Sit up and take notice, says Tim Haynes – the latest news headlines surrounding alleged data misuse will mean even brands that collect and use data ethically and in good faith will struggle to persuade customers to trust them. Here’s some practical advice on building consumer trust – and how to put marketing ‘skulduggery’ firmly into the past.
The new GDPR aims to protect the personal information of consumers – but what does that mean for marketers who leverage that information to drive their businesses? Anthony Botibol shows how to personalise your marketing without losing the trust or the consent of customers – and without incurring the wrath of the GDPR law enforcers.
GDPR D-Day, May 25th, will usher in spring-cleaned and scrupulously hygienic databases, sparkling with freely-given consumer consent, supercharging the effectiveness of your marketing. Alison Smith says this GDPR new era of perfectly targeted customers will result in tangible benefits for the organisations doing business with them. So, what’s not to like? She has advice on how to move forward to deploy the principles of best-ever practice that are about to be enforced.
We are on the brink of a mega shake-up of data privacy rules – one that has caused a tsunami of stress and panic among businesses and organisations, all struggling to become compliant with the new General Data Protection Regulation in time for its May 25th deadline. GDPR will bite – very soon and very hard, but although there are plenty of negatives to be aware of, there are also many positives, says Duncan Hendy, citing an enhanced customer relationship as the ultimate reason for ensuring your database is squeaky-GDPR-clean.
Is no news good news when it comes to cyber threats in your business? What are the hallmarks of excellence in this field? Prior to the forthcoming Cyber Security Summit in London, organiser David Roberts talks to information security expert and speaker Phil Cracknell, who gives insight into the world of information security, cyber security success and risk management.
Most business leaders now have an awareness of GDPR and its requirements. They’re keen to select and implement technologies to aid GDPR compliance. But important foundational capabilities should be addressed before technical controls for data protection are deployed.
In a world where an ever-increasing number of transactions are carried out online – requiring consumers to share personal information – the threat of a data breach is never far away. In the last month alone, Netflix and Facebook have both been hacked and in June 2016, a breach at South Yorkshire Police Force’s website potentially put confidential data at risk.
According to new YouGov research commissioned by credit information provider, Equifax (YouGov online survey. Total sample size was 2,037 adults. Fieldwork undertaken between June 17-20 2016. Figures from YouGov Plc), nearly a quarter (23%) of UK consumers say that a company holding their personal information has experienced a data breach, with those in the South East being the most affected at 30% and residents in the North East being the least affected at 19%. When it comes to the generations, the 25-34-year-olds seem the most affected at 31%; the figure falling to just 18% for the over-55s.
It seems that with the increased risk of a data breach, consumers’ expectations of how they are informed and assisted by any company holding their data are unsurprisingly high. Almost three-quarters (73%) of UK adults surveyed by YouGov on behalf of Equifax think companies should tell them that they have experienced a data breach at some point, with 63% expecting to be told within a few hours of the breach being discovered by the company. 61% would expect financial compensation if their personal data was misused as a result of the breach and 57% would expect to have a free monitoring service set up to alert them if their financial information is misused.
Not only do consumers expect fast action and compensation if their data is breached, companies also need to adhere to the Data Protection Act enforced by the ICO. Companies may receive a fine if they suffer a breach of customer data, and also may face legal action. Future regulation may also require organisations to notify all individuals if they suffer a breach.
Lisa Hardstaff, credit information expert at Equifax, explained: “A data breach isn’t just a huge logistical challenge for any organisation. It also can do serious damage to brand reputation, as our recent research revealed. 61% of consumers said they would be unlikely to purchase goods or services from a company if it had experienced a data breach in the past.
“It’s clear that consumers quite rightly expect companies to look after their data. But individuals have a part to play, too, in keeping their own details safe. It’s worth remembering that social media accounts hold a lot of personal information, giving fraudsters more than enough data to help them steal someone’s identity and rack up debt in their name. However, our latest research revealed that consumers are most worried about their bank account and credit card details being stolen (84%), while only 7% are worried about hackers gaining access to social media account login details, in the event of a breach.
“Fraudsters are continually evolving their methods and, while organisations tracking and stopping them do have high success rates, the financial incentive for fraudsters to invent new techniques means they stay one step ahead of those out to stop them. Consumer vigilance is therefore key and while the onus is on a business to take action to protect the personal information that has been hacked, there are steps consumers can take, too, including changing passwords.”
Data Theft 101: Renée Frappier discusses why improperly handling a security breach hurts businesses – and what your organisation should do instead.