“Data is costlier than oil”
- Economic times
If there's one thing that businesses need more than ever to impact their operations and profits, it's data.
From advertisers to marketers, scientists to engineers, musicians to actors, people need data to understand what and how they serve their respective audiences...
But often, we need to remember the significant issue that goes along with it.
Data Privacy: What is it, and why should you be concerned?
Ever since the infamous Facebook-Cambridge Analytica scandal in 2018, people have been alarmed and have constantly engaged with business communities about how and what all personally identified information or PII is collected and stored and for what purpose it is used.
In the age of the Internet and AI, maintaining the privacy of personal information is painfully challenging. Modern advertisers rely on customers' personal information to effectively sell their products and build a longer retention rate through retargeting.
Advertisers can now easily access your location, income, number of children, and online shopping habits to target you with advertisements.
Additionally, many contemporary advertising methods like cross-device monitoring, location-based targeting, and digital fingerprinting depend on your personal information.
The seriousness of data privacy becomes more worrying when our children's data is taken into account and how they, too, are exposed to endangering side effects of data collection and processing.
What is Privacy?
First, "privacy" has a wide range of scholarly definitions. The Warren & Brandeis statement, "privacy is the right to be left alone," was one of the original definitions and is still frequently used today. Famously, the writers wrote:
"Recent inventions and business methods call attention to the next step which must be taken for the protection of the person, and for securing to the individual … the right 'to be let alone … Numerous mechanical devices threaten to make good the prediction that 'what is whispered in the closet shall be proclaimed from the housetops.'"
This quote was written in 1890, over 130 years old, but it still stands true to its grounds that privacy is about giving individuals the freedom they deserve.
Even with today's Data privacy landscape and the advent of data privacy regulations such as the EU's GDPR, the prime example that the central idea behind privacy regulations is giving customers "full control over their data" and if businesses want to collect their personal information, that should be done by taking user's "informed consent."
The concept of informed consent is used in data protection law to represent the idea that the data subject (the person whose personal information is being gathered) must be appropriately informed of the operation that will be carried out and agree with it.
And that's why almost all privacy laws have made it compulsory for businesses to use an automated consent management platform or CMP to comply with legal regulations to protect consumer privacy.
The EU General Data Protection Regulation (GDPR), which became effective in May 2018, is a development in informed consent because it clarified the requirements that must be met before a particular manifestation of support could be accepted as legitimate.
Why should you be concerned about data?
Your data is tracked and collected on the Internet through tiny text scripts called cookies.
When you visit a website, a cookie, nothing but a piece of code, is embedded on the user's devices or "drops" into your browser. Although cookies are often used to retain vital data points such as login credentials and the contents of shopping carts, they can also be used to monitor advertisements. These cookie types enable advertisers to gather information regarding your surfing history, which is applied to targeted advertising.
Don't get me wrong, not all cookies are harmful. But cookies, especially third-party cookies, deployed by an unknown domain or a third-party vendor with a vast network can seriously dampen your personal information.
These third-party cookies are frequently controlled by extensive advertiser networks, making operating across several websites and devices simple, gathering loads of information about your browsing history everywhere you go. In fact, according to Gartner, a rise in cyberattacks coming from third-party affiliations and services has been observed since 2022.
While 33% of consumers globally have been victims of a data breach.
The 2021 IBM report discovered that data and privacy breach costs $4.24 million
Seventy-six percent of consumers say it is essential for brands to demonstrate trust.
These are some things to consider as an individual and a business owner. Privacy is for all, and a breach causes immense discomfort and economic loss.
So, what baby steps could you take to protect your privacy?
There are a few easy measures you can start with to limit how much of your personal information advertisers, or any other entity can track while improving your privacy:
Switch on "Do Not Track ": Your browser's Do Not Track setting enables you to request that websites you visit not track browsing information. Begin reducing advertiser tracking immediately by following the instructions for turning on DNT in any browser you employ.
Set up AdBlock: AdBlock can help you safeguard your privacy and stay safer online, in addition to simply blocking advertisements. When you install AdBlock, the EasyPrivacy and Malware Protection filter lists are automatically added to your subscriptions, enhancing your data privacy.
Turn off Facebook targeted ads: Go to Facebook while logged in and select the Settings option. Locate "Ads" (on the left-side navigational sidebar). Select "Ad Settings" and choose "Not allowed" for the first two choices to reject targeted advertising:
Disable cookies: To stop advertisers from following you, you only need to turn off cookies in your browser. The procedures differ depending on the browser. Remember that blocking cookies will also block useful ones, including those that keep you logged in to websites or remember what was previously in your shopping cart. Use caution as you proceed because it could significantly impact how you use the Internet.
Go anonymous: Most browsers have an incognito or private browsing mode that enables your browser to disregard cookies. Brave Browsers is an apt example here.
Pro-tip: Secure Your Computer Against Malware. What role does malware play in the debate over data privacy? Malware and adware should be kept away from your computer because hackers frequently use them to obtain your personal information (credit cards, social security numbers, bank passwords, etc.).
Conclusion: Data privacy is an issue for everyone and will only build up more with time. The consequences of a breach of data and privacy will be detrimental to business and society at large. Trust is broken when such incidents take place, and faith is lost. As people and business leaders, it is only in our best interest to work together and build our businesses and lives on privacy.
Visit Adzapier to learn more about data, privacy, and compliance.