Privacy Laws Are Affecting Third Party Data and Your Marketing

Do you trust organizations with your personal data? How do you feel about them tracking your activity across the internet via third-party cookies?

For decades, marketers have relied on the power of third-party data to gain insights into their customers. Without it, many of today’s most common marketing strategies would look completely different or even become obsolete. Some examples include:

The shift from third-party data (purchased) to first-party data (business-owned) is happening whether you like it or not. This change comes with novel privacy and security challenges that, if not met head-on, will have dire consequences. In q3 of 2022, approximately 15 million data records were exposed worldwide due to breaches.

While 60 percent of global consumers think companies collecting their personal

Data is fine if that means there will be a better user experience, 90 percent worry their data is not secure. Consumers are right to be concerned — data phone lists free breaches are common and can have serious side effects, from spam calls and texts to proactively replacing a credit or debit card. In a worst-case scenario, these breaches can lead to identity theft.

When data breaches occur, they undermine consumer trust and confidence and can also affect business performance. For publicly traded companies, share prices fall an average of 3.5 percent after a breach, and share prices drop an average 15.6 percent three years after a breach.

We recently conducted a research study to determine how professionals view these changes and how they currently gather and use data. In today’s post, we’ll discuss strategies for protecting yourself from liability and data storage and privacy best practices.

Cybersecurity issues are no longer isolated incidents

One recent study found that 53 percent of mid- to large-sized companies have experienced a security breach. Since only 19 percent of respondents CU Lists said they have complete knowledge of where their data is stored, data storage contributes to security breaches.

But a company’s size does not protect them from breaches. Small businesses are just as vulnerable as larger ones, especially ransomware and stolen credentials attacks. However, unlike their larger counterparts, it’s common for a data breach to put a small company out of business within a few months due to reputation damage, related costs afterward and diverting resources to resolve the issue.

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