The modern consumer is keenly aware of businesses data collection habits. While the average person may not know too much, they are mostly aware that their details are being collected and analysed by businesses.
There is a direct relationship between growth in the tech industry and the need for user data. From consumer behavior to predictive analytics, businesses are able to convert the digital footprints of websters into a stream of revenue. This is done by capturing, unique patterns of behaviour, grouping them into consistent variables and analysing them for effective use.
While this all spells cheer for marketeers, companies need to be wary of the risks involved. With an enormous bank of customer data comes the risk of hackers. Customer data is an asset, and data breaches can be costly and detrimental.
With so much at stake, we will try to keep this article as informative as possible for your own understanding of data privacy; why you need to ensure that your data is secured and how you can do so.
This article will be broken down into 6 chronological sections. If you feel as if a certain section may be more relevant to you, feel free to skip ahead to it. If you would like a comprehensive overview of the topic at hand, here’s the breakdown:
i) What sort of personal data can businesses own?
ii) What methods are employed in obtaining this data?
iii) What data can be accessed or owned by businesses?
iv) How does a data breach impact a business?
v) Data Privacy Laws around the region
vi) How can small business owners implement these data privacy laws into their business?
1. What sort of personal data can businesses own?
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