Businesses today are under pressure to protect customer privacy due to rising consumer concerns and new regulatory demands, particularly with advancing technologies like AI. A staggering 67% of U.S. adults take steps to safeguard their privacy, reflected in a 246% increase in privacy requests from 2021 to 2023. Companies must recognize that failing to prioritize privacy can lead to not only direct costs like legal penalties but also significant indirect costs, including loss of trust and missed growth opportunities.
Layer in the surge of new technologies like artificial intelligence (AI), and privacy concerns elevate even further.
Until recently, data breaches nearly dominated conversations on data privacy, partly due to strict notification requirements designed to protect consumers.
Consumers are signaling loud and clear that they want more control over how their data is used. And it's up to businesses to hear them.
Failing to prioritize customers' privacy can lead to severe financial consequences.
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