Data privacy is a hot-button problem for B2B advertisers and customers alike, with just 17% of consumers believing their personal information is “very secure” online. Here's a rundown of what you need to know right now and in the future.
We are all aware that our online activities and knowledge are often tracked and stored. However, data protection regulates how this information is gathered, shared, and used.
Data privacy has become embedded in our collective consciousness. Every business must account for it, especially as confidence becomes a more important factor and regulations tighten.
The General Data Protection Regulation (GDPR) reflects a major change in how companies must treat consumer data.
Doing nothing was not a choice for advertisers.
The EU's General Data Protection Regulation (GDPR) went into force on May 25, 2018.
The General Data Protection Regulation (GDPR) sets out six data protection principles that summarise the regulation's many criteria.
Transparency, justice, and lawfulness
The first principle is self-evident: organizations must ensure that their data collection activities do not violate the law and that data subjects are not being misled.
To stay legal, you'll need a clear understanding of the GDPR and its data collection laws. To be clear with data subjects, you can mention the type of data you collect and why you're collecting it in your privacy policy.
Limitation of intention
Organizations can only collect personal data for a particular reason, state that purpose explicitly, and only collect data for as long as that purpose requires.
The processing performed in the public interest for archiving or research, historical, or statistical purposes is allowed more leeway.
Minimization of data
Organizations must only process the personal data required to accomplish their processing goals. There are two major advantages to doing so.
If a data breach happens, the unauthorized user can only access a small amount of information. Secondly, data minimization facilitates the reliable and timely maintenance of data.
Precision
Personal data accuracy is the key to data security. According to the GDPR, “every appropriate move must be taken” to delete or rectify incorrect or incomplete data.
Individuals have the right to have incorrect or missing data deleted or corrected within 30 days of their appeal.
Storage space constraint
Similarly, when personal data is no longer needed, organizations must delete it.
So the question that comes up is- how long will a person be considered as a customer after purchase?
The response can differ depending on the sector and the purpose for data collection. Any organization that is unsure how long it should retain personal details should seek legal advice.
Confidentiality and honesty
This is the only concept that addresses protection directly. Personal data must be handled in a way that ensures adequate security, including protection against unauthorized or unlawful processing, as well as accidental loss, degradation, or harm, using appropriate technological or organizational steps, according to the GDPR.
Since technical and organizational best practices are continually evolving, the GDPR is purposefully ambiguous on what steps businesses can take.
Organizations should currently encrypt and pseudonymize personal data wherever possible, but they should also explore other choices.