding data privacy to create unified policies.
Inspired by GDPR, California introduced California Consumer Privacy Act (CCPA) as the first US privacy law of a similar model in 2020. It created new obligations for businesses in California and empowered Californians with more control over their data.
Trend 2 – Rising Role of Data Protection Officer
Before the arrival of GDPR in 2018, only a few thousand privacy officers were employed by organizations to handle data security. Now predictions say that by the end of 2022, more than one million organizations will have appointed privacy officers or data protection officers. Much of the credit goes to the rise of privacy regulations.
Increased data privacy regulations and high demand for data protection among buyers have driven organizations across the globe to hire capable, empowered senior-lever privacy officers. They will be responsible for delivering both compliance and customer satisfaction.
Organizations that delay hiring a privacy officer and fail to meet GDPR’s regulatory standards may lose millions for legal fees or even more as non-compliance fines. Depending on the nature of the violation, organizations may cost a minimum of 2 percent of their global revenue (roughly 10 million dollars) as GDPR penalties and a maximum of 4 percent, amounting to billions of dollars.
Trend 3 – Ongoing Employee Training
With many B2B employees now working from home, and online activity surging, remote training around data privacy has become a necessity for creating awareness. It helps employees who interact with data understand more about:
- What type of data do companies need?
- How long do companies store data?
- Who can access that data?
- What are policies and practices to follow?
Since data privacy isn’t limited to the IT department, training and responsibilities for data protection shouldn’t fall solely on IT staff. Brands benefit when data awareness and protection extend throughout the operation that handles buyers’ data.
What Else Do You Need to Know?
These entrenched trends lead to only one conclusion — privacy is part of the future of every B2B company. Proactive businesses of all sizes are taking initiatives and embracing policies to create a secure data privacy landscape.
Want to learn more about data? Register for the True Influence Summer Summit: How Data Drives Revenue and here live from top data experts and practitioners.