Successful brands know the power that having detailed data on their customers can produce – it becomes their biggest opportunity and truly can act like marketing gold as it allows them to better win, serve and retain customers.
Yet any company that is acquiring, managing and acting on their data should know that the privacy rules around customer data is no longer just focused on regulations and being compliant – it’s becoming an actual competitive differentiator in their space. The data privacy landscape is more complex than ever and as it continues to evolve some organizations are finding it hard to navigate and keep up with such a rapid pace of change.
Learn the 3 most commonly made mistakes around data privacy so you can ensure complete compliance within your organization to ensure you’re on a solid path to data privacy.
Mistake #1: Privacy Is Not The Same As Security
Just like security, privacy requires a combination of technology, processes, policies and people – and even though the two disciplines are interdependent, they are not interchangeable. For example, a piece of data might be well-secured, even though the way an organization uses the data may be violating privacy regulations and principles. Just because a piece of data is accessible doesn’t necessarily mean it should be used.
Mistake #2: Privacy Is More Than Just Meeting Compliance Requirements
An organization must write their privacy and data usage policies with the needs of both regulators and customers in mind. For example, what one customer may deem acceptable in regards to the data you’re collecting on them might differ from preferences another customer has around that same piece of data – regardless of what may be mandated under specific requirements. It’s important than a brand’s privacy practices reflect internal standards and ethics, while also still incorporating innovation into how their data is used.
Mistake #3: A Changing Regulatory Landscape Raises The Financial Stakes
Not being compliant with data privacy regulations can be extremely pricey for a brand and the overarching regulatory institutions who are enforcing these policies aren’t making them any easier for a company to manage. The Federal Trade Commission (FTC) & the Federal Communications Commission (FCC) are continuing to increase fines and now require annual audit requirements for privacy violations. For example – the FCC recently fined AT&T with a $25 million fee for failing to limit access to customer data in three of its call centers. This only further proves that no brand and no minor or major infraction with data privacy will be overlooked – no one is safe.
There are multiple steps a brand will want to have in place to design and build a solid and safe consumer data privacy organization. Is your organization potentially making any of these mistakes? Need help trying to figure out what data governance and privacy compliance means for your business? And how to prevent these mistakes?
Tealium Experts are knowledgeable and ready to help you strategize your data governance and privacy plans. Contact us today to learn more: tealium.com/datagovernance
Take a deeper dive into the full report on how to avoid these common mistakes while creating a comprehensive consumer data privacy organization and view Tealium’s licensed April 2017 Forrester Report, How To Design And Build A Great Consumer Data Privacy Organization.