Data Privacy, Security and what I see for 2021

 We learned from Covid and the life we lived in 2020 that “Data sprawl” and remote access to data have become significant threats. Will you continue to work remotely? Will work expand your companies’ potential to be breached? What do you do with disinformation at warp speed?

It’s about MARKETING in addition to adequate security and privacy. You can have all the security and data privacy you want, but if the consumer thinks you suck, you suck. Buyers are increasingly values-based in deciding who they buy from, especially in financial services. How well do you market your commitment to data security and privacy? For buyers of services, goods, and information, privacy, data security, the rise of ransomware, and foreign actors are becoming a more significant concern. These concerns will be the foundation for meeting compliance, enabling ethical standards, and supporting data monetization. Still, it would be best if you marketed this; remember, a candle under a bushel is as useless as air-breaks on a turtle.

Keep in mind privacy laws means more cost for data collection.

Sometimes collecting fewer data makes more sense…how much data do you need to drive your business competitively? And suppose your senior executives can’t come to a consensus on that topic. In that case, you need to think about innovation and education of what data is all about concerning your marketing. 

More and more Chief Marketing Officers are becoming joined at the hip with CISO’s and Privacy officers.

Think ransomware: While most financial services data security strategy has focused on maintaining the confidentiality of data, I am seeing the move towards companies increasing integrity and availability—the two other points of the of security –marketing-privacy triad—These are at the heart of data security

If Covid and Politics have taught us anything this past year, disinformation becomes a more significant data threat….Resilience is the way forward.

Data analytics will be more focused and accelerated in 2021; analytics will go beyond just data security and move into data privacy analytics.

Start to think of what I am calling “Universal Policy Management.” Start thinking in terms of policies actually based on regulations, laws, and directives versus desires and whims of officers. Think of policies that have a ‘cause/effect,’ have an education plan to ensure everyone understands what the policy means and why.

Think about what the government will do; both Republicans and Democrats agree with privacy and data security … Besides, passing a commercial privacy law just might help the atmosphere as negotiations go forward with Europe with the new administration. BUT even more importantly, STATE legislation will drive Federal responses; Covid, future pandemics, China, and Russia are fears driving consumer concerns.

2021 promises to be tumultuous, with the prospect of CCPA-like laws from New York and Washington state, the resolution of privacy complaints against some of the world’s largest technology companies, and the possibility of threats for a complete shutdown of trans-Atlantic data transfers will give rise to a new flood of privacy concerns, regulations, law, and decrees. People will be asking, “What’s it all about?” The answers to that question will drive regulations.

 We learned from Covid and the life we lived in 2020 that “Data sprawl” and remote access to data have become significant threats. Will you continue to work remotely? Will work expand your companies’ potential to be breached? What do you do with disinformation at warp speed?

It’s about MARKETING in addition to adequate security and privacy. You can have all the security and data privacy you want, but if the consumer thinks you suck, you suck. Buyers are increasingly values-based in deciding who they buy from, especially in financial services. How well do you market your commitment to data security and privacy? For buyers of services, goods, and information, privacy, data security, the rise of ransomware, and foreign actors are becoming a more significant concern. These concerns will be the foundation for meeting compliance, enabling ethical standards, and supporting data monetization. Still, it would be best if you marketed this; remember, a candle under a bushel is as useless as air-breaks on a turtle.

Keep in mind privacy laws means more cost for data collection.

Sometimes collecting fewer data makes more sense…how much data do you need to drive your business competitively? And suppose your senior executives can’t come to a consensus on that topic. In that case, you need to think about innovation and education of what data is all about concerning your marketing. 

More and more Chief Marketing Officers are becoming joined at the hip with CISO’s and Privacy officers.

Think ransomware: While most financial services data security strategy has focused on maintaining the confidentiality of data, I am seeing the move towards companies increasing integrity and availability—the two other points of the of security –marketing-privacy triad—These are at the heart of data security

If Covid and Politics have taught us anything this past year, disinformation becomes a more significant data threat….Resilience is the way forward.

Data analytics will be more focused and accelerated in 2021; analytics will go beyond just data security and move into data privacy analytics.

Start to think of what I am calling “Universal Policy Management.” Start thinking in terms of policies actually based on regulations, laws, and directives versus desires and whims of officers. Think of policies that have a ‘cause/effect,’ have an education plan to ensure everyone understands what the policy means and why. Think of creating “Hassle Maps” to better understand how your policies impact your customers.

Think about what the government will do; both Republicans and Democrats agree with privacy and data security … Besides, passing a commercial privacy law just might help the atmosphere as negotiations go forward with Europe with the new administration. BUT even more importantly, STATE legislation will drive Federal responses; Covid, future pandemics, China, and Russia are fears driving consumer concerns.

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