Is Your Data in Danger? Use These 5 Data Privacy Trends in 2022
It’s an unusually tumultuous time for advertising. In 2022, there is a lot of privacy legislation led by governments that are on deck. With Apple’s change in its privacy concerns and a new landscape of regulations, it can be hard to know which direction to go in. With so many privacy regulations on the table, it’s essential to stay abreast of the latest data privacy trends in the industry. The following trends in advertising often have to do with the way the third-party cookie is dying.
Privacy Regulations and Privacy Programs
If your company hasn’t already made a privacy program that is clear about which data they are collecting, where it is stored, how it is used, what its value is, and with whom they share it, it may be time to do this. And with more and more states rolling out their own privacy laws, it will be an ongoing process to maintain this comprehensive program.
You need this program as a foundation that will allow you to add to it as mire privacy legislation comes into play. You don’t want to be starting from scratch every time a state passes a new privacy law. Having this in place will impact many different areas of your business, from marketing to sales to IT to legal. While it used to be that the legal team or compliance completely handled the privacy concerns, this is no longer the case.
Cyberattack and Ransomware Scrutiny
Ransomware isn’t just tearing apart businesses, and it has been going after large parts of industries as well as schools, utilities, and more.
In 2022, we expect governments around the world to continue to take action on ransomware and the payments that are extracted from businesses and other entities. It may be that entities will have to cooperate with a law enforcement agency before they can pay the ransom. With cryptocurrency mixed up in this system, it may also face more scrutiny.
Governments are expected to collaborate on busting the larger ransomware groups to cut down on the practice. We may also find that governments start to tighten up the market for cyber insurance so that it’s harder to get and much more expensive while also offering less coverage. Eventually, it may require the insured to pay a matching amount for ransom payments.
“Data privacy trends of 2022 are smarter than the modern approaches of cybercriminals”
Third-Party Risk Management
TPRM, or third-party risk management, is a type of security that puts the focus on the risks that your business could face by simply using a third party’s services. This may be stock suppliers, contractors, etc.
Every business needs to conduct due diligence when letting third parties into their business when there is such a significant risk of ransomware, and that risk is only increasing. It can be hard to catch these risks in time, but it’s becoming more common to use TPRM to catch them.
When risks become noticed after the third party’s initial onboarding, your business could face problems. It’s increasingly important to identify any of these risks in advance to keep that from happening. With hackers now able to gain access to your system through a weakness in a third party, it’s more important than ever to focus on those possible risks.
Consumer Demand for Data Control
When you look at what are trends within data privacy, you can’t ignore the consumer. Search trends and data privacy are important to your business, and now the pressure is coming from the consumer as well as from regulators. Data privacy future trends will be coming from consumers and governments as more information has become available about how companies are using an individual’s data.
The consumer demand for more control over their data will keep pushing for changes in the way companies collect, store, and share data even if there are no laws to back them up. Expect consumers to choose to do business with companies that are more transparent about personal data as well as responsive to consumers about it. This can change consumer patterns and market trends as more and more consumers become aware and concerned about this issue.
One way you can go with this trend is to allow your customers to access the data you have on them and delete it if they choose. This can build the trust that more and more consumers are looking for.
Providing More Value
Some trends in data privacy are all about the consumer and what they think about their data and their privacy. With data breaches on the rise globally, consumers are more aware of the data they leave behind and the digital traces they leave here and there. They also know that much of their data is stored and collected, and they are hearing more about data breaches every day. This will force consumers to think twice about what they want to risk their data to get.
When stored data can be used against you, there is a value judgment of risk and benefits. If your company isn’t providing ongoing value for the consumer, they may think again about interacting with your company and the risk it poses to them.
One way that companies are tackling this issue is to give their customers personalized services to provide that value. It’s also important to let customers know how their data is protected when they do provide it. This will help them to conduct their cost-benefit analysis and perhaps decide in your favor.
“The “right to be forgotten” will become an international standard in 2022.”
Government agencies may impose fines and lawsuits on companies that don’t protect customer data. Additionally, businesses might also face criticism from the general public, which can be especially damaging.
Breach of personal data will continue to occur, but we’ll see a change in the way companies deal with it, and how much data they collect in the first place.