Customer Privacy and Consent Trends
Security teams have been focused on protecting their customers and their business for quite a while now, but the job is never finished. Bad actors are always finding new ways to exploit IT infrastructures, and they aren’t interested in slowing down. As digital commerce and operations have shifted online, so have the bad actors. Nobody is holding up banks anymore; all the fraud now happens online.
To make matters a bit more complicated, customer privacy and consent have also grown in demand, and they often fall on security teams to implement. This adds yet another set of requirements that these teams have to learn, implement, track, and update, often requiring a consent management platform (CMP). And it’s not a simple switch that can be turned on. Privacy and consent requirements vary by region, regulatory standards, customer preferences, and other factors.
Long gone are the days when convenience was the main customer driver. “You’d like access to all of my personal data for one-click access? Sure, why not, what’s the harm?” Do you still wonder what happens to those pictures you upload to social media sites and who ultimately owns them? For the longest time, it seemed like social media companies owned them, but fortunately, this trend is starting to shift as customer concern about privacy and data collection continues to grow. And the main driver of this shift is often companies’ bottom line. Customers don’t do business with companies they don’t trust, especially when there are numerous substitutions available just a few clicks away.