by Dr. Gary Edwards, Advisor to TrustArc, and Amanda Lee, Product Marketing Manager
Respecting privacy is a cornerstone of trust, a central pillar on which brand reputation stands. From TrustArc’s Global Privacy Benchmarks survey in 2020, we learned that the majority of senior executives in large enterprises around the globe give themselves high marks for doing the right thing when it comes to privacy management. News headlines often tell a more complicated story.
Besides what others say or how well leaders view their actions, consumers form their own viewpoints. These experience-based opinions, on which trust is built, begin with landing on a webpage or opening an app for the first time. The adage “first impressions matter” comes to mind. Cookie consent, more than just a privacy checkbox and a regulatory requirement, is very much a part of that first impression – that first interaction where consumers begin to form their trust (or mistrust) in a brand.
Guidance on how best to manage consent comes typically from leaders in digital technology itself. While center stage on commercial growth and valuation, software technology also holds the mechanical keys to how privacy is executed. Given recent firestorms around digital privacy, however, it may be worthwhile to look at other sectors with proven leadership and competence in managing privacy.
Some industries have been tackling complex privacy challenges, particularly consent, for decades. One simple example: the heavily regulated financial sector has been in the center of privacy and consent issues for decades. For financial advisory, consent is not just a checkbox before proceeding. Consent is a documented course of action for the desired outcome within a given timeframe that includes expert views on their pursuit’s potential risks.
Our “hypothesis” is a simple one: specific industries that ex ..
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