Since technology continues to evolve at such a fast pace, keeping up with the essential security features can be challenging; however, protecting customer data is not impossible. If the Internet creates amazing opportunities for us to use data in a sensible manner and evolve through its consumption, companies must then ensure that privacy risks are first understood and then, minimized. There are many potential privacy concerns that we will look at today; we will analyze them as thoroughly as possible. Of course, if this article does not cover your concerns, make sure that you perform an even deeper analysis of your company’s data privacy risk factors. Keeping your customers’ trust safe and sound is of uttermost importance, so make sure you check these facts out and let us know what you think.
The new corporate digitization
As I mentioned before, since technology is expanding so (extremely!) quickly, customers are getting used to the new era and thus, increase their demands. They want things running quickly and efficiently. What is most important is that they rely on digital tools for that; and since our systems have evolved, and our online instruments are more helpful than ever, they rely on what we can offer them.
Unfortunately, these new tool upgrades can impact consumer privacy data and can be quite risky for the following reasons:
• It transforms the UX (user experience) completely because it stores and uses information for the benefit of the customer.
• Many companies experience legal problems and system processes that report limited visibility, causing legacy systems to be assembled together into one, turning the org’s database into an unreliable source.
• Artificial Intelligence or AI is an extremely helpful tool for many digital and business e-commerce companies (and not only!) but it could multiply the client’s risk online. Since optimizing AI means tapping into an extended pool of customer information, this action surely affects privacy.
• Internet of Things or IoT focuses on increasing the UX by combining interaction with data processing, offering clients the ultimate experience. However, this also increases access to personal databases of information, which will always risk being compromised.
Privacy leaks
According to Corporate Compliance Insights, there are ways in which you can prevent these privacy leaks from happening; here are some ideas on how-to:
• You could build privacy considerations within your business model and manage risks internally. Make sure you find out all possible risks of a project before implementing it. Thus, deal with everything that you must deal with ahead of time to keep your customer information safe.
• You can maintain risk visibility by keeping yourself updated on the latest trends and keeping up with the mix of tech, business, and regulatory environments that your company is exposed to.
• You can manage your privacy risk concerns as an independent entity; establish regulations of your own and hire an advisor to help your customers understand the risks of their actions and solve their privacy issues.
You must be prepared to adapt to the new technological advancements that are taking place at the moment. “Your company will not be able to keep up with the newest trends and slowly, fade away from the market. Do not let that happen by keeping yourself updated on the latest news and improvements,” writes best essay writing service coordinator, Jenna Lawrence.
Business models based on big data analytics
Analyzing big data is useful for many obvious reasons. Some of the most important including optimizing data, improving customer experience, hiring new professionals, or targeting your needed audience; but as you may already know, these tools come with pros and cons for privacy concerns. Thus, this is a short list of things you should pay attention to as a marketer:
• The way you “market” – you analyze consumers’ preferences, I know; but how do you do it? do you use social media apps? If so, you should know that these platforms are data-driven for obvious reasons. Make sure you ask for consent from your clients when conducting such an analysis.
• The way you hire – data analysis is also used as a primary tool for understanding employee performance, engagement, and retention. This is a risky area to enter as well, so make sure you understand where you are going towards.
• Companies featuring a could system (almost all of them by 2021) might rely more on these platforms and thus, allow easier privacy data access for third-parties. Ensure that your company imposes regulations that won’t allow this data to be stolen or used in inappropriate ways.
Data masking and personal info
If not used appropriately, data masking can reveal the actual information that customers have long worked on hiding. This is not a proper attitude, especially if your brand is on the verge of expanding. You will need to actualize your policies and internal regulations to fit customers’ preferences and to secure their private data.
Discrimination
As I mentioned previously, using data from various essay writing websites (and not only) as a way of finding the right person for your company is neither fair not recommended. The info could deduce sexual orientation, gender, or color based on the database it accesses, so watch out for that. You don’t want to be discriminative towards anyone.
Patents and copyrights
Check this out! Patents and copyrights will be harder to implement because of the on-going technological expansions. That is because everything is easily made accessible to anyone today, so controlling information is harder to do.
Conclusion
Getting increased access to customer information can be both beneficial and dangerous, so make sure you know where to draw the line. Take all the precautions necessary and ensure that your consumer database is private and not easily accessible. I hope my post helped you figure out the basics of data privacy risks, but make sure to leave a comment if you have any questions or ideas to share with us – I would be glad to answer!
Change your regulations and policies if needed and make sure you stay on top of your game! Good luck!
