Trends suggest that data breaches have hit an all-time high (according to ZDNet), with consumers are plagued with fear of their personal data falling into the wrong hands. As an example, new data from Incode shows that close to 1 in 5 (18 percent) of U.S. citizens would consider looking for a new job if the company they work at experienced a data breach.
The overall number of data compromises (1,862) is up more than 68 percent, compared to 2020 (1,108). This presents a troubling trend.
Furthermore, the top three types of information consumers in the U.S. are worried about getting leaked have been identified and each appears to be increasing in terms of the proportion of incidents:
- Financial data (61 percent).
- Personal Identification Information (53 percent).
- Credentials (51 percent).
Despite the hesitancy associated with personal data sharing, Ricardo Amper, CEO of Incode notes that consumers are more open to data sharing technology, especially when the value of the technology is explained.
Are ready to accept biometrics?
Amper says: “There are a lot of misconceptions about how facial recognition technology is currently used. However, despite the reported privacy mishaps and concerns, there is a true inclination among consumers to embrace this technology. Trust is essential and is often missing when consumers aren’t in the forefront of the conversation around privacy.”
In other words, certain biometric data capture is welcomed by people. The trick is a mix of explanation and understanding. According to Amper: “The individual must be put first, which means getting their consent. The more an individual feels that they can trust the technology, the more open they will be to using it in additional capacities.”
Consumers and privacy
With data security and privacy issues that do matter and which do resonate with consumers, Louis-Philippe Denis, Chief Legal & Privacy Officer, Hivestack has told Digital Journal there is caution around big business and data capture: “With ongoing discussions around the deprecation of third party cookies, how tech-giants handle data, and changes to international regulations and laws like GDPR, it’s safe to say that the conversation around data and privacy is louder and more urgent than ever before”
Denis adds: “Data privacy day serves as a timely reminder that advertisers, publishers, and adtech providers have clear responsibilities when it comes to transacting with data. Vigilance and consent are vital across the entire supply chain, and keeping this top of mind will ensure that all parties remain legally compliant and consumer-focused.”
Issues are creeping into the home space, Denis finds: “Digital out of home (DOOH) advertising, powered by programmatic buying, is uniquely positioned in this data privacy centric era as it leverages user behaviors at a large scale to connect brands with audiences at scale, also known as ‘one-to-many’ targeting. Instead of relying on deterministic matching or first-party IDs, programmatic DOOH uses modeling of probabilistic, historical mobile location data, thereby facilitating GDPR compliance. Advertisers are increasingly waking up to DOOH’s potential as an alternative to one-to-one targeting channels. That said, it remains key that the DOOH industry maintains a transparent, compliance-focused approach to data management, and a watchful eye on ongoing regulatory changes.”