Privacy is complex. Even the most seasoned privacy experts would agree. Companies are tasked with staying on top of ever-changing privacy regulations that are often multifaceted and cumbersome to understand and place into action. More recently, as the workforce went remote due to COVID-19, companies relied heavily on third-party technologies in order to continue day-to-day business activities. This immediately raised concerns about third-party risk and vendor risk management. Returning to work has raised additional privacy issues as many employers were now dealing with the risk of handling sensitive employee data, such as body temperature data or testing results. Securing budget had traditionally been a mammoth task for teams responsible for privacy management, however we are now seeing a clear shift as companies are starting to invest in their privacy programs, not out of fear of regulators, but because they see the advantage of treating privacy as a core value instead of an afterthought. In fact, the 2020 TrustArc Global Privacy Benchmarks Survey found that while the COVID-19 pandemic put a dent in privacy spending, still 41% expect to maintain increased privacy budgets.
So why should your company embrace privacy?
To Build Consumer Trust
TrustArc recently used third-party customer validation tool TechValidate to ask our customers why having a strong privacy program was important to their company. The overarching sentiment was that a strong privacy program means their customers can trust their data handling practices without fear of breaches or misuse. While regulatory fines can be devastating to a company financially, reputational damage can be just as crippling. Consumers care about how their data is used, no ..
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