The number of data regulations is rising quickly for companies that operate across jurisdictional boundaries, a fact for most companies offering digital services. So far, companies have had only workflow management as a tool available to track consumer consent and tackle compliance.
Companies have traditionally viewed data security through the lens of perimeter security. That was a practical approach when all data stayed inside a company’s perimeter. The IT department was responsible for monitoring the perimeter for intrusions and stay one step ahead of potential hackers, using both technology (firewalls, DLP, etc.) and organizational resources.
One of the casualties emerging from various data privacy-related mandates and initiatives is the traditional digital advertising model. Traditional models have primarily relied upon massive surveillance mechanisms such as 3rd party cookies and device identifiers to deliver relevant ads and enable critical measurement use cases.
We know how the industry is responding to data regulations, but it is essential to understand why these regulations came about in the first place.
When we talk about consumer data, we are explicitly talking about personal data that most companies collect on consumers. This data is desirable for companies because it enables personalized services to be hypercompetitive while providing consumers with conveniences. However, ever-increasing and cheap cloud applications have allowed the vast spread of consumer data resulting in frequent data breaches, which has left consumers feeling like they have lost control over their data resulting in an air of mistrust.