As social media platforms, AI, and engagement tracking tools continue to acquire and enhance our data, it’s only natural for us, as consumers, to rethink our approach to data privacy. We are attempting to reconcile nearly two decades of digital exposure with growing attention to personal data protection. We are continuously weighing the importance of our data against our privacy. As a result, we are witnessing a transition from apathy to activism.
Technology-based privacy solutions adoption will grow
As the demand for data privacy regulations grows, so does the time that brands have to respond to privacy issues and data requests. The promptness with which a business replies to a privacy request is critical for reputation. As a result, many companies are pivoting to security-enhancing solutions to help them meet demands more quickly.
In turn, many individuals are adopting privacy solutions, such as a free VPN, to prevent companies and other entities from tracking their movements online and to restrict the flow of their data. The market for VPNs is set to explode from $44.6 billion in 2022 to $77.1 billion in 2026. More and more of us are taking a stand to protect ourselves better online, and that is reflected in the global legislation shift that is taking place, too.
Global data protection laws are on the rise
Global governing bodies have either approved or are exploring laws for more concrete personal data restrictions since the launch of the European Union’s General Data Protection Regulation (GDPR).
In the United States, 40 states have enacted data privacy legislation, with California, Colorado, and Virginia becoming the first to do so. Globally, many countries, including China and Russia, have either designed or adopted some form of personal data privacy protection.
Globally, governing bodies recognize and respond to irresponsible data collecting, storage, and application practices, with many adhering to the EU’s seven fundamental data privacy principles. For ordinary citizens, this is a significant step toward safeguarding their digital identity.
Where do priorities lie for businesses who need our data?
Businesses that prioritize data privacy concerns will not only meet regulatory requirements but will also develop stronger ties with consumers by 2024. Consumers are more likely to engage with brands they believe in, and transparency in data collection is a vital component of that.
A rising desire for corporate accountability from individuals is a significant driver for government regulations. We’re starting to understand not only how companies acquire our data but also the importance of that personal information and what we may get from it. With this information, we’ve made it evident that we expect more from the businesses we support. People want clear data policies, just essential information collected, and that data is secured and protected against data breaches.
Digital marketers will have to get creative
More restrictions and regulations imply fewer resources for marketers, creators, sales teams, and any other department that relies on data-driven customer insights. Many of the technologies on which businesses have relied in recent years need to be revised by regulation or public opinion. This transition will necessitate reconsidering more traditional engagement and development procedures to usher in a new era of audience identification tactics.
Moreover, despite GDPR laws, many organizations outside of the EU have vast amounts of client data that are simply gathering digital dust. Companies didn’t have a strategy for their customer data; they just knew they needed as much of it as they could get their hands on. As authorities continue to clarify what constitutes and does not constitute permissible data practices, what brands do with this data is extremely valuable to their customers.
These wastelands are not only enormous, expensive burdens for businesses to structure and manage, but they are also a clear target for criminal actors attempting to steal client data. This means that firms will prioritize data minimization and prioritization notification techniques.
The AI revolution is already underway
AI and automation, in particular, have a massive opportunity across the entire data privatization industry. Organizations worldwide are predicted to invest up to $110 billion annually in AI by 2024, regardless of industry. AI that automates compliance rules or automation technologies that quickly anonymize consumer data might eliminate the human element from data collection, potentially providing enterprises with a new approach to creating insights while protecting personal privacy.
On the flip side, there are concerns about what the advancement of AI could mean for our privacy. The United States VP has called for urgent action on the short-term threats AI poses to privacy, such as the ability of AI to generate fake phone calls to steal from vulnerable people. Nevertheless, AI will be used to speed up technologies surrounding data collection.
The bottom line
As we become more aware of how our data is used, we inevitably want a say on who has access to it. We strive to shape the most recent changes in how businesses secure and store our data. And ultimately, this means change for everyone.
Also read: Is It Illegal To Use A VPN To Watch Netflix?
