CCPA will be live in less than 3 months. Do you have a plan?
In January, I’ll start a new game: ask a company to retrieve all the information they have about me in less than 45 days.
One of the requirements of CCPA, is to be able to reply to a customer request to have access to all the data you have about them in less than 45 days. These are called the Verifiable Customer Requests. You may be able to complete 10, 20 replies. But what if you received 10 every day? What does it take to keep your customers happy and being compliant?
What to know when implementing Data Privacy in your company
For any business, customers will be willing to spend more for a personalized experience. Numbers are talking: personalization can deliver 5 to 8 times ROI on marketing spend and lift sales by 10%. And to deliver a personalized experience, a company needs personal data.
Only, dealing with the data of your customers requires some adjustments. Data breaches, penalties, fines have made headlines on the news over the past few months. You don’t want to risk your career nor the reputation of your company due to lack of foresight. Dealing with data is a serious task and there’s a way to handle it with speed and trust.
Why did some companies get fined?
As data becomes more available – in quantity and from various sources – all the departments in a company want to use it to improve their choices. While individuals move and share data with good intentions, they may not realize the mistakes they make and the vulnerabilities they may be creating for data protection. A bank in Bulgaria has been fined more than $500k because the personal data of 33k people had been improperly disclosed and accessed by third parties. Don’t pretend this happened in a small country far away so you are not concerned, you may be surprised.
What are the consequences of a lack of data protection?
The amount of fines are substantial. In the most recent cases, Youtube has been fined $170M for harvesting data from children under 13 – and using it to target them with ads. Who wants to be like these companies who got mega fines for failing to comply? Certainly, not you. After you’ve made the news, your brand will be impacted, your sales will drop. These pricey mistakes must be avoided at all costs.
Making data protection an important topic and addressing it is fundamental: 75% of consumers would ask to delete their data when they believe their data protection is not a key priority. Data Privacy is a topic for all departments in your company. It is not only for Legal. If you are in IT or Marketing, it is your responsibility too.
All about trust
Data breaches or misuse of data can hurt customers. Government felt the need to protect people, so they created rules for companies to follow, n. We have seen regulations going live over the past few years and we keep seeing new ones for the coming months. Some of the most famous are GDPR (Europe), PIPEDA (Canada) or COPPA (US, for Children) and soon CCPA (US).
Once trust is lost, customers run away. When trust exists, businesses thrive. Since GDPR, 39% of consumers have increased their spending with companies that protect their personal data. Given these figures, this pro-GDPR tendency by consumers can become much more than just a trend and a powerful indicator of the true value that these regulations have for the business.
The Definitive Guide to Data Governance now.
What to look into to control data
Companies need to be able to know where the data is, who is accessing the data and what it is used for.
Leverage data governance
Start by assessing what data governance looks like in your company. Ask yourself the following questions:
- Do you have policies, processes?
- Do you comply with regulations?
- What technology are you using to manage data?
- Is quality there?
- Who owns what data?
Automated tools that work with Artificial Intelligence as well as a data catalog, data masking, data integration/API are mandatory for your success. You need to be able to collect the data wherever it is, to identify what type it is, optimize the PII hunting and make this data available to the right business audience.
How to become successful
Picking a consulting company like Prolifics is a great start. They have a deep knowledge of data governance and have frameworks ready to use. Implementing new organizations in all industries with the right technology like Talend’s is part of their core expertise. Whether you want to start with a small project or dive into the implementation company-wide, they can offer custom sized solutions.
We are here to help. You are definitely not alone nor the only one in this journey. We will make sure we make it a smooth and rewarding as possible. And you’ll beat me at my game, before you know it!