In the past, corporate compliance was an effort to align with applicable laws and regulations. This effort was influenced by what the company sold, where they sold it and the various uses of their goods after sale.
Today, in an increasingly digitized and virtualized global marketplace, other factors matter as much or more than the physical circumstances of the transaction. Chief among them is the person with whom the enterprise hopes to do business. In order to engage with this person and share information, enterprises must collect data, store it and utilize it to create meaningful interactions.
This process, essential to survival in an age of limitless virtualized information, is fraught with danger for enterprise corporations. Why? We entered an era of permission, privacy and data protection, the emergence of the empowered consumer as an actor in what used to be an enterprise-only communications flow.
In their 2016 US Consumer privacy research, TRUSTe/NCSA found that 92 percent of US Internet users worry about their privacy online, 44 percent have withheld personal information for fear of inappropriate use, and 89 percent avoid doing business with companies that do not take steps to protect their privacy.
In response, regulators and legislators around the globe are moving quickly to enhance privacy protections and address widespread consumer concerns about data and identity theft, unwanted communications and behavior tracking.
With the enactment of GDPR, it’s critical for US enterprise business leaders to recognize two things: A) their almost certain vulnerability to these regulations and B) that GDPR and ePrivacy represent a long-term global trend that shows no signs of slowing, even in the United States.
To learn more about GDPR, visit our GDPR video series.