Data Privacy in 2022: Compliance Considerations for Your GTM Strategy

Build trust with data providers and ensure GDPR compliance. Learn about the importance of transparency, privacy practices, and due diligence when selecting a data provider. Trustworthy data providers can guide compliance efforts and provide valuable resources.

1. What are common concerns regarding the handling of data?
Some common concerns that people have are lack of transparency, fear of their data being misused, data processing and handling, and worries about profiling (particularly online). People also worry about how different organizations, including governments, handle their data.

2. What are the risks of choosing a data provider that hasn't made a commitment to privacy?
The risks include increased possibility of non-compliance with regulations such as GDPR, potential damage to your reputation, and the possibility of legal consequences. There's also the risk of mistrust from customers or clients who value their privacy, which can impact business relationships and customer loyalty.

3. What should businesses consider when evaluating a data provider?
-Privacy Practices: You should understand the provider's privacy practices and ensure they line up with regulatory standards like GDPR. Don’t rely on their claim of being GDPR compliant. Ask how they comply and verify their practices.
-Transparency: The provider should be transparent about their data handling processes. This includes providing notice to individuals whose data they are selling and giving those individuals an opportunity to opt out or request deletion.
-Support: The provider should support their customers in managing risk and obligations related to data privacy. This means understanding your reputational exposure and helping you comply with regulations.
-Resources for Compliance: A good data provider will have resources to help you comply with privacy regulations. This is especially beneficial for new or unfamiliar regulations.
-Response to Potential Issues: You should consider how the provider responds to issues requiring an inquiry from regulators, including providing necessary documentation and evidence of proper data management practices.

When evaluating a data provider, look for evidence of GDPR compliance, but be aware that this is often self-proclaimed and easy to falsify. Understand what GDPR compliance entails and test providers on whether they are meeting these standards. This includes providing notice to individuals whose data they’re selling and giving them an opportunity to opt out or request deletion.

4. What are the consequences of having ill-defined policies and governance around privacy management?
The consequences can include a lack of trust from the public, potential legal issues, and compliance complications. Without clear policies, you may not properly handle data, causing breaches that erode trust and financial penalties.

5. What potential harm could individuals experience as a result of a data breach?
Individuals could experience monetary loss if their financial information is stolen, embarrassment or shame if sensitive personal information is leaked, inconvenience from having to rectify the breach's effects, and psychological distress from the violation of their privacy.