Data protection remains the key to doing business with consumers

The European Consumer Organisation BEUC objected to a lack of clear communication by WhatsApp about a 2021 change to its terms of use and privacy policy – Copyright AFP JADE GAO

How important is data privacy to consumers? The answer appears to suggest the topic remains at the forefront of the minds of many people and offering sound data protection is a key selling-point for businesses.

As of 2023, 94 percent of consumers surveyed said they will not buy from organizations if their data is not properly protected. With over 223 million people affected by data breaches in 2023 alone, many users appear to be tired of interacting with organizations that fail to prioritize the security of their sensitive information.

This leads to consideration of future actions. As the complexity of cyber threats rises, how can organizations ensure they quickly and seamlessly secure their customers’ most sensitive information and strengthen trust among users?

Although there are now more of privacy laws around the world, many people continue to have little understanding of how much information is collected about them every hour of every day.

In places like the U.S., there is no nationwide meaningful privacy legislation, resulting in a patchwork of privacy laws that vary from state to state. This makes it difficult for individuals to make informed decisions about how and when to share their personal data and what level of data protection to expect from the companies collecting it.

Veronica Torres, Chief Privacy Officer at Jumio has been considering the topic.

Torres explains to Digital Journal that the liberalisation of data access has brought with it some challenges: “In the current digital landscape, user data is more accessible than ever. With easier access to personal data, coupled with the emergence of sophisticated and user-friendly tools, cybercriminals are amplifying the scale and intricacy of their attack methods.”

Drawing on an example Torres cites: “Fraudsters obtain users’ data to construct sophisticated scams like synthetic identity fraud, social engineering attacks and deepfakes. Today, cybercriminals are even deploying voice-cloning technologies to execute elaborate corporate heists. Fraudsters continuously refine their tactics with each passing day using generative AI tools such as FraudGPT.”

This means firms needs to be cognizant to the changes: “These fast-evolving threats require dynamic defenses to keep up. Businesses must have advanced identity verification in place including biometric-based authentication and AI-powered analytics to protect against today’s AI-powered cyberattacks.”

Setting out the advantages, Torres notes: “These tools help security teams mitigate threats, spot fraud patterns and dismantle threat networks before they strike. Given today’s relentless threat landscape, proactive defense is not optional, it’s mission-critical to responsibly safeguard business and customer data.”