The EU's General Data Protection Regulation made 2018 the year that data privacy went global. Data security and privacy is an important issue for brands and consumers alike. Every year, a new highly recognizable name enters the ignoble ranks among those organizations that have suffered an expensive and embarrassing data breach.
When one of the world's most sophisticated companies encounters a security incident on this scale, it just goes to show that no organization is immune to the threat of data leaks and breaches.
Among the many repercussions that data breach victims experience is a loss of customer trust -- a hit to a brand's reputation that can years to overcome. To gauge exactly how consumers feel about the issues of data security and privacy, we conducted a survey of more than 1,000 people in the U.S. The results are eye-opening for any marketer concerned with the effect that data breaches and regulations have on data-driven consumer engagement and outreach.
Consumers Favor Data Regulations
GDPR continues to be something of a divisive topic among consumer brands. Compliance can be challenging, and the cost of violating GDPR's guidelines may haunt an organization for years. We've said for a while, though, that GDPR compliance -- not to mention compliance with other data regulations -- can be a positive development for brands beyond avoiding costly fines. In particular, it demonstrates to customers that your brand takes data privacy seriously and is committed to safeguarding the personal information they share with your organization.
It turns out that most consumers agree with our take on the matter: 68 percent of survey respondents said they would like to see regulations similar to GDPR enacted in the U.S. An additional 22 percent were still on the fence about seeing data privacy rules that strict recreated stateside.
As far as the specific provisions included in GDPR, opinions were split regarding which one consumers would most like to see enacted in the U.S.:
39 percent chose the ability to ask companies to delete any personal data they have on file at any time (the "right to be forgotten" clause)
38 percent opted for the right to control how their data is used by consumer brands
12 percent liked the idea of being able to lodge a complaint against companies that misuse their personal data and have those organizations fined as a result
11 percent simply wanted to be able to get clarification on how companies used their data
Consumers are Conflicted About How Much Companies Know About Them
Although survey respondents recognized the value of targeted marketing and personalized engagement, they expressed a sense of uneasiness with uninhibited data collection programs. Nearly three-quarters (73 percent) believed that, in general, websites know too much about them.
Brands need to find a way to provide customers with the kind of personalized engagement they crave while protecting their personal information and demonstrating a commitment to data security and privacy best practices. Customer identity and access management is a critical tool when trying to balance ironclad data security capabilities with the ability to offer a tailor-made customer experience.