Data collection provides businesses with insights into their customers, allowing them to offer bespoke services.
However, in the past few years, the collection, use, and storage of personal data have raised concerns regarding consumer privacy. As more people and services turn to the internet, data privacy is becoming a pressing issue.
Some service providers have realized the need for data protection and online privacy. For example, no KYC poker sites allow gamblers to play poker online without having to go through the Know Your Customer (KYC) verification procedure. However, there are still many online platforms that require consumers to sign up using personal information, like IDs and addresses, which has raised privacy concerns across industries.
Data privacy has become a concern for individuals, businesses, and governments. The amount of data generated each day is growing exponentially, and everyone must understand the principles of data privacy.
At its most basic form, data privacy is understanding how all your information is collected, stored, and used. It includes protecting your name and surname, address, Social Security number, transactions, and even your browsing history.
Since all this information is stored online, it can be accessed by cybercriminals, especially if you don’t take the necessary precautions. Once your data falls into the wrong hands, your identity can be stolen, and illegal activities can be committed in your name.
Here are six reasons why consumer data privacy matters more today than ever before.
The rapid growth of the internet and the amount of connected devices have increased how much data individuals generate each day. Whether you’re posting on social media or purchasing items online, your data is constantly collected and analyzed to improve your online experience.
We are part of the Data Generation, and this increase in data creation has led to more data breaches, too. There is a desperate need for strong security measures to protect individuals and prevent personal identity theft.
Personal data has become a target for hackers. These cyber-attacks have become increasingly common, with sensitive information, like identities, health details, and financial transactions, being exposed or misused.
These cyber threats can result in financial losses, and can also cause consumers to lose trust in the companies handling their data.
Governments have realized the importance of data privacy, and have implemented laws to protect consumers. For example, in Europe, there’s the General Data Protection Regulation, and in the US there’s the California Consumer Privacy Act. These laws state how data can be collected and used.
Consumers are increasingly aware of their digital rights, and therefore companies need to prioritize data privacy to uphold their reputations and foster trust with clients. Companies need to be transparent in their policies about how data is collected and used to retain loyal customers.
Data storage and handling can be viewed as an ethical issue. Consumers have the right to decide how their information is used, and businesses need to respect this right by being upfront with their data practices.
Privacy is key to financial freedom and freedom of thought and speech. Knowing that your online interactions are constantly being monitored – and can then be used against you – takes away this sense of freedom.
Websites or online companies need to respect this right to freedom of thought, speech, political choices, and financial transactions, and not use data in such a way to impact the freedom of an individual.
Unfortunately, cyber-attacks and data breaches are fairly common. But, there are ways in which individuals can protect themselves and their personal information:
Data breaches are constantly making headlines, which is why knowing what happens to your data is so important. Businesses need to prioritize data privacy, and consumers need to take the necessary steps to ensure their personal data is always protected.
