I recently had the opportunity to visit with Jason Patel, with Cheq.ai, a global leader in go-to-market security. We had the opportunity explore the importance of protecting businesses and customers, leveraging data for marketing strategies, and complying with privacy regulations like GDPR and CCPA.
Patel believes that one of the top mistakes companies make is underestimating the extent of compliance regulations, such as GDPR, and only making surface-level changes. Compliance is a cross-functional requirement that affects operations, marketing, revenue, and customer engagement. It is crucial for businesses to take full responsibility for data protection instead of relying solely on vendors. Lack of visibility and control over data once it enters someone else’s servers is a genuine concern.
When it comes to safeguarding businesses and customers, it is important to have a technology solution that sits in the browser, monitoring data collection and data sharing partners. Such a solution takes into account both company policies and end users’ preferences regarding data tracking and sharing. The goal is to provide a transparent layer that seamlessly operates until a change or new partner needs to be introduced.
Real-time compliance is critical due to the speed of data collection and the need to adapt to evolving technologies and practices. Compliance in this area involves understanding and engaging with end users without resorting to invasive tracking methods. It is about respecting user choices and immediately stopping data collection when requested. This not only ensures compliance but also builds trust and loyalty with customers.
I took a deep dive with Patel into the refinement of laws and regulations regarding businesses and the internet. As the internet becomes an increasingly integral part of society, regulations are being addressed in the digital ecosystem. Clarity on data transfer and identification in the ad tech space is essential. Questions are being raised about how vital services on the web should be governed and managed. Striking a balance between trading data for services and avoiding excessive data trading is a key consideration. Monitoring of these initiatives are critical for any compliance professional in the data privacy space.
Complying with privacy regulations is one of the key challenges of digital marketing organizations in mind. The focus is on controls-driven workflows rather than procedural workflows to maintain efficiency and minimize risks. The gold standard for data privacy protection is GDPR, which shares similarities with other legislation such as the CPRA in terms of data usage, disclosures, and consumer rights. Complying with GDPR can already cover a significant portion of the requirements for other legislations, making it a crucial framework to follow.
Opt-in and opt-out strategies are debated in the United States. While opt-out is preferable for businesses, an opt-in approach, similar to the GDPR model, is more comfortable for end users. The opt-in approach sets up a good compliance posture and encourages meaningful engagement with users. Indeed this standard would appear to be what the rest of the world is moving towards. Technology standards are moving towards responding to consumer choices before legislation catches up.
I see data privacy as a leading issue in the next few years, even up to it being addressed more explicitly at the Board level. Enforcement actions for privacy regulations are only going to increase. GDPR and CCPA are prime examples of privacy regulations that have been implemented. It is essential for both B2C and B2B businesses to prioritize customer privacy to build trust and maintain a competitive edge. By doing so, such businesses can create a true business differentiator for themselves and compliance professionals can build more trust within corporate organizations. Even if the US Congress continues to be unable to pass national data privacy standard, the EU example of GDPR will continue to be the gold standard for the world and the one to which companies should aim to comply with going forward.
In this insightful conversation Jason Patel and myself have explored the world of go-to-market security, market intelligence security, and customer privacy enforcement. We consider the importance of protecting businesses and customers, complying with privacy regulations, and respecting user choices. By focusing on real-time compliance and engaging with end users, a company can navigate the complex landscape of data privacy and security. As data privacy continues to gain prominence, it is crucial for businesses to stay informed, adapt to evolving regulations, and prioritize the privacy rights of their customers.
