The importance of privacy and consumer trust
In this increasingly digital age, it is crucial for businesses to ensure that they are protecting their customers’ privacy and cultivating an atmosphere of trust. In an era where customer data can be accessed easily, companies must strive to maintain the highest standards when handling confidential information.
First and foremost, organizations should prioritize customer privacy above all else. This means implementing robust security measures such as encrypted networks and up-to-date firewalls designed to protect business systems from outside intrusions or malicious attacks. Companies should also adhere to industry regulations like GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act). Doing so will not only demonstrate ethical responsibility but also help build reputation amongst customers.
Creating a transparent environment is also key to establishing and maintaining trust with customers. Companies should clearly communicate the types of data they collect, how it’s used, who has access to it, and how this information may be shared with third parties. Furthermore, organizations should provide customers with options for opting out of certain services or having their personal information removed from databases.
How is data privacy viewed among consumers?
Nearly 68% of people worldwide have concerns regarding their online privacy and will take necessary steps to safeguard it when they feel it is at risk.
Consumers’ biggest concerns regarding data privacy are:
- Consumers believe that companies take steps to protect their privacy predominantly to comply with legal obligations such as the EU’s GDPR or the USA’s CCPA.
- Only 29% of consumers say it is easy for them to understand how well a company protects their personal information.
- One in two global consumers believe the use of artificial intelligence in the collection and processing of personal data poses a significant threat to user privacy.
- More than half of all consumers have experienced the negative consequences of a data breach. Among those impacted, more than 80% report that they sometimes or always discontinue their business relationship with a company that has experienced a data breach.
Are data privacy concerns driving consumer behavior?
Data privacy concerns are a major concern among many consumers today. A recent survey showed that more than 80% of respondents indicated they were worried about their data being used for purposes other than what it was intended for.
This is especially true in the wake of numerous high-profile data breaches: ChatGPT has been in the public discourse for months now because of its revolutionary AI capabilities, but some bad news came in late March 2023 when they announced they experienced a data breach. Officials from OpenAI, ChatGPT’s parent company, said “In the hours before we took ChatGPT offline on Monday, it was possible for some users to see another active user’s first and last name, email address, payment address, the last four digits (only) of a credit card number, and credit card expiration date. Full credit card numbers were not exposed at any time” (via CMSWire).
At the same time, however, data privacy concerns have become a major driver of consumer behavior. Consumers are increasingly looking for ways to protect their data and ensure it remains private. This includes opting out of services that collect user data or using encryption tools when sharing files online.
The importance of educating consumers on data rights
Informing consumers of their data rights is crucial for businesses to build trust and protect personal data in the digital age, as many consumers remain unaware of their rights, leading to an erosion of trust between businesses and the public.
Businesses must provide more transparency around how they use customer data and gain consent when collecting it.
Can businesses identify data privacy concerns and overcome them?
Yes, a solution exists to keep companies compliant, brands visible, and consumers in control of their personal information:
A Consent and Preference Management platform (CMP) is a software solution that helps businesses collect and manage personal information and consents in line with data protection laws and regulations such as GDPR and CCPA.
CMPs are designed to integrate with all sales and marketing platforms, they enable businesses to gain insight into the personal data lifecycle from the moment of opt-in to the moment of data removal, enabling them to track, monitor, and respond to data subjects’ requests and consent preferences.
Meet Cassie - compliance without compromise
The consent and preference management platform that powers sustainable, compliant revenue growth by building stronger customer relationships through the respect of individual choices.
During the last decade, Cassie has enabled renowned global brands to both abide by data privacy regulations and boost conversions.
Cassie works with retail, media, healthcare, automotive and financial businesses to improve their targeting efforts and ROI by using granular preference management across all of their channels for maximum impact. Cassie’s approach will enable companies to deliver engaging experiences that drive results.
Cassie gives businesses a prime opportunity to focus on building customer trust and achieve the following goals:
- Ensure data privacy compliance
- Improve marketing efficiency by only sending the communication most likely to succeed
- Enable the most effective personalization for stand-out experiences
- Put the customer firmly in control of how the brand communicates with them
- Increase marketing ROI
- Create brand trust and credibility
Save time with smart consent audits for any legislation
Data privacy legislations such as GDPR and CCPA have dramatically improved the lives of consumers, giving them stronger data rights and more protection. Cassie helps global organizations achieve compliance without them having to compromise their business goals.
Manage compliance according to your business rules
Cassie has the flexibility to provide the data structure you need to ensure that your compliance journey never gets in the way of your business strategy.
Query at speed
With Cassie, businesses can query their data and retrieve the information needed in real-time.
We work with clients with large data volumes, and Cassie has an impressive track record in delivering for clients with up to 350 million data subjects. Cassie can handle up to 50,000 record requests per second.
Single source of truth
Cassie allows users to have multiple identifiers to reconcile consent and preference data held in multiple systems to give a single source of consent data which is then applied across their entire estate.
Want to learn more about consumer views on trust and data privacy
Read our Data myths and misconceptions research report to understand why US consumers are wary about the security of their online data.
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